USA Rare Earth ends 2025 with $1.75B cash, eyes Round Top by late 2028
USA Rare Earth ended 2025 with $359.9 million in cash, no significant debt and a $59.5 million operating loss, boosting its cash balance to $1.75 billion after a $1.5 billion PIPE. Acquisition of Less Common Metals and $1.6 billion Department of Commerce funding in April 2026 underpin accelerated development and target Round Top commissioning by late 2028.
1. Financial Results
USA Rare Earth closed 2025 with $359.9 million in cash, no significant debt, a $59.5 million operating loss and $37.4 million in capital expenditures. A $1.5 billion private investment in public equity (PIPE) completed in January 2026 lifted the year-end cash balance to $1.75 billion.
2. Strategic Acquisitions and Funding
In November 2025, the company acquired Less Common Metals Ltd., adding metal-making capabilities and third-party product sales to support its integrated magnet manufacturing strategy. Documentation for a $1.6 billion Department of Commerce funding award under the CHIPS Program is expected in April 2026, providing significant capital to advance mining, processing and manufacturing stages.
3. Project Development and Timelines
The hydrometallurgical demonstration facility in Colorado completed design and initial construction, with solvent-extraction circuits slated for 2026 operation to inform commercial plant design. USA Rare Earth optimized the Round Top project to focus on heavy rare earths, advancing its Accelerated Mining Plan in 2H 2026 and now targets commercial production by late 2028. Phase 1A of the Stillwater magnet facility commissioned in March 2026 will enable sintered NdFeB magnet shipments starting Q2 2026.