Rare Earth Directory

Government support

US government equity stakes in critical minerals companies

The US government now holds or has agreed to take equity in a growing list of critical minerals companies, as preferred stock, common shares or warrants. The rare earth cases are MP Materials (Department of War, 15% fully converted and exercised), USA Rare Earth and Vulcan Elements (Department of Commerce), ReElement (warrants) and Serra Verde in Brazil (warrants for up to 12% held by the DFC).

Among the rare earth companies tracked here, MP Materials is the only equity stake confirmed as issued. A percentage that includes warrants describes shares the government could hold, not shares it holds today.

Verified through Oct 1, 2026

See every stakeWhat is confirmed

At a glance

Agencies
Department of War (including the Office of Strategic Capital and the Economic Defense Unit), Commerce, Energy and the DFC
Instruments
Preferred stock, common shares, warrants and call options
Rare earth
MP Materials, USA Rare Earth, Vulcan Elements, ReElement, Serra Verde
Other minerals
Lithium Americas, Trilogy Metals, Elmet Group, Korea Zinc joint venture
Stated policy
A National Energy Dominance Council official said in Dec 2025 that taking equity is now the norm in the administration's approach (Mining Technology)
Rare earth stake confirmed as issued
1MP Materials, Department of War
MP Materials stake
15%Preferred stock plus warrant, fully converted and exercised
Serra Verde holding company
12%DFC warrants, up to
Companies in the table
9Five rare earth, four other critical minerals

Which critical minerals companies has the US government taken equity in?

The US government holds or has agreed to hold equity in MP Materials, USA Rare Earth, Vulcan Elements, ReElement and Serra Verde among rare earth companies, and in Lithium Americas, Trilogy Metals, Elmet Group and a Korea Zinc joint venture among other critical minerals companies. Only MP Materials' stake is confirmed as issued among the rare earth cases.

US government equity stakes, warrants and options in critical minerals companies, as of Oct 1, 2026
CompanyAgencyInstrument and sizeStakeDateStatus
MP MaterialsNYSE: MP. Rare earthsDepartment of Defense (War)$400.0M of Series A preferred stock (13,320,013 shares at $30.03) and a warrant for 11,201,659 shares15% fully converted and exercisedJul 2025Closed
USA Rare EarthNasdaq: USAR. Rare earthsDepartment of Commerce (CHIPS)16.1M shares and about 17.6M warrants, part of up to $277M of funding and up to $1.3B of loansNot stated in the releaseJun 3, 2026Agreed; issuance not confirmed
Vulcan ElementsPrivate. Rare earth magnetsDepartment of Commerce (CHIPS)$50M of equity to Commerce in a preliminary letter of intent for $50M of incentivesNot statedNov 3, 2025Non-binding
ReElement TechnologiesPrivate. Rare earth refiningDepartment of War (Office of Strategic Capital)Warrants for the department, announced with a conditional $80M loan commitmentNot statedNov 3, 2025Conditional
Serra VerdeSVRE Holdings Ltd., Brazil; owned by USA Rare Earth. Rare earthsUS International Development Finance CorporationWarrants with a $565M senior secured loanUp to 12% of SVRE HoldingsBoard approval Dec 10, 2025Approved; warrants after the acquisition not stated
Lithium AmericasLithium, NevadaDepartment of EnergyWarrants in a restructured DOE loan of about $2.2B5% of the company and 5% of the Thacker Pass joint ventureOct 1, 2025Announced
Trilogy MetalsAmbler Mining District, AlaskaDepartment of War$35.6M for 8,215,570 units at $2.17 (a share plus 0.75 of a 10-year warrant) and a call option on 6,161,678 South32 shares at $0.01About 10%Oct 6, 2025Binding letter of intent; conditions
Elmet GroupNasdaq: ELMT. TungstenDepartment of War (Economic Defense Unit)A committed $450M, with $200M at closing: redeemable preferred equity and warrantsWarrants for up to 19.9% of common stockSept 14, 2026Announced
Korea ZincUS smelter joint venture, TennesseeDepartment of War, with Commerce subsidies of $210MA joint venture, 40% held by the Department of War, buys about $1.9B of new Korea Zinc sharesAbout 10% of Korea Zinc, through the ventureDate not statedReported

Percentages are those the sources give. The Korea Zinc row follows a Reuters factbox and has not been checked against a filing; the other non-rare-earth rows follow company filings or releases and press coverage. The Department of War's $750M investment in the vehicle that buys Serra Verde's output is described as an investment, and the sources do not say whether it is equity.

How do government equity stakes work?

A government equity stake is a right to a share of a company, held as common shares, as preferred stock that can convert into shares or as warrants that allow buying shares at a set price. Warrants are not ownership until exercised, so a stake of "up to 19.9%" or "15% fully converted and exercised" describes shares the government could hold, not shares it holds today.

  • Common shares Direct ownership Shares the agency owns outright. Commerce is to receive 16.1M common shares of USA Rare Earth under its Jun 2026 agreements, with no confirmation yet that they were issued.
  • Preferred stock Stock with a priority claim MP Materials' $400M Series A preferred earns a 7.0% dividend paid in kind and converts into 13,320,013 shares at $30.03 at the department's option.
  • Warrants The right to buy later A warrant for 11,201,659 MP shares at $30.03, and DFC warrants for up to 12% of Serra Verde's holding company. They pay off only if the share price rises above the exercise price.
  • Call options A right to buy from another holder In Trilogy Metals, the Department of War can buy 6,161,678 shares from South32 at $0.01, once conditions including the Ambler Road construction are met.

Why is the US government taking equity in critical minerals companies?

Officials describe equity as a way to back a company with US government support and to share in the upside of projects the government finances. Jarrod Agen, executive director of the National Energy Dominance Council, said in Dec 2025 that taking equity is now the norm in the administration's approach to compete with China.

The Department of War's Economic Defense Unit announced the Serra Verde investment on Aug 24, 2026 and the Elmet investment in Sept 2026, together with the Office of the Assistant Secretary of War for Industrial Base Policy.

This directory reports the stakes and their status. It does not judge whether taking equity is a good policy, and it gives no investment view on any listed company.

Which government equity stakes are confirmed and which are not?

MP Materials' preferred stock and warrant are confirmed in its 10-K. The USA Rare Earth shares and warrants are agreed but their issuance is not stated, Vulcan's $50M is a non-binding letter, ReElement's warrants depend on a conditional loan, and the DFC warrants in Serra Verde predate USA Rare Earth's Sept 2026 acquisition.

  • Confirmed MP Materials The department paid $400.0M for the preferred stock, and the 10-K lists the stock and the warrant. The directory has not found a report that either has been converted or exercised.
  • Agreed, issuance unconfirmed USA Rare Earth and Serra Verde Commerce's definitive agreements of Jun 3, 2026 name 16.1M shares and about 17.6M warrants without a percentage. DFC's board approved warrants for up to 12% of SVRE Holdings on Dec 10, 2025; what happened to them after the acquisition is not stated.
  • Conditional or non-binding Vulcan, ReElement and Trilogy Vulcan's $50M is a preliminary letter of intent. ReElement's warrants come with a conditional $80M loan. Trilogy's units and call option depend on Defense Production Act reauthorization, a foreign ownership review and Ambler Road construction.

Which US projects, companies and states does this touch?

The pages below carry the figures, the sources and the dates for each project or company named here.

Questions about US government equity stakes

Does the US government own part of MP Materials?

Yes. The Department of War holds $400M of Series A preferred stock, convertible into 13,320,013 shares at $30.03, and a warrant for 11,201,659 shares. Together they equal 15% of the Jul 9, 2025 share count if fully converted and exercised.

Does the US government own part of USA Rare Earth?

Commerce is to receive 16.1M shares and about 17.6M warrants under its Jun 3, 2026 agreements, with no percentage given and no confirmation of issuance. Separately, DFC holds warrants for up to 12% of Serra Verde's holding company, dating from before the acquisition.

Which critical minerals companies has the US government taken stakes in?

MP Materials, USA Rare Earth, Vulcan Elements, ReElement and Serra Verde in rare earths, plus Lithium Americas, Trilogy Metals, Elmet Group and a Korea Zinc joint venture. Status varies from closed to non-binding.

Which agencies take equity?

The Department of War, including its Office of Strategic Capital and Economic Defense Unit, the Department of Commerce through the CHIPS program, the Department of Energy and the DFC.

What is a warrant?

A warrant is the right to buy shares at a set price for a set period. It is not ownership until exercised, so a stake that includes warrants is a maximum, not a current holding.

Is the government taking equity in Vulcan Elements?

Commerce signed a non-binding preliminary letter of intent on Nov 3, 2025 for $50M of incentives, with $50M of equity going to Commerce. It is not a final award, and closing has not been confirmed.

Sources and verification

Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".

Tags show what kind of source each link is. How sources are ranked

Policy and funding

Which other policy explainers are there?

Nine explainers cover the foreign controls, defense rules, permitting steps and funding programs behind the projects in this directory.