Vulcan Elements, a small rare-earth metals startup with roughly 30 employees, has secured a $620 million contract from the U.S. Department of Defense as part of a broader $1.4 billion agreement to boost domestic magnet production. The deal aims to expand U.S. capacity for rare-earth magnets used in advanced weapons systems, communications equipment, and other strategic technologies.
The award comes just three months after 1789 Capital, a venture fund led by Donald Trump Jr., invested in the company. The rapid rise of Vulcan Elements has drawn attention due to the scale of the contract relative to the firm’s size and its recent political-linked backing.
U.S. officials have been pushing to reduce reliance on foreign sources of rare-earth materials, particularly from China. The contract signals Washington’s accelerating effort to strengthen domestic supply chains for critical defense components.
