USA Rare Earth Inc (NYSE: USAR) is a critical minerals company developing a domestic rare earth supply chain from mine to finished magnet. The company has no commercial revenue as of the 10-K filed March 30, 2026; it is pre-revenue and in the development stage across two primary projects. The Round Top Project, located at Round Top Mountain near Sierra Blanca, Texas, is an above-ground heavy rare earth and lithium deposit at the exploration and pre-feasibility stage, with commercial production targeted for late 2028. The Stillwater Facility in Stillwater, Oklahoma, a 310,000-square-foot headquarters and planned magnet manufacturing plant, remains under development and requires substantial additional capital to complete. A leased research and development facility operates in Wheat Ridge, Colorado, and a metal manufacturing operation runs from a leased site in Cheshire, United Kingdom. The company went public via a business combination with Inflection Point Acquisition Corp. II, completed in March 2025. Barbara Humpton serves as CEO as of March 30, 2026.

Revenue model

USA Rare Earth has no established revenue stream as of the 10-K filed March 30, 2026. The planned revenue model is transactional: selling rare earth oxides, metals, and finished neodymium-iron-boron magnets to industrial customers under anticipated short- and long-term offtake and sales contracts. No such contracts are confirmed in the filing.

Products and services

Planned products include heavy rare earth oxides and metals extracted from the Round Top Deposit, and high-performance permanent magnets to be manufactured at the Stillwater Facility in Stillwater, Oklahoma. The Round Top flowsheet uses mining, crushing, heap leaching, and solvent extraction, bypassing the flotation, magnetic separation, and acid-baking steps typical of conventional rare earth operations. The Stillwater Facility has no history of commercial magnet manufacturing as of the filing date.

Customers and end markets

No commercial customers are identified in the filing. The company anticipates early trial deployments to targeted customers for evaluation prior to full commercial orders. End markets are implied to include industries requiring high-performance permanent magnets, though no specific customer names, concentrations, or end-market revenue figures are disclosed in the filing.

Value-chain role

USA Rare Earth occupies a vertically integrated position in the rare earth supply chain, from upstream mining and extraction at Round Top Mountain through midstream hydrometallurgical processing to downstream magnet manufacturing at the Stillwater Facility. The company plans to source rare earth oxide and metal feedstock from third parties while Round Top matures toward production.

Geographic exposure

Operations are based in the United States, with principal sites in Stillwater, Oklahoma (headquarters and planned magnet manufacturing, 310,000 sq. ft., owned); Sierra Blanca, Texas (mining operations office, 2,000 sq. ft. leased through April 2027); Round Top, Texas (2,037-acre owned mine site); and Wheat Ridge, Colorado (R&D, 13,037 sq. ft. leased through March 2028). An international metal manufacturing facility operates in Cheshire, United Kingdom (6,060 sq. m, leased through November 2026).

Source: SEC 10-K, filed 2026-03-30

Industry: Metal Mining