Nasdaq · Magnets and development
USA Rare Earth (USAR): rare earth profile
USA Rare Earth (Nasdaq: USAR) began commercial NdFeB magnet production at Stillwater, Oklahoma in the second quarter of 2026, with $5.8 million of revenue, all from its UK subsidiary Less Common Metals, and $1.53 billion of cash at 30 June 2026.
Information only, not investment advice · figures from company filings, reviewed 28 October 2026
This profile reports company disclosures. It contains no share price, valuation, rating or recommendation. See the disclosures.
USA Rare Earth latest results: Quarter ended 30 June 2026
| Measure | Q2 2026 | Note |
|---|---|---|
| Revenue | $5.8 million | All from Less Common Metals; Q2 2025 was zero |
| Revenue, six months | $11.5 million | |
| Cash and equivalents | $1,530 million | $359.9 million at 31 December 2025 |
| Stillwater run-rate capacity target | 600 tonnes per year in Q4 2026 | The release uses MTPA; unit as printed |
Source: USA Rare Earth second-quarter 2026 earnings release (SEC Form 8-K, August 2026).
USA Rare Earth assets and projects
| Asset | Status |
|---|---|
| Stillwater, Oklahoma | NdFeB magnet manufacturing; commercial production began in Q2 2026 with magnet sales revenue still to start |
| Less Common Metals, Cheshire, UK | Acquired November 2025; rare earth metals and alloys; first commercial pour of 99% to 99.5% yttrium metal in April 2026 |
| Round Top, Hudspeth County, Texas | Heavy rare earth deposit; definitive feasibility study expected Q4 2026 with publication in Q1 2027; the Texas Mineral Resources Corp. acquisition closed in August 2026 |
| Blacksburg, South Carolina | Selected in June 2026 for a second magnet and metals plant: 6,400 tonnes per year of NdFeB magnets and 5,000 tonnes per year of strip-cast, metal and alloy, commissioning from 2028 |
| Wheat Ridge, Colorado | Hydrometallurgical demonstration facility commissioned June 2026; dysprosium oxide and NdPr oxide samples made from magnet swarf in July |
Recent developments
Serra Verde acquisition
In April 2026 USA Rare Earth signed a definitive agreement to buy Serra Verde, owner of the Pela Ema mine in Goiás, Brazil, for about $2.8 billion, including a 15-year, 100% offtake with price floors. Completion was expected by the end of August 2026; check the company's filings for the outcome.
Government funding
Definitive agreements in June 2026 provide up to $1.6 billion under the CHIPS Act: up to $277 million of federal funding and up to $1.3 billion of senior secured loan capacity, tied to project milestones. The US Department of Energy selected the company for up to $19.3 million for a pilot-scale separations project, subject to final negotiation, and Texas offered a grant of up to $14.2 million.
What to watch
- Stillwater ramp to 600 tonnes per year and the first magnet sales
- Serra Verde completion and its offtake price floors
- The Round Top feasibility study
Context: rare earth mines, heavy vs light rare earths, Chinese export controls and rare earth prices.
USA Rare Earth: frequently asked questions
Does USA Rare Earth make magnets?
Yes. Commercial NdFeB magnet production began at Stillwater, Oklahoma in the second quarter of 2026, although magnet sales revenue had not started by 30 June 2026.
What is the Round Top project?
Round Top is a heavy rare earth deposit in Hudspeth County, Texas. The company expects to complete a definitive feasibility study in Q4 2026 and publish it in Q1 2027.
How much cash does USA Rare Earth have?
It reported $1,530 million of cash and equivalents at 30 June 2026, against $359.9 million at 31 December 2025.
Sources
Compiled from the sources above, reviewed 28 October 2026. Report errors on the corrections page. Other companies: rare earth stocks.