Overview

• Shares jumped about 23% in regular trading Thursday and extended gains in Friday premarket, pushing the stock to record levels.
• No federal investment in USA Rare Earth has been announced, with the CEO describing only ongoing communication with the administration.
• The rally comes as the government takes direct stakes in other firms, including 5% of Lithium Americas this week and 15% of MP Materials in July.
• USA Rare Earth is developing the Round Top mine in Texas and a magnet facility in Stillwater, Oklahoma, with production targeted to begin in early 2026.
• The company said it agreed to acquire UK-based Less Common Metals for $100 million in cash plus 6.74 million shares, while remaining pre‑revenue.