0001970622-26-000038 | 10-Q | XBRL Viewer

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Other Financial Information - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Note Payable [Line Items]
Total notes payable	$ 0	$ 1,849
Barclays Trade Loan
Note Payable [Line Items]
Total notes payable	$ 0	$ 1,849

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

•Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.

•Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Level 1 and Level 2 Fair Value of Financial Instruments on a Recurring Basis

The following table presents the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis, including pricing category, amortized cost, gross unrealized gains and losses, and fair value. The Company has no Level 1 and Level 2 financial liabilities measured on a recurring basis.


		March 31, 2026								December 31, 2025
	Pricing Category	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
		(In thousands)

Money market funds	Level 1	$	1,741,462	$	—	$	—	$	1,741,462	$	353,841	$	—	$	—	$	353,841

Level 3 Fair Value of Financial Instruments on a Recurring Basis

The following table presents the Company’s Level 3 financial liabilities measured at fair value on a recurring basis. The Company has no Level 3 financial assets measured at fair value on a recurring basis.





	March 31, 2026			December 31, 2025
	(In thousands)














Earnout liability		$	145,080	$	108,671
Warrant liability		26,491		19,534






Total earnout and warrant liabilities		$	171,571	$	128,205

Level 3 Valuation and Reconciliation

Earnout Liability

The Company valued the earnout liability using a Monte Carlo simulation which includes Level 3 unobservable inputs. The following table summarizes the significant inputs used to value the earnout liability as of the dates indicated.


	March 31, 2026	December 31, 2025
Share price	$15.14	$11.90
Expected volatility	68.3%	70.1%
Risk-free interest rate	3.85%	3.70%
Remaining term (in years)	5.0	5.2

The following table presents the reconciliation of the earnout liability measured at fair value on a recurring basis for the dates indicated.



	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	108,671	$	—
Establishment of liability at March 13, 2025	—		99,639
Change in estimated fair value (1)	36,409		9,032




Balance, end of period	$	145,080	$	108,671

(1)Change in estimated fair value is recognized in (Loss) gain on fair market value of financial instruments, net in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Warrant Liability

The Company valued the Series A Warrant liability using a Monte Carlo simulation which includes Level 3 unobservable inputs. The following table summarizes the significant inputs used to value the Series A Warrant liability as of the dates indicated.


	March 31, 2026	December 31, 2025
Share price	$15.14	$11.90
Exercise price	$7.00	$7.00
Expected volatility	68.3%	67.3%
Risk-free rate	3.8%	3.6%
Dividend yield	—%	—%
Put term (in years)	4.0	4.2

The following table presents the reconciliation of the Series A Warrant liability measured at fair value on a recurring basis for the dates indicated.



	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	19,534	$	—
Establishment of liability at March 13, 2025	—		40,652
Change in estimated fair value (1)	7,144		37,549
Warrant exercises	(187)		(58,667)


Balance, end of period	$	26,491	$	19,534

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization	3 Months Ended
Organization	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization USA Rare Earth, Inc. (collectively with its subsidiaries, the “Company,” “USARE,” “we,” “us,” or “our”) is building a leading global rare earth value chain, from mine to magnet and beyond. The Company intends to secure, reshore, and grow the materials intelligence and production technologies required to stand up a resilient rare earth industry. This advanced industrial operating system should strengthen supply-chain security for the national defense, manufacturing and technology of the United States (“U.S.”) and its allies. The Company’s plan is to build an integrated platform to encompass the entire rare earth value chain: extraction and separation of rare earth oxides; conversion of oxides into metals, alloys and strip-cast; and production of sintered neodymium-iron-boron (“NdFeB”) permanent magnets, which the Company refers to as neo magnets. This capability should address the supply-chain vulnerabilities created by China’s current dominance of rare earth processing, and metal and magnet manufacturing. During the year ended December 31, 2025, the Company completed two significant transactions: a business combination and an acquisition. On March 13, 2025, the Company consummated a business combination with USA Rare Earth, LLC pursuant to a Business Combination Agreement with Inflection Point Acquisition Corp. II, as a result of which the Company became a publicly traded corporation listed on Nasdaq under the symbol “USAR.” The transaction was accounted for as a reverse recapitalization, with USA Rare Earth, LLC treated as the accounting acquirer. The historical financial statements of USA Rare Earth, LLC became the historical financial statements of the Company upon consummation of the merger. As a result, the financial statements in this quarterly report reflect (i) the historical operating results of USA Rare Earth, LLC prior to the merger; (ii) the combined results of Inflection Point Acquisition Corp. II and USA Rare Earth, LLC following the close of the merger; (iii) the assets and liabilities of USA Rare Earth, LLC at their historical cost; and (iv) USA Rare Earth, LLC’s equity structure for all periods presented, as affected by the recapitalization presentation after completion of the merger. On November 18, 2025, the Company acquired Indian Ocean Rare Metals Pte. Ltd., the parent of Less Common Metals Ltd. (“Less Common Metals”), a rare earth metal and alloy manufacturer based in Cheshire, United Kingdom. The acquisition was accounted for as a business combination and the results of Less Common Metals have been included in the Company’s consolidated financial statements beginning on the acquisition date. For a complete description of both transactions, including the purchase price allocation, assets acquired, liabilities assumed, and related accounting policies, refer to Note 2 , “Merger Transaction and Acquisition,” of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Annual Report”) filed with the SEC on March 30, 2026. Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The December 31, 2025 Condensed Consolidated Balance Sheet was derived from audited financial statements and does not include all disclosures, including notes, required by GAAP; however, the Company believes the disclosures included are adequate to make the information presented not misleading. The March 31, 2026 unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2025 Annual Report. The unaudited Condensed Consolidated Financial Statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. References to a year refer to the Company’s fiscal years ended on December 31 of the specified year. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, as well as variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the financial statement date and the reported amounts of expenses during the reporting period. Significant estimates include goodwill and other intangible assets arising from business combinations, asset and liability valuations, including earnout and warrant liabilities, deferred taxes and related valuation allowances, and other fair value measurements. These estimates involve inherent uncertainties and the exercise of judgment; therefore, actual results could differ materially from those estimates if assumptions or underlying circumstances change. Significant Accounting Policies For a detailed description of the Company’s Significant Accounting Policies, please refer to the Company’s 2025 Annual Report. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires additional disclosures that disaggregate income statement expense line items, including (i) the amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses; (ii) a qualitative description of costs and expenses not disaggregated quantitatively; and (iii) the definition and total amount of selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU should be applied prospectively; however, retrospective application is permitted for all prior periods presented. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU applies to business entities that receive government grants and addresses the accounting for cash and non-monetary grants, including forgivable loans, while excluding tax abatements, income tax credits, and exchange transactions. The ASU requires recognition of government grants when there is reasonable assurance that the entity will comply with the conditions attached to the grants and the grants will be received. The amendments permit income‑related grants to be presented as either other income or a reduction of related expenses, and asset‑related grants to be recorded as deferred income or as a reduction of the asset’s cost basis. This ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years, with early adoption permitted. The ASU may be applied using a modified prospective, modified retrospective, or full retrospective approach. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which improves and clarifies interim reporting requirements under U.S. GAAP. The ASU compiles required interim disclosures, including disclosure of material changes since the last annual reporting period, to improve consistency and navigability. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The ASU should be applied prospectively, although retrospective application is permitted for all prior periods presented. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures.

Net (Loss) Income per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	14,911	33,880
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%		12.00%
12% Series A Cumulative Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	2,374	0
Series A warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	2,437	0
Earnout shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	10,100	10,100
Investor warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	0	23,780

Other Financial Information - Schedule of Interest Expense Related Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Note Payable [Line Items]
Total interest expense	$ 35	$ 54
Hatch Note
Note Payable [Line Items]
Total interest expense	0	54
Barclays Trade Loan
Note Payable [Line Items]
Total interest expense	$ 35	$ 0

Equity-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Stock-based Compensation Expense

The following table presents stock‑based compensation expense for the periods indicated.



		Three Months Ended March 31,
	Incentive Plan		2026		2025
			(In thousands)
Restricted stock units (1)	2024 Incentive Plan		$	4,875	$	—
Performance restricted stock units	2024 Incentive Plan		64		—
Incentive units	Legacy Incentive Plan		—		441
Class A units (1)	Legacy Incentive Plan		—		841





Total			$	4,939	$	1,282

In the three months ended March 31, 2025, USARE LLC recorded equity-based compensation for issuance of its Class A Units to certain consultants pursuant to existing bonus agreements. In the three months ended March 31, 2025, USARE LLC recorded the forfeiture of equity-based compensation of the Company’s former CEO.

Unrecognized Stock-Based Compensation Costs

Stock‑based compensation costs related to unvested restricted stock units and performance restricted stock units are recognized on a straight‑line basis over the remaining requisite service period of each award. The following table presents unrecognized stock‑based compensation costs and weighted‑average service periods as of March 31, 2026.


	Unrecognized Compensation Costs		Weighted-Average Service Period
	(In thousands)		(In years)

Restricted stock units	$	29,687	1.28
Performance restricted stock units	365		(1)

Total unrecognized compensation costs	$	30,052

(1)Performance restricted stock units vest upon achievement of specified performance conditions and have no deterministic service period.

Variable Interest Entity (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

Business Combination

The following table presents the ownership percentages of the Company and TMRC and the changes in ownership percentages as of the dates indicated.





	March 31, 2026	December 31, 2025	Ownership Change
			(Basis points)
USA Rare Earth, Inc.	81.6%	81.3%	30
Texas Mineral Resources Corp.	18.4%	18.7%	(30)

Schedule of Consolidated Balance Sheets

The following table presents the assets and liabilities of RTMD that are included in the Company’s Condensed Consolidated Balance Sheets as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
ASSETS
Cash and cash equivalents	$	77	$	38
Prepaid expenses and other current assets	104		106
Operating lease right-of-use assets	473		321
Mineral interests	17,339		17,339
Property, plant and equipment, net	483		201
Equipment deposits	63		—
Other non-current assets	27		27
Total assets	$	18,566	$	18,032


LIABILITIES
Accounts payable	$	878	$	61
Accrued liabilities	1,615		469
Finance leases, current	232		137

Finance leases, non-current	244		185

Total liabilities	$	2,969	$	852

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Net (Loss) Income per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Income (Loss) Per Share Attributable to Holders of Common Stock


	Three Months Ended March 31,
		2026		2025
		(In thousands, except for per share amounts)
Numerator
Net (loss) income attributable to USA Rare Earth, Inc.		$	(66,989)	$	51,832



Declared and deemed dividends, and interest accretion		(709)		(3,562)




Undistributed net (loss) income attributable to USA Rare Earth, Inc.		$	(67,698)	$	48,270


Denominator




Weighted-average shares outstanding - basic		196,479		64,463

Preferred shares		—		13,774
Incentive units outstanding prior to conversion		—		3,642
Warrants outstanding prior to conversion		—		1,200







Weighted-average shares outstanding - diluted		196,479		83,079


Net (loss) income per share attributable to USA Rare Earth, Inc.
Basic		$	(0.34)	$	0.75
Diluted		$	(0.34)	$	0.58

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents categories of potential shares that are excluded from the diluted per share computation as their effect would be anti-dilutive.


	Three Months Ended March 31,
		2026	2025
		(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)		2,374	—
Series A warrants		2,437	—
Earnout shares (2)		10,100	10,100
Investor warrants (3)		—	23,780









Total		14,911	33,880

(1)Represents the amount of potential common shares, if converted at each reported date.

(2)Represents contingently issuable shares outstanding at each reported date.

(3)Investor warrants outstanding as of March 31, 2025 were fully exercised during 2025 and are therefore excluded from the March 31, 2026 table.

Other Financial Information - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-lived Intangible Assets
2026 (remaining nine months)	$ 4,071
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Net Carrying Amount	$ 67,255	$ 68,612

Fair Value Measurements - Schedule of Level 3 of the Fair Value Hierarchy Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance/initial balance	$ 108,671	$ 0
Establishment	0	99,639
Change in estimated fair value	36,409	9,032
Ending balance	145,080	108,671
Warrant liability \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance/initial balance	19,534	0
Establishment	0	40,652
Change in estimated fair value	7,144	37,549
Warrant exercises	(187)	(58,667)
Ending balance	$ 26,491	$ 19,534

Other Financial Information - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Roll Forward]
Balance, beginning of period	$ 134,848	$ 0
Balance, end of period	134,848	134,848
Indian Ocean Rare Earth Metals Pte. Ltd.
Goodwill [Roll Forward]
Goodwill recognized in connection with the acquisition of Less Common Metals Ltd.	$ 0	$ 134,848

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

Other Financial Information - Schedule of Prepaids and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid insurance	$ 1,691	$ 728
Grants receivable	1,053	0
Other receivables	0	286
Engineering and consulting costs	0	2,137
Supplier advances	2,088	0
Other	1,789	0
Total prepaid and other current assets	$ 6,621	$ 3,151

Other Financial Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 22,124	$ 16,532
Work-in-process	3,614	772
Finished goods	2,692	1,231
Total inventories	$ 28,430	$ 18,535

Other Financial Information

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Financial Information

Inventories

Inventories consist of materials, labor, and manufacturing overhead and are stated at the lower of weighted‑average cost or net realizable value. The following table presents inventories as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Raw materials	$	22,124	$	16,532
Work-in-process	3,614		772
Finished goods	2,692		1,231
Total inventories	$	28,430	$	18,535

Prepaid and Other Current Assets

The following table presents prepaid expenses and other current assets as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Prepaid insurance	$	1,691	$	728
Grants receivable	1,053		—


Other receivables	—		286
Engineering and consulting costs	—		2,137

Supplier advances	2,088		—

Other	1,789		—

Total prepaid and other current assets	$	6,621	$	3,151

Property, Plant and Equipment, Net

The following table presents the components of the Company’s property, plant and equipment, net, as of the dates indicated. Property, plant and equipment balances include the effects of foreign currency translation adjustments related to the Company’s non‑U.S. operations, which are recorded in Accumulated other comprehensive (loss) income on the accompanying Condensed Consolidated Balance Sheet.





	March 31, 2026		December 31, 2025
	(In thousands)
Land	$	707	$	707
Land improvements	403		403
Buildings	7,030		7,038
Building improvements	2,566		2,566
Manufacturing equipment	16,989		12,404
Lab equipment	3,999		3,724
Leasehold improvements	1,199		795
Furniture & fixtures	52		46
Computer equipment	13		13
Construction in progress - Buildings (1)	57,944		30,267
Construction in progress - Magnet plant equipment and other (1)	29,244		29,083

Property, plant and equipment, gross	120,146		87,046

Less: Accumulated depreciation	(2,161)		(1,640)
Property, plant and equipment, net	$	117,985	$	85,406


Finance lease right-of-use assets	$	1,233	$	1,233
Less: Accumulated amortization	(251)		(190)
Finance lease-right-of-use assets, net	$	982	$	1,043


Total property, plant and equipment, net	$	118,967	$	86,449

(1)Construction in progress assets are placed in service and depreciated upon completion of construction, installation, certification, and when ready for their intended use.

Depreciation and amortization of property, plant and equipment is calculated using the straight‑line method over the estimated useful lives of the related assets. The following table presents depreciation expense related to the Company’s property, plant and equipment and amortization expense related to the Company’s finance lease right‑of‑use assets for the periods indicated.


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Depreciation expense		$	629	$	27
Amortization expense		61		6

Total depreciation and amortization		$	690	$	33

Goodwill and Other Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	134,848	$	—
Goodwill recognized in connection with the acquisition of Less Common Metals Ltd.	—		134,848
Balance, end of period	$	134,848	$	134,848

Goodwill is not amortized and is tested for impairment annually and when events or changes in circumstances indicate that it is more likely than not that an impairment may exist. The Company’s annual goodwill impairment test is performed as of October 1. The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the qualitative assessment indicates potential impairment, or if the Company elects not to perform a qualitative assessment, a quantitative impairment test is performed. In the quantitative test, the carrying value of the reporting unit is compared to its estimated fair value. If the carrying value exceeds fair value, an impairment charge is recognized for the excess, limited to the carrying amount of goodwill.

Other Intangible Assets

The following table presents the Company’s other intangible assets, by major class, as of the dates indicated.


		March 31, 2026						December 31, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
		(In thousands)
Trade name		$	7,245		$	(181)		$	7,064		$	7,245		$	(60)		$	7,185
Customer relationships		11,856			(222)			11,634			11,856			(74)			11,782
Supplier relationships		33,986			(1,275)			32,711			33,986			(425)			33,561
Know-how		16,203			(357)			15,846			16,203			(119)			16,084

Total other intangible assets		$	69,290		$	(2,035)		$	67,255		$	69,290		$	(678)		$	68,612

The following table presents amortization expense related to the Company’s other intangible assets for the periods indicated. There was no intangible amortization for the three months ended March 31, 2025.


	Three Months Ended March 31, 2026

		(In thousands)
Trade name		$	121
Customer relationships		148
Supplier relationships		850
Know-how		238
Total amortization of other intangible assets		$	1,357

Amortization of Intangible Assets

The following table presents estimated future amortization expense of finite‑lived intangible assets as of March 31, 2026.


Year Ending December 31,	Finite-lived Intangible Assets
	(In thousands)

2026 (remaining nine months)	$	4,071
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Total estimated amortization	$	67,255

Accrued Liabilities

The following table presents accrued liabilities as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Payroll and related employee taxes	$	2,011	$	2,659

Construction in progress	8,049		6,302


Legal	6,581		1,668



Asset retirement obligation (1)	689		700


Other	4,030		2,744

Total accrued liabilities	$	21,360	$	14,073

(1)The Company recorded certain Asset Retirement Obligations (“ARO”), in connection with the Company’s obligation to return its Cheshire, United Kingdom building to its “original condition,” as defined in the lease agreement. The building lease will expire in November 2026 and the estimated cost is expected to be paid at lease expiration.

The following table presents the ARO activity for the periods indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Balance, beginning of period	$	700	$	—
Obligations arising from acquisition	—		605
Accretion	—		82




Foreign currency translation	(11)		13
Balance, end of period	$	689	$	700

Contract Liabilities

The Company’s contract liabilities, which consist of customer deposits and deferred revenue, when cash payments are received in advance of the Company’s performance. As of March 31, 2026, the Company evaluated its remaining performance obligations under its contract liabilities. The Company’s contract liabilities primarily consist of short‑term arrangements with original expected durations of one year or less, and related revenue is expected to be recognized over the next year. The following table presents the activity related to contract liabilities for the dates indicated.




	March 31, 2026		December 31, 2025

	(In thousands)
Balance, beginning of period	$	10,500	$	—
Contract liabilities related to acquisition	(26)		10,341
Revenue recognized	—		(21)
Cash received, excluding amounts recognized as revenue during the period	4		23

Translation adjustments	(101)		157

Balance, end of period	$	10,377	$	10,500

Notes Payable

The following table presents notes payable as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Barclays Trade Loan	$	—	$	1,849

On February 13, 2026, the Company repaid the outstanding Barclays Trade Loan balance in full, including accrued interest, to Barclays Bank PLC, and the loan was cancelled upon repayment.

The following table presents interest expense related to the Company’s notes payable for the periods indicated.


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Hatch Note (1)		$	—	$	54
Barclays Trade Loan (2)		35		—


Total interest expense		$	35	$	54

(1)The Hatch Note was extinguished on March 13, 2025.

(2)The Barclays Trade Loan was repaid in full on February 13, 2026.

Fair Value Measurements - Schedule of Assets Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 1,749,644	$ 359,925
Level 1 \| Money market funds
ASSETS
Cash and cash equivalents	$ 1,741,462	$ 353,841

Other Financial Information - Other Intangible Assets (Details) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 69,290	$ 69,290
Accumulated Amortization	(2,035)	(678)	$ 0
Net Carrying Amount	67,255	68,612
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,245	7,245
Accumulated Amortization	(181)	(60)
Net Carrying Amount	7,064	7,185
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	11,856	11,856
Accumulated Amortization	(222)	(74)
Net Carrying Amount	11,634	11,782
Supplier relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	33,986	33,986
Accumulated Amortization	(1,275)	(425)
Net Carrying Amount	32,711	33,561
Know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,203	16,203
Accumulated Amortization	(357)	(119)
Net Carrying Amount	$ 15,846	$ 16,084

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Other Financial Information - Schedule of Contract With Customer, Contract Liability, Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 10,500	$ 0
Contract liabilities related to acquisition	(26)	10,341
Revenue recognized	0
Revenue recognized		(21)
Cash received, excluding amounts recognized as revenue during the period	4	23
Translation adjustments	(101)	157
Balance, end of period	$ 10,377	$ 10,500

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended March 31,
		2026			2025
		(In thousands, except percentages)
(Loss) income before income taxes		$	(68,645)		$	51,682
Benefit from income taxes		(577)			—
Effective tax rate		0.8		%	—		%

Net (Loss) Income per Share - Schedule of Income (Loss) Per Share Attributable to Holders of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net (loss) income attributable to USA Rare Earth, Inc.	$ (66,989)	$ 51,832
Declared and deemed dividends, and interest accretion	(709)	(3,562)
Undistributed net (loss) income attributable to USA Rare Earth, Inc.	$ (67,698)	$ 48,270
Denominator
Weighted average shares outstanding - basic (in shares)	196,479	64,463
Preferred shares (in shares)	0	13,774
Incentive units outstanding prior to conversion (in shares)	0	3,642
Warrants outstanding prior to conversion (in shares)	0	1,200
Weighted average shares outstanding - diluted (in shares)	196,479	83,079
Net (loss) income per share attributable to USA Rare Earth, Inc.
Basic (in Dollars per share)	$ (0.34)	$ 0.75
Diluted (in Dollars per share)	$ (0.34)	$ 0.58

Concentrations - Schedule of Revenue by Major Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026
Customer 1
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	49.00%
Customer 2
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16.00%
Customer 3
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	16.00%
Customer 4
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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-Section 55
-Paragraph 91
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Other Financial Information (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

The following table presents inventories as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Raw materials	$	22,124	$	16,532
Work-in-process	3,614		772
Finished goods	2,692		1,231
Total inventories	$	28,430	$	18,535

Schedule of Prepaids and Other Assets

The following table presents prepaid expenses and other current assets as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Prepaid insurance	$	1,691	$	728
Grants receivable	1,053		—


Other receivables	—		286
Engineering and consulting costs	—		2,137

Supplier advances	2,088		—

Other	1,789		—

Total prepaid and other current assets	$	6,621	$	3,151

Schedule of Property, Plant and Equipment, Net





	March 31, 2026		December 31, 2025
	(In thousands)
Land	$	707	$	707
Land improvements	403		403
Buildings	7,030		7,038
Building improvements	2,566		2,566
Manufacturing equipment	16,989		12,404
Lab equipment	3,999		3,724
Leasehold improvements	1,199		795
Furniture & fixtures	52		46
Computer equipment	13		13
Construction in progress - Buildings (1)	57,944		30,267
Construction in progress - Magnet plant equipment and other (1)	29,244		29,083

Property, plant and equipment, gross	120,146		87,046

Less: Accumulated depreciation	(2,161)		(1,640)
Property, plant and equipment, net	$	117,985	$	85,406


Finance lease right-of-use assets	$	1,233	$	1,233
Less: Accumulated amortization	(251)		(190)
Finance lease-right-of-use assets, net	$	982	$	1,043


Total property, plant and equipment, net	$	118,967	$	86,449

(1)Construction in progress assets are placed in service and depreciated upon completion of construction, installation, certification, and when ready for their intended use.

The following table presents depreciation expense related to the Company’s property, plant and equipment and amortization expense related to the Company’s finance lease right‑of‑use assets for the periods indicated.


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Depreciation expense		$	629	$	27
Amortization expense		61		6

Total depreciation and amortization		$	690	$	33

Schedule of Goodwill

Goodwill

The following table presents the changes in the carrying amount of goodwill as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	134,848	$	—
Goodwill recognized in connection with the acquisition of Less Common Metals Ltd.	—		134,848
Balance, end of period	$	134,848	$	134,848

Schedule of Finite-Lived Intangible Assets

Other Intangible Assets

The following table presents the Company’s other intangible assets, by major class, as of the dates indicated.


		March 31, 2026						December 31, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
		(In thousands)
Trade name		$	7,245		$	(181)		$	7,064		$	7,245		$	(60)		$	7,185
Customer relationships		11,856			(222)			11,634			11,856			(74)			11,782
Supplier relationships		33,986			(1,275)			32,711			33,986			(425)			33,561
Know-how		16,203			(357)			15,846			16,203			(119)			16,084

Total other intangible assets		$	69,290		$	(2,035)		$	67,255		$	69,290		$	(678)		$	68,612

Schedule of Amortization Expense


	Three Months Ended March 31, 2026

		(In thousands)
Trade name		$	121
Customer relationships		148
Supplier relationships		850
Know-how		238
Total amortization of other intangible assets		$	1,357

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents estimated future amortization expense of finite‑lived intangible assets as of March 31, 2026.


Year Ending December 31,	Finite-lived Intangible Assets
	(In thousands)

2026 (remaining nine months)	$	4,071
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Total estimated amortization	$	67,255

Schedule of Accrued Liabilities

The following table presents accrued liabilities as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Payroll and related employee taxes	$	2,011	$	2,659

Construction in progress	8,049		6,302


Legal	6,581		1,668



Asset retirement obligation (1)	689		700


Other	4,030		2,744

Total accrued liabilities	$	21,360	$	14,073

Schedule of Asset Retirement Obligations

The following table presents the ARO activity for the periods indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Balance, beginning of period	$	700	$	—
Obligations arising from acquisition	—		605
Accretion	—		82




Foreign currency translation	(11)		13
Balance, end of period	$	689	$	700

Schedule of Contract With Customer, Contract Liability, Activity




	March 31, 2026		December 31, 2025

	(In thousands)
Balance, beginning of period	$	10,500	$	—
Contract liabilities related to acquisition	(26)		10,341
Revenue recognized	—		(21)
Cash received, excluding amounts recognized as revenue during the period	4		23

Translation adjustments	(101)		157

Balance, end of period	$	10,377	$	10,500

Schedule of Notes Payable

Notes Payable

The following table presents notes payable as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)

Barclays Trade Loan	$	—	$	1,849

Schedule of Interest Expense Related Notes Payable

The following table presents interest expense related to the Company’s notes payable for the periods indicated.


	Three Months Ended March 31,
		2026		2025
		(In thousands)
Hatch Note (1)		$	—	$	54
Barclays Trade Loan (2)		35		—


Total interest expense		$	35	$	54

(1)The Hatch Note was extinguished on March 13, 2025.

(2)The Barclays Trade Loan was repaid in full on February 13, 2026.

Other Financial Information - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 629	$ 27
Amortization expense	61	6
Total depreciation and amortization	$ 690	$ 33

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Variable Interest Entity - Schedule of Equity Method Investments (Details) - Round Top Mountain Development, LLC	Mar. 31, 2026	Dec. 31, 2025	May 17, 2021
Variable Interest Entity (Details) [Line Items]
Equity interest percentage	81.60%	81.30%	80.00%
Ownership Change	0.0030
TMRC
Variable Interest Entity (Details) [Line Items]
Equity interest percentage	18.40%	18.70%
Ownership Change	(0.0030)

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates in a single reportable operating segment encompassing its vertically integrated rare earth element magnet production and supply chain. The Company’s chief operating decision maker (“CODM”) is the Company’s chief executive officer. The CODM assesses performance and allocates resources primarily on the basis of consolidated net (loss) income and total assets, which are reported on the Company’s Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income and Condensed Consolidated Balance Sheets, respectively. The CODM does not regularly review discrete segment revenue or expense categories beyond the consolidated financial statements for purposes of evaluating performance or allocating resources. Accordingly, the Company has not presented additional quantitative disclosures of significant segment expenses, as such information is not regularly provided to the CODM. Because the Company operates in a single reportable segment and the measures used by the CODM are consistent with the consolidated financial statements, no reconciliation is required between segment measures and the consolidated amounts.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 21
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+ Details

Other Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related employee taxes	$ 2,011	$ 2,659
Construction in progress	8,049	6,302
Legal	6,581	1,668
Asset retirement obligation	689	700
Other	4,030	2,744
Accrued liabilities	$ 21,360	$ 14,073

Equity-Based Compensation - Unamortized Stock-Based Compensation Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Equity-Based Compensation (Details) [Line Items]
Unrecognized Compensation Costs	$ 30,052
Restricted stock units
Equity-Based Compensation (Details) [Line Items]
Unrecognized Compensation Costs	$ 29,687
Weighted-Average Service Period	1 year 3 months 10 days
Performance restricted stock units
Equity-Based Compensation (Details) [Line Items]
Unrecognized Compensation Costs	$ 365

Commitments and Contingencies - Schedule of Finance and Operating Lease Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finance Leases
Right-of-use assets acquired	$ 0	$ 1,233
Amortization expense	61	6
Interest expense	9	1
Cash paid	79	0
Operating Leases
Right-of-use asset acquired	209	163
Amortization of right of use assets	57	32
Lease expense	62	36
Cash paid	$ 60	$ 55

Mezzanine and Stockholders’ Equity - Narrative (Details) - USD ($) $ in Thousands, shares in Millions			3 Months Ended
	Jan. 28, 2026	Jan. 27, 2026	Mar. 31, 2026	Mar. 31, 2025
Mezzanine and Stockholders’ Equity [Line Items]
Proceeds from issuance of common stock under PIPE financing			$ 1,500,000	$ 0
$1.50 Billion Private Investment in Public Equity
Mezzanine and Stockholders’ Equity [Line Items]
Proceeds from issuance of common stock under PIPE financing	$ 1,450,000	$ 1,500,000
Conversion of 12% Series A Convertible Preferred Stock (in shares)	69.8
Sale of stock, consideration received on transaction	$ 1,500,000

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Dec. 17, 2025	Mar. 31, 2026	Mar. 31, 2025	Feb. 27, 2026
Loss Contingencies [Line Items]
Cash paid for operating lease		$ 60	$ 55
Total minimum operating lease payments		501
Litigation
Loss Contingencies [Line Items]
Loss contingency accrual		400
Equipment Purchase Order
Loss Contingencies [Line Items]
Open purchase order		$ 400
Wheat Ridge, CO \| March 2028
Loss Contingencies [Line Items]
Cash paid for operating lease	$ 224
Washington, D.C.
Loss Contingencies [Line Items]
Total minimum operating lease payments				$ 3,000

Net (Loss) Income per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net (Loss) Income per Share

The following table presents the computation of the numerator and denominator used in the calculation of net (loss) income per share attributable to holders of the Company’s common stock. For the three months ended March 31, 2026, all potentially dilutive securities were excluded from diluted earnings per share as the Company reported a net loss for the period.


	Three Months Ended March 31,
		2026		2025
		(In thousands, except for per share amounts)
Numerator
Net (loss) income attributable to USA Rare Earth, Inc.		$	(66,989)	$	51,832



Declared and deemed dividends, and interest accretion		(709)		(3,562)




Undistributed net (loss) income attributable to USA Rare Earth, Inc.		$	(67,698)	$	48,270


Denominator




Weighted-average shares outstanding - basic		196,479		64,463

Preferred shares		—		13,774
Incentive units outstanding prior to conversion		—		3,642
Warrants outstanding prior to conversion		—		1,200







Weighted-average shares outstanding - diluted		196,479		83,079


Net (loss) income per share attributable to USA Rare Earth, Inc.
Basic		$	(0.34)	$	0.75
Diluted		$	(0.34)	$	0.58

The following table presents categories of potential shares that are excluded from the diluted per share computation as their effect would be anti-dilutive.


	Three Months Ended March 31,
		2026	2025
		(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)		2,374	—
Series A warrants		2,437	—
Earnout shares (2)		10,100	10,100
Investor warrants (3)		—	23,780









Total		14,911	33,880

(1)Represents the amount of potential common shares, if converted at each reported date.

(2)Represents contingently issuable shares outstanding at each reported date.

(3)Investor warrants outstanding as of March 31, 2025 were fully exercised during 2025 and are therefore excluded from the March 31, 2026 table.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 07, 2026
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41711
Registrant Name	USA Rare Earth, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1720278
Entity Address, Address Line One	100 W. Airport Road
Entity Address, City or Town	Stillwater
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74075
City Area Code	(813)
Local Phone Number	867-6155
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	USAR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2026
Entity Central Index Key	0001970622
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding		223,035,366

Variable Interest Entity - Narrative (Details) $ in Thousands, shares in Millions	Mar. 04, 2026 USD ($) shares	Mar. 31, 2026 USD ($) mineralRightsLease	Dec. 31, 2025 USD ($)	May 17, 2021
Variable Interest Entity (Details) [Line Items]
Number of mineral rights leases acquired \| mineralRightsLease		2
VIE Mineral Interest
Variable Interest Entity (Details) [Line Items]
Mineral interests		$ 17,339	$ 17,339
Texas Mineral Resources Corporation
Variable Interest Entity (Details) [Line Items]
Percentage of outstanding shares acquired	100.00%
Total purchase price	$ 72,300
Shares issued (in shares) \| shares	3.8
Round Top Mountain Development, LLC
Variable Interest Entity (Details) [Line Items]
Equity interest percentage		81.60%	81.30%	80.00%
Ownership Change		0.0030

Government Grants	3 Months Ended
Government Grants	Mar. 31, 2026
Government Assistance [Abstract]
Government Grants	Government Grants Expected U.S. Government Transaction On January 26, 2026, the Company announced two non-binding letters of intent with U.S. government agencies representing a total of approximately $1.58 billion in potential funding and strategic support. The first non-binding letter of intent with the U.S. Department of Commerce (the “DOC Letter of Intent”) covers $277.0 million in direct funding awards under the CHIPS Act, and $1.30 billion in senior secured debt with each advance having a 15-year term and bearing a fixed or floating interest rate. The second non-binding letter of intent with the U.S. Department of Energy's National Energy Technology Laboratory (the “DOE Letter of Intent”), establishes a collaboration to advance HREE separation technologies at our Colorado Facility and Round Top Deposit, leveraging digital twin technology. Collectively, these two letters of intent and their contemplated transactions are referred to as the “Expected U.S. Government Transaction.” As conditions to the negotiation and execution of definitive documentation for the Expected U.S. Government Transaction, the Company must, among other things: (i) raise at least $500.0 million from non-federal sources, which was satisfied upon the closing of the $1.50B PIPE in January 2026; (ii) obtain two memoranda of understanding from semiconductor end or midstream users; (iii) obtain neodymium praseodymium oxide and MREC feedstock supply agreements with a term at least through 2027; (iv) exercise a surface purchase option with the Texas General Land Office; (v) implement certain third-party recommendations and third-party validation of nuclear material licensing requirements at the Company's research and development facility in Wheat Ridge, Colorado; and (vi) define a power infrastructure plan for the Company's magnet manufacturing facility in Stillwater, Oklahoma. In addition, the U.S. Government's $277.0 million in direct funding awards includes a condition requiring the Company to issue to the U.S. government $277.0 million of common stock (approximately 16.1 million shares at $17.17 per share), and the $1.30 billion senior secured loan would require the issuance of warrants to the U.S. government representing an additional 10% of the Company's fully diluted shares outstanding (approximately 17.5 million shares with an exercise price of $17.17 per share and a 10-year exercise period). In addition, to meet certain milestones to obtain funding awards and debt financing to reimburse the Company for its capital expenditures under the Expected U.S. Government Transaction, the Company would be required to raise a significant amount of capital during 2026 and 2027 and establish a $250.0 million revolving credit facility by December 31, 2026.

Variable Interest Entity - Schedule of Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,749,644	$ 359,925
Prepaid expenses and other current assets	6,621	3,151
Operating lease right-of-use assets	473	321
Property, plant and equipment, net	117,985	85,406
Equipment deposits	5,364	1,879
Total assets	2,134,839	694,999
Finance leases, current	286	283
Finance leases, non-current	805	875
Total liabilities	246,266	191,808
VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	77	38
Prepaid expenses and other current assets	104	106
Operating lease right-of-use assets	473	321
Mineral interests	17,339	17,339
Property, plant and equipment, net	483	201
Equipment deposits	63	0
Other non-current assets	27	27
Total assets	18,566	18,032
Accounts payable	878	61
Accrued liabilities	1,615	469
Finance leases, current	232	137
Finance leases, non-current	244	185
Total liabilities	$ 2,969	$ 852

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis


		March 31, 2026								December 31, 2025
	Pricing Category	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
		(In thousands)

Money market funds	Level 1	$	1,741,462	$	—	$	—	$	1,741,462	$	353,841	$	—	$	—	$	353,841





	March 31, 2026			December 31, 2025
	(In thousands)














Earnout liability		$	145,080	$	108,671
Warrant liability		26,491		19,534






Total earnout and warrant liabilities		$	171,571	$	128,205

Schedule of Fair Value of Measurement Inputs

The following table summarizes the significant inputs used to value the earnout liability as of the dates indicated.


	March 31, 2026	December 31, 2025
Share price	$15.14	$11.90
Expected volatility	68.3%	70.1%
Risk-free interest rate	3.85%	3.70%
Remaining term (in years)	5.0	5.2

The following table summarizes the significant inputs used to value the Series A Warrant liability as of the dates indicated.


	March 31, 2026	December 31, 2025
Share price	$15.14	$11.90
Exercise price	$7.00	$7.00
Expected volatility	68.3%	67.3%
Risk-free rate	3.8%	3.6%
Dividend yield	—%	—%
Put term (in years)	4.0	4.2

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the reconciliation of the earnout liability measured at fair value on a recurring basis for the dates indicated.



	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	108,671	$	—
Establishment of liability at March 13, 2025	—		99,639
Change in estimated fair value (1)	36,409		9,032




Balance, end of period	$	145,080	$	108,671

The following table presents the reconciliation of the Series A Warrant liability measured at fair value on a recurring basis for the dates indicated.



	March 31, 2026		December 31, 2025
	(In thousands)
Balance, beginning of period	$	19,534	$	—
Establishment of liability at March 13, 2025	—		40,652
Change in estimated fair value (1)	7,144		37,549
Warrant exercises	(187)		(58,667)


Balance, end of period	$	26,491	$	19,534

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Other Financial Information - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,357	$ 0
Trade name
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	121
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	148
Supplier relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	850
Know-how
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 238

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Other Financial Information - Schedule of Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Asset Retirement Obligation Activities [Roll Forward]
Balance, beginning of period	$ 700	$ 0
Obligations arising from acquisition	0	605
Accretion	0	82
Foreign currency translation	(11)	13
Balance, end of period	$ 689	$ 700

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events Earnout Share Conversion In connection with the business combination between the Company and USA Rare Earth, LLC, the Company agreed to issue common stock of the Company (the “earnout shares”) to certain shareholders of USA Rare Earth, LLC in two tranches upon the occurrence of certain triggering events. On April 15, 2026, the Company achieved the market-price condition for the first tranche of earnout shares, as the Company's common stock exceeded $15.00 per share for at least 20 out of 30 consecutive trading days. As a result, 5.0 million earnout shares were converted into shares of the Company’s common stock. The earnout shares were classified as liabilities and remeasured at fair value on a recurring basis prior to conversion. Upon conversion, the related earnout liability was reclassified to common stock and additional paid‑in capital. The remaining earnout shares associated with the second tranche continue to be classified as a liability and will remain subject to remeasurement until the applicable market‑price condition is achieved or the earnout period expires. The second tranche of 5.0 million earnout shares will become payable when the Company’s common stock price exceeds $20.00 per share for at least 20 out of 30 trading days. Carester SAS Investment On April 9, 2026, the Company entered into a binding letter of intent (the “Carester LOI”) to acquire a 12.5% equity interest in Carester SAS (“Carester”), the parent company of Caremag SAS, for cash and equity consideration amounting to €40.0 million, or approximately $46.4 million. The proposed consideration consists of €28.3 million in cash, or approximately $32.9 million, and €11.7 million in equity consideration, or approximately $13.5 million, payable in shares of the Company’s common stock, in each case subject to customary adjustments, including the potential substitution of cash in lieu of the Company’s common stock. The number of shares of the Company’s common stock to be issued will be determined based on the market price of the Company’s common stock on the closing date of the transaction. As a result, the actual U.S. dollar value of the cash and equity consideration, when translated from euros to U.S. dollars, may differ from the estimated amounts described above. SVRE Holdings Ltd. Acquisition On April 19, 2026, the Company entered into a definitive agreement to acquire 100% of SVRE Holdings Ltd., the parent company of Serra Verde Group (“Serra Verde”), for $300.0 million in cash and 126.8 million shares of the Company’s common stock (approximately $2.53 billion) for total consideration of approximately $2.83 billion. This acquisition is subject to customary conditions. Serra Verde operates a rare earths project in Brazil that is currently in commercial production. Texas Semiconductor Innovation Fund Grant On May 11, 2026, the Company entered into a Grant Agreement with the Office of the Governor of the State of Texas (the “OOG”) pursuant to the Texas Semiconductor Innovation Fund (“TSIF”), Grant No. TSIF 26-016P. Under the Grant Agreement, the OOG has agreed to reimburse the Company for certain allowable costs directly allocable to the Round Top Project, up to a maximum amount of $14.2 million. The grant is disbursed on a cost reimbursement basis and is subject to the Company's strict compliance with the terms and conditions of the Grant Agreement, including applicable reporting, audit, and performance requirements. The Grant Agreement terminates upon the completion of the grant project, on December 31, 2028, or upon the depletion of grant funds, whichever occurs first.

Concentrations (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas



	Three Months Ended March 31, 2026

		(In thousands)
United States		$	960
International		4,738

Total revenue		$	5,698

Schedules of Concentration of Risk, by Risk Factor

The following table presents the customers that account for 10% or more of the Company’s revenue. Concentration of revenue between a limited number of customers shifts regularly, depending on when revenue is recognized. The percentages by customer reflect specific relationships or contracts that would concentrate revenue for the period presented and do not indicate a trend specific to any one customer. No revenue was reported in the three months ended March 31, 2025.



	Three Months Ended March 31, 2026


Customer 1		49	%
Customer 2		16	%
Customer 3		16	%
Customer 4		13	%

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Potential Future Environmental Contingency

The Company's planned exploration and development activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally have become more restrictive. The Company conducts its operations to protect public health and the environment and believes its current operations are materially in compliance with all applicable laws and regulations. As the Company's mining activities have not yet commenced, the Company has made, and expects to make, expenditures to comply with applicable environmental laws and regulations. The ultimate amount of reclamation and site-restoration costs to be incurred for future mining operations is unknown and uncertain as of March 31, 2026.

Litigation

From time to time, the Company may become subject to legal proceedings, claims or litigation arising in the ordinary course of business. In addition, the Company may receive notices alleging infringement of patents or other intellectual property rights. The outcomes of any legal proceedings, claims, notices or litigation are subject to uncertainty, and any claims against the Company, whether meritorious or not, can be time-consuming, result in costly litigation, require significant management time, create negative perceptions with communities, stakeholders, and government agencies and result in the diversion of significant operational resources. If an unfavorable outcome was to occur in any proceeding, claim or litigation, the Company could be adversely affected in the period in which they are resolved and the impact could be material to the Company’s business, financial condition, cash flow or results of operations, depending on the specific circumstances of the outcome. The Company accrues loss contingencies when it is both probable that the Company will incur the loss and when it can reasonably estimate the amount of the loss or range of loss.

Kelley Complaint

On October 16, 2025, Jill Kelley filed an action in New York Supreme Court against USA Rare Earth, LLC (Case No. 659163/2025 (N.Y. Sup.)) alleging a breach of a 2019 Consulting Agreement resulting from a purported partial payment of the obligations thereunder. Kelley also asserts claims for breach of a duty of good faith and fair dealing and unjust enrichment based on the same conduct underlying the alleged breach of the Consulting Agreement.

During the first quarter of 2026, the Company proposed to settle the matter. The Company determined that the proposed settlement consideration, consisting of cash, cash payments in lieu of equity awards, and interest, was both probable and reasonably estimable and, accordingly, recorded an estimated loss contingency of approximately $0.4 million in the accompanying Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income. Subsequent to March 31, 2026 and through the date of this Report, the settlement agreement has not been finalized. Any settlement, if consummated, will not constitute an admission of liability by the Company.

Leases

Balance Sheet Components and Lease Activity

The following table presents the Company's finance and operating lease right‑of‑use assets and lease liabilities as reflected in the accompanying Condensed Consolidated Balance Sheets as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
Assets
Finance leases, included in property, plant and equipment, net	$	982	$	1,043
Operating lease right-of-use assets	473		321






Total	$	1,455	$	1,364


Liabilities
Finance leases, current	$	286	$	283
Finance leases, non-current	519		592
Total finance lease liabilities	805		875


Operating leases, current	232		137
Operating leases, non-current	244		185
Total operating lease liabilities	476		322


Total lease liabilities	$	1,281	$	1,197

The following table presents the Company's finance and operating lease activity for the periods indicated.



	Three Months Ended March 31,
		2026		2025
		(In thousands)
Finance Leases
Right-of-use assets acquired		$	—	$	1,233
Amortization expense		61		6
Interest expense		9		1
Cash paid (1)		79		—

Operating Leases
Right-of-use asset acquired		$	209	$	163
Amortization of ROU Assets		57		32
Lease expense		62		36
Cash paid (1)		60		55

(1)Cash paid for amounts included in the measurement of lease liabilities.

On December 17, 2025, the Company entered into a lease for office and warehouse space in Wheat Ridge, Colorado, to support the Company’s research and development activities. The lease commenced on January 1, 2026 and expires on March 31, 2028. Total minimum lease payments over the lease term are $224 thousand, excluding variable costs such as taxes and common area maintenance. Under Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), a right‑of‑use asset and lease liability have been recognized as of January 1, 2026.

On February 27, 2026, the Company entered into a non-cancelable operating lease for office space in Washington, D.C. to support general and administrative functions. The Company obtained control of the premises on April 1, 2026 for the purpose of performing leasehold improvements, which represents the lease commencement date under ASC 842. While the lease commenced on April 1, 2026, fixed rent payments commence on July 1, 2026, and the lease expires on August 31, 2032. Total minimum lease payments over the lease term are $3.0 million, excluding variable costs such as taxes and common area maintenance. A right‑of‑use asset and lease liability were recognized as of April 1, 2026.

Remaining Lease Terms and Discount Rates

The following table presents the weighted‑average remaining lease terms (in years) and weighted‑average discount rates used in the measurement of right‑of‑use assets as of the dates indicated.





	March 31, 2026	December 31, 2025

Finance Leases
Remaining lease term (years)	2.75	3.00
Discount rate	4.40%	4.40%

Operating Leases
Remaining lease term (years)	2.00	2.25
Discount rate	4.80%	4.30%

Maturities of Lease Liabilities

The following table presents future minimum lease payments under non‑cancelable finance and operating leases on an undiscounted cash flow basis as of March 31, 2026.


Year Ending December 31,	Finance Leases		Operating Leases
	(In thousands)
2026 (remaining nine months)	$	236	$	184
2027	316		253
2028	247		64
2029	56		—


Total lease payments	855		501

Less: Imputed interest	(50)		(25)
Present value of lease liabilities	$	805	$	476

Purchase Commitments

The Company enters into non-cancelable purchase orders in the ordinary course of business for inventory and capital equipment. Commitments for inventory are generally short-term in nature. Capital equipment commitments are generally fulfilled within one year, with certain long lead time items extending beyond one year. As of March 31, 2026, the Company had open equipment purchase orders of $0.4 million which will be fulfilled later than one year from the reporting date.

Concentrations - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 5,698	$ 0
United States
Disaggregation of Revenue [Line Items]
Revenue	960
International
Disaggregation of Revenue [Line Items]
Revenue	$ 4,738

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Finance leases, included in property, plant and equipment, net	$ 982	$ 1,043
Operating lease right-of-use assets	473	321
Total	1,455	1,364
Liabilities
Finance leases, current	286	283
Finance leases, non-current	519	592
Total finance lease liabilities	805	875
Operating leases, current	232	137
Operating leases, non-current	244	185
Total operating lease liabilities	476	322
Total lease liabilities	$ 1,281	$ 1,197

Government Grants (Details) - US Dept of Commerce - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Jan. 26, 2026	Dec. 31, 2026
Government Assistance [Line Items]
Maximum award	$ 1,580.0
Senior Secured Notes
Government Assistance [Line Items]
Proceeds from government grants	$ 1,300.0
Debt instrument, term	15 years
Senior Secured Notes \| Warrants Issued
Government Assistance [Line Items]
Percentage of shares outstanding, warrants issued	10.00%
Warrants to be issued (in shares)	17.5
Exercise Price (in dollars per share)	$ 17.17
Term	10 years
Direct Funding Award
Government Assistance [Line Items]
Maximum award	$ 277.0
Common stock value to be issued	$ 277.0
Direct Funding Award \| Common Stock
Government Assistance [Line Items]
Common stock to be issued (in shares)	16.1
Share price (in dollars per share)	$ 17.17
Definitive Agreement (KPI)
Government Assistance [Line Items]
Amount needed to raise	$ 500.0
Definitive Agreement (KPI) \| Forecast
Government Assistance [Line Items]
Revolving credit facility		$ 250.0

Commitments and Contingencies - Schedule of Remaining Lease Terms And Discount Rates (Details)	Mar. 31, 2026	Dec. 31, 2025
Finance Leases
Remaining lease term (years)	2 years 9 months	3 years
Discount rate	4.40%	4.40%
Operating Leases
Remaining lease term (years)	2 years	2 years 3 months
Discount rate	4.80%	4.30%

Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finance Leases
2026 (remaining nine months)	$ 236
2027	316
2028	247
2029	56
Total lease payments	855
Less: Imputed interest	(50)
Present value of lease liabilities	805	$ 875
Operating Leases
2026 (remaining nine months)	184
2027	253
2028	64
2029	0
Total lease payments	501
Less: Imputed interest	(25)
Present value of lease liabilities	$ 476

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,749,644	$ 359,925
Accounts receivable	5,691	3,764
Inventories	28,430	18,535
Prepaid expenses and other current assets	6,621	3,151
Total current assets	1,790,386	385,375
Property, plant and equipment, net	118,967	86,449
Mineral interests	17,339	17,339
Goodwill	134,848	134,848
Other intangible assets, net	67,255	68,612
Equipment deposits	5,364	1,879
Operating lease right-of-use assets	473	321
Other non-current assets	207	176
Total assets	2,134,839	694,999
Current liabilities
Accounts payable	17,084	11,069
Accrued liabilities	21,360	14,073
Contract liabilities	10,377	10,500
Note payable	0	1,849
Finance leases, current	286	283
Operating leases, current	232	137
Total current liabilities	49,339	37,911
Deferred grant income	8,414	8,200
Finance leases, non-current	519	592
Operating leases, non-current	244	185
Earnout liability	145,080	108,671
Warrant liability	26,491	19,534
Deferred tax liability	16,179	16,715
Total liabilities	246,266	191,808
Commitments and contingencies (Note 5)
Mezzanine equity
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption	9,614	8,905
Total mezzanine equity	9,614	8,905
Stockholders' equity
Common stock	22	15
Accumulated other comprehensive (loss) income	(200)	130
Additional paid-in capital	2,332,912	879,848
Accumulated deficit	(454,349)	(387,360)
Non-controlling interest	574	1,653
Total stockholders' equity	1,878,959	494,286
Total liabilities, mezzanine equity, and stockholders' equity	$ 2,134,839	$ 694,999

Equity-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 4,939	$ 1,282
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	4,875	0
Performance restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	64	0
Incentive Units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	0	441
Class A units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 0	$ 841

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 5,698	$ 0
Cost of revenue	5,592	0
Gross profit	106	0
Operating expenses:
Selling, general and administrative	21,175	7,029
Research and development	14,249	1,689
Amortization of intangible assets	1,357	0
Total operating expenses	36,781	8,718
Loss from operations	(36,675)	(8,718)
Other (expense) income, net:
Interest and dividend income	11,970	187
Grant income	206	0
(Loss) gain on fair market value of financial instruments, net	(43,553)	60,300
Interest expense and other loss, net	(593)	(87)
Total other (expense) income, net	(31,970)	60,400
(Loss) income before income taxes	(68,645)	51,682
Benefit from income taxes	(577)	0
Net (loss) income	(68,068)	51,682
Net loss attributable to non-controlling interest	(1,079)	(150)
Net (loss) income attributable to USA Rare Earth, Inc.	(66,989)	51,832
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	(330)	0
Comprehensive (loss) income attributable to USA Rare Earth, Inc.	$ (67,319)	$ 51,832
Net (loss) income per share attributable to USA Rare Earth, Inc.:
Basic (in Dollars per share)	$ (0.34)	$ 0.75
Diluted (in Dollars per share)	$ (0.34)	$ 0.58
Number of shares used in per share calculations:
Basic (in shares)	196,479	64,463
Diluted (in shares)	196,479	83,079

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended March 31,
		2026			2025
		(In thousands, except percentages)
(Loss) income before income taxes		$	(68,645)		$	51,682
Benefit from income taxes		(577)			—
Effective tax rate		0.8		%	—		%

The Company is subject to taxation in the United States, United Kingdom, France, and various state jurisdictions. The Company’s effective tax rate of 0.8% is calculated quarterly based upon current assumptions relating to the full year’s estimated operating results and various tax-related items. Each quarter, the estimated annual effective tax rate is updated if the Company revises its forecast of earnings based upon its operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is recorded.

The difference between the effective tax rate of 0.8% and the U.S. federal statutory rate of 21.0% for the three months ended March 31, 2026 was due to changes in the valuation allowance, which entirely offsets the Company's net deferred tax assets in the United States, and the amortization of the identifiable intangible assets accounted for in purchase accounting. As of March 31, 2026, the Company determined that, based on an evaluation of all available positive and negative evidence, including cumulative losses and the Company's latest forecasts, it was more likely than not that the Company's deferred tax assets in the United States would not be realized and, therefore, the Company continued to record a valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Mezzanine and Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Mezzanine and Stockholders’ Equity

Mezzanine and Stockholders' Equity

The following table presents the number of shares of Common Stock and Preferred Stock authorized and outstanding as of the dates indicated.


			Shares Outstanding
Class of Stock	Authorized	Par Value	March 31, 2026	December 31, 2025
	(In thousands, except par value)
Common stock	750,000	$0.0001	217,976	148,055
Preferred stock
12% Series A Cumulative Convertible Preferred Stock (1)	15,000	$0.0001	1,224	1,224
Undesignated preferred stock	35,000	$0.0001	—	—
Total preferred stock	50,000	$0.0001	1,224	1,224


Total authorized	800,000

(1)The liquidation value was $9.6 million and $8.9 million on March 31, 2026 and December 31, 2025, respectively.

$1.50 Billion Private Investment In Public Equity (“PIPE”)

On January 27, 2026, the Company closed a $1.50 billion private placement in the form of a PIPE (the “$1.50B PIPE”) with multiple investors. The Company issued 69.8 million shares of common stock on January 28, 2026 for gross proceeds of $1.50 billion and received net proceeds of $1.45 billion after deducting financing costs. The net proceeds are included in Cash and cash equivalents, and the 69.8 million shares issued are reflected in Common stock and Additional paid-in capital on the accompanying Condensed Consolidated Balance Sheet.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Organization (Policies)	3 Months Ended
Organization (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The December 31, 2025 Condensed Consolidated Balance Sheet was derived from audited financial statements and does not include all disclosures, including notes, required by GAAP; however, the Company believes the disclosures included are adequate to make the information presented not misleading. The March 31, 2026 unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto in the 2025 Annual Report. The unaudited Condensed Consolidated Financial Statements include all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of the Company’s financial condition, results of operations and cash flows for the periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. References to a year refer to the Company’s fiscal years ended on December 31 of the specified year.
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, as well as variable interest entities (“VIEs”) for which the Company is the primary beneficiary. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the financial statement date and the reported amounts of expenses during the reporting period. Significant estimates include goodwill and other intangible assets arising from business combinations, asset and liability valuations, including earnout and warrant liabilities, deferred taxes and related valuation allowances, and other fair value measurements. These estimates involve inherent uncertainties and the exercise of judgment; therefore, actual results could differ materially from those estimates if assumptions or underlying circumstances change.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement – Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. This ASU requires additional disclosures that disaggregate income statement expense line items, including (i) the amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses; (ii) a qualitative description of costs and expenses not disaggregated quantitatively; and (iii) the definition and total amount of selling expenses. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU should be applied prospectively; however, retrospective application is permitted for all prior periods presented. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This ASU applies to business entities that receive government grants and addresses the accounting for cash and non-monetary grants, including forgivable loans, while excluding tax abatements, income tax credits, and exchange transactions. The ASU requires recognition of government grants when there is reasonable assurance that the entity will comply with the conditions attached to the grants and the grants will be received. The amendments permit income‑related grants to be presented as either other income or a reduction of related expenses, and asset‑related grants to be recorded as deferred income or as a reduction of the asset’s cost basis. This ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years, with early adoption permitted. The ASU may be applied using a modified prospective, modified retrospective, or full retrospective approach. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which improves and clarifies interim reporting requirements under U.S. GAAP. The ASU compiles required interim disclosures, including disclosure of material changes since the last annual reporting period, to improve consistency and navigability. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The ASU should be applied prospectively, although retrospective application is permitted for all prior periods presented. The Company is currently evaluating the impact of adopting this ASU on its financial reporting disclosures.
Fair Value Measurements	U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price), and establishes a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): •Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. •Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. •Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
Inventories	Inventories consist of materials, labor, and manufacturing overhead and are stated at the lower of weighted‑average cost or net realizable value.
Property, Plant and Equipment, Net	Depreciation and amortization of property, plant and equipment is calculated using the straight‑line method over the estimated useful lives of the related assets.
Goodwill	Goodwill is not amortized and is tested for impairment annually and when events or changes in circumstances indicate that it is more likely than not that an impairment may exist. The Company’s annual goodwill impairment test is performed as of October 1. The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the qualitative assessment indicates potential impairment, or if the Company elects not to perform a qualitative assessment, a quantitative impairment test is performed. In the quantitative test, the carrying value of the reporting unit is compared to its estimated fair value. If the carrying value exceeds fair value, an impairment charge is recognized for the excess, limited to the carrying amount of goodwill.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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Income Taxes - Narrative (Details)	3 Months Ended
Income Taxes - Narrative (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	0.80%	0.00%
U.S. Federal statutory amount and rate	21.00%	21.00%

Other Financial Information - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 120,146	$ 87,046
Less: Accumulated depreciation	(2,161)	(1,640)
Property, plant and equipment, net	117,985	85,406
Finance lease right-of-use assets	1,233	1,233
Less: Accumulated amortization	(251)	(190)
Finance lease-right-of-use assets, net	982	1,043
Total property, plant and equipment, net	118,967	86,449
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	707	707
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	403	403
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,030	7,038
Building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,566	2,566
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	16,989	12,404
Lab equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,999	3,724
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,199	795
Furniture & fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	52	46
Computer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	13	13
Construction in progress
Property, Plant and Equipment [Line Items]
Construction in progress - Buildings	57,944	30,267
Construction in progress - Magnet plant equipment and other	$ 29,244	$ 29,083

Fair Value Measurements - Schedule of Fair Value of Measurement Inputs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 yr	Dec. 31, 2025 yr
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term	5 years	5 years 2 months 12 days
Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	4 years	4 years 2 months 12 days
Share price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	15.14	11.90
Share price \| Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	15.14	11.90
Exercise price \| Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	7.00	7.00
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	0.683	0.701
Expected volatility \| Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.683	0.673
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	0.0385	0.0370
Risk-free rate \| Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.038	0.036
Dividend yield \| Level 3 \| Warrant liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
(Loss) income before income taxes	$ (68,645)	$ 51,682
Benefit from income taxes	$ (577)	$ 0
Effective tax rate	0.80%	0.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Variable Interest Entity

3 Months Ended

Mar. 31, 2026

Variable Interest Entity, Measure of Activity [Abstract]

Variable Interest Entity

Round Top Mountain Development

Round Top Mountain Development, LLC (“RTMD”) is a variable interest entity (“VIE”), has mining rights at Round Top Mountain in the State of Texas, and is developing processing technology to process the rare earth minerals to be mined at Round Top Mountain.

On May 17, 2021, the Company completed the acquisition of 80% of the equity interests of RTMD, pursuant to a contribution agreement among the Company, Texas Mineral Resources Corp. (“TMRC”), and RTMD, whereby TMRC and the Company contributed their respective rights and interests in Round Top Mountain to RTMD in exchange for equity ownership. Concurrently, the Company, TMRC, and RTMD entered into a limited liability company agreement of RTMD which documented the governance of RTMD. This acquisition resulted in the consolidation of RTMD and the recognition of a noncontrolling interest representing TMRC’s equity interest.

Under the amended and restated limited liability company agreement of RTMD, in the event that TMRC does not fund its share of mandatory capital contributions called for by the Company as the manager of RTMD, the Company is obligated to cover the shortfall by making additional capital contributions to RTMD (or in the event that the Company does not fund, the capital call will be withdrawn). If the Company does fund the capital contribution, additional equity interests in RTMD will be issued to the Company and TMRC will be proportionally diluted in accordance with the terms of the amended and restated limited liability company agreement. TMRC’s failure to fund its share of mandatory capital contributions called under the agreement during the three months ended March 31, 2026 has caused the Company’s ownership interest in RTMD to be increased by 30 basis points.

The following table presents the ownership percentages of the Company and TMRC and the changes in ownership percentages as of the dates indicated.





	March 31, 2026	December 31, 2025	Ownership Change
			(Basis points)
USA Rare Earth, Inc.	81.6%	81.3%	30
Texas Mineral Resources Corp.	18.4%	18.7%	(30)

Texas Mineral Resources Corp. Acquisition

On March 4, 2026, the Company entered into a definitive Agreement and Plan of Merger with TMRC, pursuant to which the Company is expected to acquire 100% of the outstanding shares of TMRC in an all‑stock transaction. The acquisition will eliminate TMRC’s minority ownership interests in RTMD and establish the Company as the sole operator and 100% economic beneficiary of the “Round Top Project,” which consists of our operations and rights related to Round Top Mountain and the Round Top Mountain heavy rare earth element (“HREE”) metals deposit (the “Round Top Deposit”). The transaction is intended to secure full ownership control of the project, and streamline operations, governance and decision-making.

The transaction is valued at approximately $72.3 million based on the closing price of the Company’s common stock on March 4, 2026. The aggregate merger consideration consists of approximately 3.8 million shares of the Company’s common stock, with cash paid in lieu of fractional shares. The ultimate value of the consideration will depend on the Company’s stock price at closing.

The following table presents the assets and liabilities of RTMD that are included in the Company’s Condensed Consolidated Balance Sheets as of the dates indicated.





	March 31, 2026		December 31, 2025
	(In thousands)
ASSETS
Cash and cash equivalents	$	77	$	38
Prepaid expenses and other current assets	104		106
Operating lease right-of-use assets	473		321
Mineral interests	17,339		17,339
Property, plant and equipment, net	483		201
Equipment deposits	63		—
Other non-current assets	27		27
Total assets	$	18,566	$	18,032


LIABILITIES
Accounts payable	$	878	$	61
Accrued liabilities	1,615		469
Finance leases, current	232		137

Finance leases, non-current	244		185

Total liabilities	$	2,969	$	852

RTMD did not record depletion expense for the mineral interests for the three months ended March 31, 2026 and 2025.

RTMD’s creditors have no recourse against the Company for the RTMD consolidated liabilities included within the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not the obligations of the Company.

Mineral Rights

The Company acquired two mineral rights leases and an associated groundwater lease in Hudspeth County, Texas as part of the acquisition of RTMD. Mineral property acquisition costs, including acquired intangibles, licenses, and lease payments, are capitalized at cost. The net carrying value of mineral rights was $17.3 million at March 31, 2026 and December 31, 2025.

Impairment losses are recorded on mineral rights when indicators of impairment are present and the carrying amount exceeds the associated estimated future undiscounted cash flows. As of March 31, 2026 and December 31, 2025, the Company determined that no impairment indicators were present with respect to its mineral rights.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income	$ (68,068)	$ 51,682
Adjustments to reconcile net (loss) income to cash used in operating activities
Equity-based compensation expense	4,939	1,282
Depreciation	629	27
Amortization of other intangible assets	1,357	0
Amortization of right of use assets	118	38
Loss (gain) on fair market value of financial instruments	43,553	(60,300)
Other non-cash adjustments	56	84
Changes in operating assets and liabilities:
Accounts receivable	(1,927)	0
Inventories	(4,720)	0
Prepaid and other assets	(2,984)	(1,350)
Accounts payable	5,273	(1,609)
Accrued and other liabilities	3,818	(152)
Deferred tax liability	(536)	0
Contract liabilities	(123)	0
Lease liability	(55)	(31)
Deferred grant income	214	0
Net cash used in operating activities	(18,456)	(10,329)
Cash flows from investing activities:
Capital expenditures and equipment deposits	(38,641)	(3,050)
Net cash used in investing activities	(38,641)	(3,050)
Cash flows from financing activities:
IPXX contribution of capital through merger	0	22,867
Prepayment of Forward Purchase Agreements	0	(20,789)
Proceeds from termination of Forward Purchase Agreements	0	3,322
Payment of securities issuance costs	(51,003)	(8,281)
Proceeds from issuance of common stock under PIPE financing	1,500,000	0
Proceeds from exercise of warrants	68	0
Repayment of revolving credit facility	(1,849)	0
Financed leases	(70)	0
Net cash provided by financing activities	1,447,146	19,969
Effect of exchange rate differences on cash and cash equivalents	(330)	0
Net change in cash and cash equivalents	1,389,719	6,590
Cash and cash equivalents, beginning of year	359,925	16,761
Cash and cash equivalents, end of period	1,749,644	23,351
Supplemental disclosure of cash flow information:
Cash paid for interest	35	0
Purchases of property and equipment in accounts payable and other accrued liabilities	7,965	0
Finance right of use assets obtained in exchange for finance lease liabilities	0	1,233
Non-cash lease liabilities arising from obtaining right of use assets	209	427
Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of USARE LLC Preferred units	0	23,250
Payment of issuance cost for USARE LLC Preferred units	0	(400)
Convertible Preferred Stock
Supplemental disclosure of cash flow information:
USARE LLC Convertible Preferred unit dividends	$ 0	$ 3,042

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Parenthetical)	Mar. 31, 2026	Dec. 31, 2025
Series A Cumulative Convertible Preferred Stock Subject To Possible Redemption
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%

Condensed Consolidated Balance Sheets (Parentheticals)	Mar. 31, 2026	Dec. 31, 2025
Common stock, shares issued, not disclosed	true	true
Series A Cumulative Convertible Preferred Stock Subject To Possible Redemption
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense

The following table presents stock‑based compensation expense for the periods indicated.



		Three Months Ended March 31,
	Incentive Plan		2026		2025
			(In thousands)
Restricted stock units (1)	2024 Incentive Plan		$	4,875	$	—
Performance restricted stock units	2024 Incentive Plan		64		—
Incentive units	Legacy Incentive Plan		—		441
Class A units (1)	Legacy Incentive Plan		—		841





Total			$	4,939	$	1,282

Schedule Of Unamortized Compensation Cost And Weighted Average Service Period

The following table presents unrecognized stock‑based compensation costs and weighted‑average service periods as of March 31, 2026.


	Unrecognized Compensation Costs		Weighted-Average Service Period
	(In thousands)		(In years)

Restricted stock units	$	29,687	1.28
Performance restricted stock units	365		(1)

Total unrecognized compensation costs	$	30,052

(1)Performance restricted stock units vest upon achievement of specified performance conditions and have no deterministic service period.

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Supplemental Balance Sheet Information





	March 31, 2026		December 31, 2025
	(In thousands)
Assets
Finance leases, included in property, plant and equipment, net	$	982	$	1,043
Operating lease right-of-use assets	473		321






Total	$	1,455	$	1,364


Liabilities
Finance leases, current	$	286	$	283
Finance leases, non-current	519		592
Total finance lease liabilities	805		875


Operating leases, current	232		137
Operating leases, non-current	244		185
Total operating lease liabilities	476		322


Total lease liabilities	$	1,281	$	1,197

Schedule of Finance and Operating Lease Activity

The following table presents the Company's finance and operating lease activity for the periods indicated.



	Three Months Ended March 31,
		2026		2025
		(In thousands)
Finance Leases
Right-of-use assets acquired		$	—	$	1,233
Amortization expense		61		6
Interest expense		9		1
Cash paid (1)		79		—

Operating Leases
Right-of-use asset acquired		$	209	$	163
Amortization of ROU Assets		57		32
Lease expense		62		36
Cash paid (1)		60		55

(1)Cash paid for amounts included in the measurement of lease liabilities.





	March 31, 2026	December 31, 2025

Finance Leases
Remaining lease term (years)	2.75	3.00
Discount rate	4.40%	4.40%

Operating Leases
Remaining lease term (years)	2.00	2.25
Discount rate	4.80%	4.30%

Schedule of Future Minimum Finance Lease Payments

The following table presents future minimum lease payments under non‑cancelable finance and operating leases on an undiscounted cash flow basis as of March 31, 2026.


Year Ending December 31,	Finance Leases		Operating Leases
	(In thousands)
2026 (remaining nine months)	$	236	$	184
2027	316		253
2028	247		64
2029	56		—


Total lease payments	855		501

Less: Imputed interest	(50)		(25)
Present value of lease liabilities	$	805	$	476

Schedule of Future Minimum Operating Lease Payments

The following table presents future minimum lease payments under non‑cancelable finance and operating leases on an undiscounted cash flow basis as of March 31, 2026.


Year Ending December 31,	Finance Leases		Operating Leases
	(In thousands)
2026 (remaining nine months)	$	236	$	184
2027	316		253
2028	247		64
2029	56		—


Total lease payments	855		501

Less: Imputed interest	(50)		(25)
Present value of lease liabilities	$	805	$	476

Concentrations

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Concentrations

Disaggregation of Revenue

All of the Company’s revenue is derived from sales of casting and strip casting material based on the customers’ “shipped to” address. The following table presents domestic and international revenue. No revenue was reported in the three months ended March 31, 2025.



	Three Months Ended March 31, 2026

		(In thousands)
United States		$	960
International		4,738

Total revenue		$	5,698

Major Customers



	Three Months Ended March 31, 2026


Customer 1		49	%
Customer 2		16	%
Customer 3		16	%
Customer 4		13	%

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details

Mezzanine and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Total Number of Shares Outstanding and Authority to Issue

The following table presents the number of shares of Common Stock and Preferred Stock authorized and outstanding as of the dates indicated.


			Shares Outstanding
Class of Stock	Authorized	Par Value	March 31, 2026	December 31, 2025
	(In thousands, except par value)
Common stock	750,000	$0.0001	217,976	148,055
Preferred stock
12% Series A Cumulative Convertible Preferred Stock (1)	15,000	$0.0001	1,224	1,224
Undesignated preferred stock	35,000	$0.0001	—	—
Total preferred stock	50,000	$0.0001	1,224	1,224


Total authorized	800,000

(1)The liquidation value was $9.6 million and $8.9 million on March 31, 2026 and December 31, 2025, respectively.

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Subscription Receivable	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Subscription Receivable	Accumulated Deficit	Non-Controlling Interest
Balances, beginning of period (in shares) at Dec. 31, 2024		2,739
Balances, beginning of period at Dec. 31, 2024	$ 19,923	$ 21,173	$ (1,250)
Increase (Decrease) in Temporary Equity [Roll Forward]
USARE LLC Convertible Preferred unit dividends (in shares)		84
USARE LLC Convertible Preferred unit dividends		$ 1,082
Issuance of preferred stock and warrants, net of issuance costs (in shares)		2,279
Issuance of preferred stock, net of issuance costs		$ 11,745
Shares issued in reverse recapitalization		131
Shares issued in reverse recapitalization		$ 1,527	1,250
Deferred offering costs		(3,237)
Deemed dividend and accretion to redemption value		$ 107
Balances, end of period (in shares) at Mar. 31, 2025		5,233
Balances, end of period at Mar. 31, 2025	$ 32,397	$ 32,397	0
Common stock balances, beginning of period (in shares) at Dec. 31, 2024	60,091			60,091
Balances, beginning of period at Dec. 31, 2024	$ 34,021			$ 6	$ 104,244	$ 0	$ 0	$ (72,872)	$ 2,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]
USARE LLC Convertible Preferred unit dividends (in shares)				182
Shares issued in reverse merger recapitalization (in shares)				21,679
Shares issued in reverse merger recapitalization				$ 2	(6,843)			(16,954)
Equity-based compensation					241
Deemed dividend - preferred accretion to redemption value					(107)
Earnout liability					(99,639)
Forward purchase agreements prepayment					(219)		(20,389)
Othe / Transaction bonus					841
Extinguishment of note payable					1,506
Early termination of forward purchase agreements							3,271
Accretion of forward purchase agreements							(69)
Net (loss) income attributable to USA Rare Earth, Inc.	$ 51,682							51,832	(150)
Common stock balances, end of period (in shares) at Mar. 31, 2025	81,952			81,952
Balances, end of period at Mar. 31, 2025	$ (52,656)			$ 8	24	0	(17,187)	(37,994)	2,493
Balances, beginning of period (in shares) at Dec. 31, 2025		1,224
Balances, beginning of period at Dec. 31, 2025	8,905	$ 8,905	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Deemed dividend and accretion to redemption value		$ 709
Balances, end of period (in shares) at Mar. 31, 2026		1,224
Balances, end of period at Mar. 31, 2026	$ 9,614	$ 9,614	$ 0
Common stock balances, beginning of period (in shares) at Dec. 31, 2025	148,055			148,055
Balances, beginning of period at Dec. 31, 2025	$ 494,286			$ 15	879,848	130	0	(387,360)	1,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investor warrants exercised (in shares)				10
Equity-based compensation					4,939
Deemed dividend - preferred accretion to redemption value					(709)
Warrant exercises					255
PIPE financing (in shares)				69,767
PIPE financing				$ 7	1,499,993
Other issuances (in shares)				144
PIPE financing costs					(51,003)
Othe / Transaction bonus					(411)
Translation adjustment						(330)
Net (loss) income attributable to USA Rare Earth, Inc.	$ (68,068)							(66,989)	(1,079)
Common stock balances, end of period (in shares) at Mar. 31, 2026	217,976			217,976
Balances, end of period at Mar. 31, 2026	$ 1,878,959			$ 22	$ 2,332,912	$ (200)	$ 0	$ (454,349)	$ 574

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities
Warrant liability	$ 26,491	$ 19,534
Level 3
Liabilities
Earnout liability	145,080	108,671
Warrant liability	26,491	19,534
Total earnout and warrant liabilities	$ 171,571	$ 128,205

Mezzanine and Stockholders’ Equity - Schedule of Total Number of Shares Outstanding and Authority to Issue (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	750,000
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares outstanding (in shares)	217,976	148,055	81,952	60,091
Preferred stock, authorized (in shares)	50,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, outstanding (in Shares)	1,224	1,224
Total authorized (in shares)	800,000
Temporary equity, liquidation value	$ 9.6	$ 8.9
Preferred Stock
Class of Stock [Line Items]
Series A Cumulative Convertible Preferred Stock, authorized (in shares)	15,000
Series A Cumulative Convertible Preferred , par value (in Dollars per share)	$ 0.0001
Series A Cumulative Convertible Preferred Stock, outstanding (in shares)	1,224	1,224	5,233	2,739
Series A Preferred Stock
Class of Stock [Line Items]
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%
Undesignated preferred stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	35,000
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, outstanding (in Shares)	0	0

Subsequent Events (Details) $ / shares in Units, € in Millions, shares in Millions, $ in Millions	Apr. 19, 2026 USD ($) shares	Apr. 15, 2026 $ / shares shares	Apr. 09, 2026 USD ($)	Apr. 09, 2026 EUR (€)	Jun. 30, 2026	May 11, 2026 USD ($)
Carester SAS Investment \| Forecast
Subsequent Event [Line Items]
Equity ownership, excluding consolidated entity and equity method investee, percentage					12.50%
Subsequent Event
Subsequent Event [Line Items]
Maximum amount reimbursable						$ 14.2
USA Rare Earth, LLC \| Subsequent Event
Subsequent Event [Line Items]
Consecutive trading days		30 days
USA Rare Earth, LLC \| Subsequent Event \| Common Stock, Tranche One
Subsequent Event [Line Items]
Shares issued in acquisition (in shares) \| shares		5.0
USA Rare Earth, LLC \| Subsequent Event \| Common Stock, Tranche Two
Subsequent Event [Line Items]
Market price per share (in dollars per share) \| $ / shares		$ 20.00
Shares payable in acquisition (in shares) \| shares		5.0
Carester SAS Investment \| Subsequent Event
Subsequent Event [Line Items]
Consideration			$ 46.4	€ 40.0
Cash consideration			32.9	28.3
Equity consideration			$ 13.5	€ 11.7
SVRE Holdings Ltd \| Subsequent Event
Subsequent Event [Line Items]
Shares issued in acquisition (in shares) \| shares	126.8
Equity interest percentage	100.00%
Cash	$ 300.0
Business combination, consideration transferred, value	2,530.0
Total consideration	$ 2,830.0
Minimum \| USA Rare Earth, LLC \| Subsequent Event
Subsequent Event [Line Items]
Consecutive trading days		20 days
Minimum \| USA Rare Earth, LLC \| Subsequent Event \| Common Stock, Tranche One
Subsequent Event [Line Items]
Market price per share (in dollars per share) \| $ / shares		$ 15.00

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false