What is the total amount of funding USA Rare Earth has secured under the CHIPS Act, and what will it be used for?

USA Rare Earth has finalized agreements with the U.S. Department of Commerce granting access to up to $1.6 billion in funding under the CHIPS Act. This funding will support the development of its Round Top project in Texas, as well as domestic rare earth processing, metal-making, and magnet manufacturing operations—including a planned $1.2 billion magnet manufacturing and rare earth metals facility in South Carolina.

How does this CHIPS Act funding fit into USA Rare Earth’s broader financing strategy and timeline for production?

The $1.6 billion CHIPS Act funding adds to a $1.5 billion private capital raise earlier in 2024, bringing total committed funding for the company’s expansion plans to approximately $3.5 billion. USA Rare Earth aims to achieve initial production at the Round Top project by 2028 and is working to build an integrated mine-to-magnet supply chain in the United States.

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USA Rare Earth finalizes deals for up to $1.6 billion in funding under CHIPS Act

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