USA Rare Earth

USA Rare Earth is a US company building a rare earth supply chain from mine to magnet, headquartered in Stillwater, Oklahoma. It makes rare earth metals and alloys in the UK, owns the producing Serra Verde rare earth operation in Brazil, and is ramping up a magnet plant in Oklahoma. Its Round Top deposit in Texas is at the exploration stage.

The company's ticker, USAR, is one of the most searched rare earth stock symbols. Much of the business was added through acquisitions in 2025 and 2026, so older descriptions of it are often out of date. It appears on our rare earth stocks list alongside MP Materials and Lynas Rare Earths.

What does USA Rare Earth do?

USA Rare Earth's plan covers every step: extracting and separating rare earth oxides, turning oxides into metals and alloys, and producing sintered neodymium-iron-boron (NdFeB) permanent magnets, according to its latest quarterly filing. Each step is covered in How Rare Earths Are Processed and Rare Earth Magnets Explained.

It became a public company on March 13, 2025, through a business combination with Inflection Point Acquisition Corp. II, a special purpose acquisition company (SPAC), and trades on Nasdaq as USAR.

Where are USA Rare Earth's operations?

• Stillwater, Oklahoma. The magnet plant. Phase 1a, one line of about 600 tonnes a year of sintered magnet blocks at full capacity, was commissioned in the first quarter of 2026. A second 600-tonne line, Phase 1b, is planned.
• Less Common Metals, Cheshire, United Kingdom. A rare earth metal and alloy manufacturer, acquired on November 18, 2025.
• Serra Verde, Goiás, Brazil. The Pela Ema rare earth operation, which began production in January 2024. USA Rare Earth completed its acquisition of Serra Verde on September 3, 2026.
• Round Top, Hudspeth County, Texas. A rare earth deposit near Sierra Blanca, 100% owned since USA Rare Earth bought its partner Texas Mineral Resources Corp. on August 7, 2026.

The company also plans a larger magnet plant in Blacksburg, South Carolina. With an expanded Stillwater, it expects US magnet capacity of about 10,000 tonnes a year. These are targets, not current output.

Is USA Rare Earth producing yet?

Partly. USA Rare Earth produces and sells rare earth metals and alloys through Less Common Metals, and Serra Verde produces rare earths in Brazil. But it has not yet sold magnets. In risk factors filed in September 2026, the company said its Stillwater and Blacksburg facilities "are under development and are not yet completed" and that it had not started sales of neodymium magnets.

Its revenue so far reflects that. In the first half of 2026 it reported US$11.5 million of revenue, all from Less Common Metals, and a net loss of US$80.0 million. Those figures are from before the Serra Verde purchase closed, so the third-quarter 2026 report will be the first to include Brazil.

What stage is the Round Top deposit at?

Round Top is an exploration-stage property. In its 2025 annual report, USA Rare Earth says it does not have declared mineral resources under the SEC's mining disclosure rules and has not begun extracting minerals there. Older economic studies of the deposit are not relied on.

The company targets a definitive feasibility study by early 2027 and commercial production by late 2028. Those are company targets. Our guides How to Read a Rare Earth Resource Estimate and What Is an NI 43-101 Technical Report? explain what has to happen before a deposit has declared resources.

What government support does USA Rare Earth have?

• CHIPS funding. On June 3, 2026 the company signed agreements with the US Department of Commerce for US$277 million of direct funding and loan guarantees of up to US$1.3 billion, listed by NIST's CHIPS for America program. As of June 30, 2026, no money had been received.
• Department of War offtake. A government-backed vehicle will buy all of Serra Verde's first-phase output for 15 years, and the Department of War has a forward purchase contract for at least US$300 million of rare earth products over five years.
• Development finance. The US International Development Finance Corporation agreed to lend up to US$565 million to Serra Verde.
• Texas. Up to US$14.2 million from the Texas Semiconductor Innovation Fund to reimburse Round Top costs.

Who runs USA Rare Earth?

Thras Moraitis became chief executive on October 1, 2026, replacing Barbara Humpton. He had been president of USA Rare Earth, and before that chief executive of Serra Verde.

Where can you find USA Rare Earth's filings?

USA Rare Earth files its annual (10-K) and quarterly (10-Q) reports and other announcements with the US Securities and Exchange Commission on EDGAR. It also has an investor website linked from usare.com. Because so much of the business was acquired recently, the latest filings are the best guide to what it owns and produces.

Sources

• USA Rare Earth, Form 10-K for 2025 (filed March 30, 2026)
• USA Rare Earth, Form 10-Q for the second quarter of 2026 (filed August 10, 2026)
• USA Rare Earth, Serra Verde acquisition completed (September 4, 2026)
• USA Rare Earth, Department of War offtake for Serra Verde output (August 24, 2026)
• USA Rare Earth, updated risk factors filed with the SEC (September 15, 2026)
• NIST CHIPS for America, USA Rare Earth (Stillwater, Oklahoma) award

More rare earth companies

• Lynas Rare EarthsThe largest producer of separated rare earths outside China, from Mt Weld in Australia.
• MP MaterialsMountain Pass in California, and a mine-to-magnet supply chain in the United States.
• Rare earth stocks listEvery listed rare earth company we track, by stage.