Vulcan Elements

Durham rare-earth magnet manufacturer producing neodymium iron boron magnets at its Research Triangle Park facility.

$65M Series A announced 2025-08-11, led by Altimeter Capital with significant participation from One Investment Management. A 2026 Form D separately records a $545M equity offering with $430,723,746 sold to 32 investors. These amounts cover different instruments and do not sum to one cumulative total.

On 2025-11-03 the company announced a $1.4B partnership with the U.S. government and ReElement Technologies, an Indiana rare-earth refiner. The structure comprises a $620M direct loan to Vulcan and an $80M direct loan to ReElement from the Department of War's Office of Strategic Capital, $50M of equity in Vulcan to the Department of Commerce, warrants to the Department of War in both companies, and $550M in private capital, supporting a target of 10,000 tonnes of annual magnet production. The Office of Strategic Capital agreed to the joint $700M loan commitment on 2025-11-21 and describes it as conditional; the Commerce equity accompanies a non-binding letter of intent for $50M in CHIPS and Science Act incentives.

On 2025-11-18 Governor Josh Stein announced Vulcan selected Benson in Johnston County for a $918.1M magnet factory expected to create 1,000 jobs, supported by a Job Development Investment Grant reimbursing up to $17,584,500 over 12 years.

Roles carry U.S. export-control restrictions: job applications require a citizenship status and state that the positions require access to information and technology subject to U.S. export control.