CHIPS Incentives Program

Trace the evidence

Follow this scheme to each independently recorded financial or designation row, named bodies, project references, and the documents cited by that exact row. Connections are navigational registry references, not a claim that capital was disbursed, a company obtained funding, or physical work occurred. Records under a child scheme appear in parent views as the same underlying IDs, never as additional commitments.

Financial record pathways

All value roles are included, including ceilings, prospective commitments, options, and ended records. No numbers are added here; legal standing belongs to each underlying instrument.

1. USA Rare Earth, Inc.Commitment

   Instrument not specified · Reported financial standing: Contracted

   direct funding awards (the “Direct Funding”) with a maximum award amount of $277.0 million in the aggregate

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   3 directly citing documents · show precise citation roles

   1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: capital_source · Field evidence: materials · Field evidence: provider · Field evidence: recipient · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report
   2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: instrument · Field evidence: legal_authority · Field evidence: programme · Field evidence: provider · Field evidence: recipient · Field evidence: status · Field evidence: terms · Financial status report · Instrument term
   3. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status · Field evidence: terms
2. USA Rare Earth, Inc.Commitment

   Loan guarantee · Reported financial standing: Contracted

   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

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   2 directly citing documents · show precise citation roles

   1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: capital_source · Field evidence: materials · Field evidence: provider · Field evidence: recipient · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report
   2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: instrument · Field evidence: legal_authority · Field evidence: programme · Field evidence: provider · Field evidence: recipient · Field evidence: status · Field evidence: terms · Financial status report · Instrument term
3. Magnet Project 2Commitment

   Instrument not specified · Reported financial standing: Contracted

   (d) $60.0 million for the construction of a new magnet making facility

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Magnet Project 2 (a row reference; assess its value role and status before treating it as backing)

   2 directly citing documents · show precise citation roles

   1. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: materials · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
   2. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status
4. Magnet Project 2Commitment

   Loan guarantee · Reported financial standing: Contracted

   (d) $325.0 million for the Magnet Project 2

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Magnet Project 2 (a row reference; assess its value role and status before treating it as backing)

   1 directly citing document · show precise citation roles

   1. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: materials · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
5. Metal Project 2Commitment

   Instrument not specified · Reported financial standing: Contracted

   (e) $15.0 million for the construction of a new strip casting and metal making facility

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Metal Project 2 (a row reference; assess its value role and status before treating it as backing)

   2 directly citing documents · show precise citation roles

   1. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: materials · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
   2. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status
6. Metal Project 2Commitment

   Loan guarantee · Reported financial standing: Contracted

   (e) $75.0 million for the Metal Project 2

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Metal Project 2 (a row reference; assess its value role and status before treating it as backing)

   1 directly citing document · show precise citation roles

   1. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: materials · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: stages · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
7. Round Top Mine ProjectCommitment

   Instrument not specified · Reported financial standing: Contracted

   (a) $132.0 million for the construction of a rare earth mining and processing facility in Sierra Blanca, Texas

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Round Top Mine Project (a row reference; assess its value role and status before treating it as backing)

   3 directly citing documents · show precise citation roles

   1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
   2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
   3. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status
8. Round Top Mine ProjectCommitment

   Loan guarantee · Reported financial standing: Contracted

   (a) $550.0 million for the Round Top Mine Project

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Round Top Mine Project (a row reference; assess its value role and status before treating it as backing)

   2 directly citing documents · show precise citation roles

   1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
   2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
9. Stillwater Magnet ProjectCommitment

   Instrument not specified · Reported financial standing: Contracted

   (b) $50.0 million for the expansion and modernization of the existing magnet making facility located in Stillwater, Oklahoma

   Named provider organizations

   U.S. Department of Commerce

   Named recipient organizations

   USA Rare Earth, Inc.

   Directly linked project: Stillwater Magnet Project (a row reference; assess its value role and status before treating it as backing)

   3 directly citing documents · show precise citation roles

   1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
   2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
   3. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status
10. Stillwater Magnet ProjectCommitment

    Loan guarantee · Reported financial standing: Contracted

    (b) $250.0 million for the Stillwater Magnet Project

    Named provider organizations

    U.S. Department of Commerce

    Named recipient organizations

    USA Rare Earth, Inc.

    Directly linked project: Stillwater Magnet Project (a row reference; assess its value role and status before treating it as backing)

    2 directly citing documents · show precise citation roles

    1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
    2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
11. Stillwater Metal ProjectCommitment

    Instrument not specified · Reported financial standing: Contracted

    (c) $20.0 million for the expansion and modernization of the existing strip casting and metal making facility located in Stillwater, Oklahoma

    Named provider organizations

    U.S. Department of Commerce

    Named recipient organizations

    USA Rare Earth, Inc.

    Directly linked project: Stillwater Metal Project (a row reference; assess its value role and status before treating it as backing)

    3 directly citing documents · show precise citation roles

    1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
    2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
    3. Direct Funding Agreement, dated June 3, 2026, by and among USA Rare Earth, Inc., the subsidiary guarantors party thereto and the United States Department of Commerce (Exhibit 10.1 to Form 8-K)USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: instrument · Field evidence: status
12. Stillwater Metal ProjectCommitment

    Loan guarantee · Reported financial standing: Contracted

    (c) $100.0 million for the Stillwater Metal Project

    Named provider organizations

    U.S. Department of Commerce

    Named recipient organizations

    USA Rare Earth, Inc.

    Directly linked project: Stillwater Metal Project (a row reference; assess its value role and status before treating it as backing)

    2 directly citing documents · show precise citation roles

    1. 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" StrategyNational Institute of Standards and Technology (U.S. Department of Commerce, CHIPS Program Office) · 2026-01-26Field evidence: materials · Field evidence: stages
    2. USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of CommerceUSA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR) · 2026-06-03Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: location · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: recipient · Field evidence: relationships · Field evidence: status · Field evidence: value_role · Financial status report · Instrument relationship
13. Purchase of equipment, in parallel with OSC's financingNon-binding indication

    Instrument not specified · Reported financial standing: Announced

    a preliminary non-binding letter of intent to provide $50 million in proposed federal incentives under the CHIPS and Science Act

    Named provider organizations

    U.S. Department of Commerce

    Named recipient organizations

    Not stated

    1 directly citing document · show precise citation roles

    1. Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement TechnologiesU.S. Department of War (Office of Strategic Capital) · 2025-11-21Field evidence: amount · Field evidence: capital_source · Field evidence: instrument · Field evidence: legal_authority · Field evidence: programme · Field evidence: project · Field evidence: provider · Field evidence: status · Field evidence: terms · Field evidence: value_role · Financial status report · Instrument term

Project designation pathways

Designation confers recorded recognition or standing, not money or evidence of actual production.

No project designations registered under this scheme.