USA Rare Earth, Inc.
fin-us-chips-usar-2026-loan-guarantee
Reading this record
What the evidence says — and does not say
- What kind of figure?
- CommitmentMoney, or a money-like promise, committed to a named recipient or project. The only role ever summed.
- What has happened legally?
- ContractedA binding agreement has been executed. Not a payment, and not necessarily an obligation of funds: an agreement can leave that to a later step.
- Has money been paid?
- Follow the payment evidenceThis status does not itself establish a cash payment. In particular, a signed contract does not necessarily establish an obligation of funds.
- What does it link to?
- Project attributionNo direct registered project association is coded for this row. A project or facility may still be named in source text; absence of a link is not proof of inactivity.
This is a commitment role, but the financial status still determines legal standing and payment. Funding and verified industrial outcomes remain separate. A financial record alone never independently verifies construction, commissioning or production. Read SMPT's counting and evidence rules.
Amount
As stated “to guarantee the repayment by USAR and its affiliates of advances in an aggregate principal amount of $1.3 billion (“FFB Advances” and, together with the Direct Funding, the “Awards”) made by the Federal Financing Bank”
USD 1,300,000,000 · Up to · Currency stated in the source
Place in the money chain
A figure is never counted together with a figure it is part of or drawn from.
Rows that are part of or drawn from this one
↳ part of this row
USA Rare Earth, Inc.
up toUSD325 millionMagnet Project 2
↳ part of this row
USA Rare Earth, Inc.
up toUSD75 millionMetal Project 2
↳ part of this row
USA Rare Earth, Inc.
up toUSD550 millionRound Top Mine Project
↳ part of this row
USA Rare Earth, Inc.
up toUSD250 millionStillwater Magnet Project
↳ part of this row
USA Rare Earth, Inc.
up toUSD100 millionStillwater Metal Project
Record
- Provider
- U.S. Department of Commerce (CHIPS Program Office), guaranteeing Federal Financing Bank advancesU.S. Department of CommerceGovernment body
- Legal authority
- CHIPS Act of 2022
- Programme
- CHIPS Incentives Program
- Recipient
- USA Rare Earth, Inc.USA Rare Earth, Inc.Company
- Project
- Not stated
- Facility
- Not stated
- Location
- Not stated
- Stages
- Mining, Processing, Refining, Component manufacturingSeveral stages, split not stated
- Materials
- Rare earth elements (grouped)GalliumDysprosiumTerbiumRare-earth permanent magnets (NdFeB)Also names: hafnium; zirconiumIncludes untracked materials
Status
Financial and physical progress are separate histories. The last entry is current.
Financial
- Announced
"up to $1.3 billion in a senior secured loan" under a non-binding letter of intent.
National Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office)
- Contractedcurrent
Loan Guarantee Agreement entered into on 3 June 2026; each Federal Financing Bank advance is subject to conditions precedent.
USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)
Implementation
No source states the physical status of a project for this row.
Terms
Operative terms as the source words them.
| Term | Figure | As stated |
|---|---|---|
| Duration | 15 years from the first advance under each note | “Each FFB Advance matures fifteen (15) years after the first FFB Advance made under the applicable FFB Note.”USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) |
| Other term | 2 % of the FFB commitment, one-time commitment fee | “a one-time commitment fee equal to 2.0% of the FFB commitment amount”USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) |
| Other term | 2 % per annum on the unutilized FFB commitment, ticking fee | “a ticking fee equal to 2.0% per annum on the unutilized FFB commitment”USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) |
| Lending rate | — | “senior secured debt with a 15-year term and an expected rate of Treasury + 150 bps”The rate expected under the letter of intent; the agreement sets rates in each FFB note.USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) |
Notes
The Federal Financing Bank, "an instrumentality of the United States", makes the advances and the DOC guarantees them; recorded once, as the DOC's guarantee, so the same $1.3 billion is not counted as both a loan and a guarantee. A guarantee is its own instrument and is never added to the direct funding. The package's five project tranches are recorded as parts of it.
Evidence
Every populated field names the source that states it, how directly, and where.
National Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office)
- Fields supported
- Value role · Capital source · Provider · Recipient · Status · Materials · Supply-chain stages
- Evidence level
- Explicit
- Location in document
- First to fourth paragraphs
USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)
- Fields supported
- Instrument · Amount · Provider · Recipient · Programme · Legal authority · Status · Terms
- Evidence level
- Explicit
- Location in document
- Item 1.01, Loan Guarantee Agreement
| Source | Fields supported | Evidence level | Location |
|---|---|---|---|
| The Department of Commerce’s CHIPS Program Announces a Letter of Intent with USA Rare Earth to Accelerate Its Domestic and Vertically Integrated "Mine-to-Magnet" Strategy National Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · Source dossier |
| Explicit | First to fourth paragraphs |
| USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of Commerce USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · Source dossier |
| Explicit | Item 1.01, Loan Guarantee Agreement |