politics
December 4, 2025
Company backed by Donald Trump Jr.'s firm nabs $620M government contract
Vulcan Elements, a rare-earth magnets startup, has secured a $620 million contract from the U.S. defense department.
TL;DR
- Vulcan Elements, a rare-earth magnets startup, received a $620 million contract from the U.S. Department of Defense.
- The contract is part of a $1.4 billion partnership with the U.S. government and ReElement Technologies to expand domestic magnet supply.
- Vulcan Elements is backed by 1789 Capital, a venture capital firm where Donald Trump Jr. is a partner.
- This contract is the largest ever awarded by the Pentagon's Office of Strategic Capital.
- Donald Trump Jr. and Vulcan Elements have denied his involvement in the contract negotiations.
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