USA Rare Earth is building a vertically integrated rare earth supply chain — from mining to magnet manufacturing — targeting U.S. and allied defense, industrial, and technology customers who need a non-Chinese source of rare earth materials and permanent magnets. The company's end product is sintered neodymium-iron-boron (NdFeB) permanent magnets, used in EV traction motors, precision-guided munitions, radar and missile systems, MRI machines, and semiconductor equipment. USA Rare Earth sells directly to defense contractors and OEMs, with customer qualification programs currently underway. The company operates across three segments: mining at Round Top Mountain in Texas (an HREE-rich deposit targeting commercial production in late 2028); metal and alloy making through its Less Common Metals subsidiary in the UK (acquired in November 2025), which converts rare earth oxides into high-purity metals and alloys; and magnet manufacturing at its Stillwater, Oklahoma facility, which commissioned Phase 1a in Q1 2026 and targets 10,000 MTPA of U.S. magnet capacity by 2029. USA Rare Earth is largely pre-revenue and development-stage, though Less Common Metals generates revenue from its existing European customer base. A key demand driver is a January 2027 U.S. government prohibition on Chinese-origin magnets in weapons systems, which is expected to create captive demand for DFARS-compliant producers. The company has signed a letter of intent with the U.S. government for a proposed $1.6B in funding under the CHIPS Act.