USA Rare Earth Raises $1.5 B, Prepares 1,200 MT Magnet Plant for Q1 2026
USA Rare Earth is commissioning its Stillwater NdFeB magnet plant, completing Line 1a and raising $1.5 billion through PIPE financing to bolster cash above $400 million for early-2026 start and expand capacity to 1,200 metric tons. It reported a $0.25 per-share loss in Q3 2025 as R&D and SG&A expenses surged.
1. Facility Development
USA Rare Earth is installing key NdFeB magnet manufacturing equipment at its Stillwater, Oklahoma facility, has assembled Line 1a and is completing final preparations to commence commissioning in early 2026, aiming to produce magnets for defense, aviation and automotive markets.
2. Financing and Cash Position
The company completed a $1.5 billion PIPE financing in January 2026 and exercised warrants, boosting its cash balance above $400 million as of November 2025. These funds are allocated for facility upgrades and completing Line 1b to reach 1,200 metric tons of annual NdFeB capacity.
3. Recent Financial Results
In Q3 2025, USA Rare Earth reported a $0.25 per-share loss as selling, general and administrative expenses climbed to $11.4 million from $0.8 million year-over-year and research and development expenses rose to $4.45 million from $1.16 million, with no revenues reported.