Company profile
Cyclic Materials: what it does, projects, funding and status (2026)
Processing / manufacturing (operating) Private
Cyclic Materials, a Canada-based circular rare earths company, opened its first US commercial-scale magnet recycling plant in Mesa, Arizona on Sept 9, 2026, with capacity to process 25,000 tonnes a year of end-of-life components. It raised $75M in August 2026 to build a refining campus in South Carolina, with groundbreaking planned for Q4 2026.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does Cyclic Materials do?
Cyclic Materials recovers rare earth magnet material from end-of-life products such as EV motors, wind turbines and electronic scrap with its MagCycle process, and plans to refine it into oxides at a South Carolina campus. It works at the recycling step.
MagCycle is an automated mechanical process that separates magnets from used components. The Mesa plant produces rare earth magnet material, which Cyclic calls Mag-Xtract, plus copper, aluminum and steel.
The company describes a hub-and-spoke model: local "spoke" plants source, sort and pre-process feedstock, and a central "hub" does final refining and chemical isolation of high-purity rare earth oxides.
Which assets and facilities does Cyclic Materials operate?
Cyclic Materials operates the Mesa, Arizona spoke plant, which opened on Sept 9, 2026 and can process up to 25,000 tonnes a year of components. A South Carolina hub campus for refining is planned, with groundbreaking in Q4 2026.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| Mesa recycling plant (spoke) | Mesa, Arizona | Magnet separation and rare earth magnet material recovery | Up to 25,000 t/yr of material; over $30M invested; more than 25 jobs | Opened Sept 9, 2026; first commercial shipments due later that month |
| South Carolina hub campus | South Carolina (site not stated) | Integrated magnet separation, recovery and refining to oxides | Not stated | Planned; groundbreaking Q4 2026 |
The Mesa plant was finished about 17 months after it was announced. More than 7,000 tonnes of end-of-life material had been delivered by opening.
Who buys from Cyclic Materials and how much can it make?
Cyclic's Mesa plant can process up to 25,000 tonnes a year of components and was about to make its first commercial shipments to US customers in Sept 2026. The company says it has long-term partnerships for magnet-bearing feedstock, and the sources checked name no buyer.
Electronics recycler ERI joined as a strategic investor in Aug 2026 so that Cyclic can use its nationwide collection network for feedstock. Cyclic expects global rare earth demand to triple by 2035, driven by AI, automotive, robotics, electronics, energy and defense.
How is Cyclic Materials funded?
Cyclic raised a $75M round in Aug 2026, led by accounts advised by T. Rowe Price Associates, with electronics recycler ERI joining as a strategic investor. Total equity funding is $237M. The money is for the South Carolina campus and more spoke plants.
The round extends commitments from existing investors. Funds go to the South Carolina campus, which will combine magnet separation, rare earth recovery and refining at scale, and to expanding the hub-and-spoke network across the United States.
What is the timeline of Cyclic Materials?
Cyclic raised $75M in Aug 2026, opened its Mesa plant on Sept 9, 2026 and plans to break ground on a South Carolina refining campus in Q4 2026. First commercial shipments from Mesa were due in the second half of Sept 2026.
- Early 2025
The Mesa plant is announced, about 17 months before it opens.
- Aug 27, 2026
Cyclic announces a $75M financing round, bringing total equity funding to $237M.
- Sept 9, 2026
The Mesa, Arizona plant opens with 25,000 t/yr of processing capacity.
Next milestones
- Late Sept 2026
First commercial shipments from Mesa to US customers are due.
- Q4 2026
Groundbreaking for the South Carolina hub campus is planned.
What government support has Cyclic Materials received?
Cyclic has no federal grant or loan in the sources checked. Its $237M of total equity comes from private investors.
No federal support is recorded for Cyclic Materials in the sources checked.
See the government support tracker for companies with federal awards.
What are the risks and unknowns for Cyclic Materials?
The main unknowns are how much rare earth the Mesa plant actually recovers, how quickly the South Carolina refinery gets built and whether enough end-of-life feedstock arrives. Output is not yet published. This directory reports facts and gives no investment view.
- Feedstock supply: 7,000 t had arrived by opening against a capacity of 25,000 t/yr.
- Refining step: oxide production depends on a South Carolina campus that has not started construction.
- Output: no figures for recovered rare earth are published.
- Technology scale: Mesa is the first commercial-scale use of MagCycle.
Questions about Cyclic Materials
Where is Cyclic Materials' US plant?
Cyclic's first US commercial-scale plant is in Mesa, Arizona. It opened on Sept 9, 2026, and a South Carolina refining campus is planned.
What does Cyclic Materials recycle?
End-of-life components with rare earth magnets, such as EV motors, wind turbine parts and electronic scrap, using its automated MagCycle mechanical separation process.
How big is the Mesa plant?
The Mesa plant can process up to 25,000 tonnes a year of end-of-life components, represents an investment of more than $30M and is expected to create more than 25 initial jobs.
How much did Cyclic Materials raise?
Cyclic announced a $75M round in Aug 2026, led by accounts advised by T. Rowe Price, with ERI joining. Total equity funding is $237M.
Is Cyclic Materials a public company?
No. Cyclic Materials is private and has no stock ticker. Ahmad Ghahreman is founder and CEO.
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".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- Cyclic Materials: opens the first commercial-scale automated rare earth magnet recovery facility in the US (Sept 2026) Company document
- Cyclic Materials: USD $75 million strategic growth financing (Business Wire, Aug 27, 2026) Company document
- Engineering News: Cyclic Materials starts commercial operation in Arizona (Sept 2026) Independent press
- Resource Recycling: Cyclic Materials opens its Arizona facility (Sept 2026) Independent press
- Engineering News: Cyclic Materials secures another $75M (Aug 2026) Independent press
- Waste360: Cyclic Materials announces a $75M strategic growth financing Independent press
- Electrek: a new Arizona plant goes after the rare earth supply crunch Independent press
- GPEC: Cyclic Materials celebrates the grand opening in Mesa Independent press
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