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USA Rare Earth
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Updated Oct 1, 2026
USA Rare Earth completes CEO transition to Thras Moraitis, restructures into three business units to accelerate rare-earth value chain integration.
Thras Moraitis assumes the CEO role at USA Rare Earth effective October 1, 2026, succeeding Barbara Humpton and inheriting a platform that now spans mining in Brazil and Texas, processing and separation in Colorado, metals and alloys in the UK, and magnet manufacturing in Oklahoma. The company has reorganized into three business units — Upstream, Midstream, and Downstream — under a decentralized operating model designed to compress decision cycles and sharpen accountability across a newly integrated multi-country supply chain. The immediate strategic priority is operational integration of Serra Verde following the close of that combination, with the pending Carester transaction providing additional heavy rare-earth separation capability.
Tone: bullishRevenue
$1.6M
USAR 10-K · FY 2025
Employees
132
Headquarters
Stillwater, OK
Profile
USAR 10-K Item 1 · Mar 30, 2026USA Rare Earth is an early-stage, vertically integrated critical minerals company building a mine-to-magnet value chain spanning heavy rare earth mining at Round Top Mountain in Texas, oxide separation and processing in Colorado, rare earth metal and alloy making via its Less Common Metals subsidiary in the UK, and sintered NdFeB permanent magnet manufacturing at its Stillwater, Oklahoma facility. The company has commissioned Phase 1a of magnet production and targets commercial mining output by late 2028. It has no commercial revenue from magnets or minerals and is funded by equity raises and a pending $1.6 billion U.S. government financing package.
Read filing description ↓ Collapse description ↑
USA Rare Earth, Inc.'s mission is to be a global leader in the supply of critical minerals and advanced materials and the partner of choice in producing rare earth elements, oxides, metals and magnets. Rare earth elements and critical minerals are vital inputs to end markets including national security, technological innovation, and the increasing number of advanced manufacturers who seek a reliable source of rare earth materials and magnets. We are building an integrated rare earth mine to magnet value chain that we project will be resilient through economic cycles, and well-positioned to meet today's market dynamics and national security priorities. Our value chain model also prioritizes identifying strategic opportunities for additional growth and expansion. We have mining rights to what we believe is one of North America's largest recoverable deposits of heavy rare earth elements which includes dysprosium, terbium and yttrium, as well as critical minerals such as gallium and hafnium. We are building a leading global rare earth value chain, from mine to magnet and beyond. We intend to secure, reshore, and grow the materials intelligence and production technologies required to stand up a resilient rare earth industry. This advanced industrial operating system should strengthen supply-chain security for the national defense, manufacturing and technology of the U.S. and its allies. Our plan is to build an integrated platform to encompass the entire rare earth value chain: extraction and separation of rare earth oxides; conversion of oxides into metals, alloys and strip-cast; and production of sintered neodymium-iron-boron permanent magnets. This capability should address the supply-chain vulnerabilities created by China's current dominance of rare earth processing, metal and magnet manufacturing.
Primary products
- sintered NdFeB permanent magnet blocks
- finished sintered NdFeB permanent magnets
- rare earth metals (neodymium, praseodymium, dysprosium, terbium, samarium, gadolinium, yttrium, lanthanum, cerium)
- NdFeB and samarium-cobalt master alloys
- strip-cast alloy flakes
- mischmetal
End markets
Geographies
Named customers
Named competitors
“While we are an early-stage company with a limited operating history, we intend to compete by building a leading global rare earth value chain that encompasses extraction and separation of rare earth oxides; conversion of oxides into metals, alloys and strip-cast; and production of sintered NdFeB permanent magnets.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
2025 revenues of approximately $1.6 million were derived solely from the Less Common Metals business for a partial year following the November 2025 acquisition; the company generated no revenue in 2024.
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