0001970622-26-000057 | 10-Q | XBRL Viewer

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Other Financial Information - Schedule of Contract With Customer, Contract Liability, Activity (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Contract With Customer Liability [Roll Forward]
Balance, beginning of period	$ 10,377	$ 10,500
Contract liabilities related to acquisition	0	(26)
Revenue recognized related to amounts included in balance, beginning of period		(798)
Revenue recognized related to amounts included in balance, beginning of period	(798)
Cash received, excluding amounts recognized as revenue during the period	1,341	1,345
Translation adjustments	10	(91)
Balance, end of period	$ 10,930	$ 10,930

Fair Value Measurements

6 Months Ended

Jun. 30, 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.

Money Market Funds

During February 2026, the Company began investing a portion of its cash balances in institutional floating-Net Asset Value (“NAV”) prime money market funds. The fair value of the Prime money market funds approximates their carrying amounts due to the highly liquid, short-term nature of the underlying financial assets. Any minor unrealized gains or losses resulting from daily NAV fluctuations are recorded within Other income (expense), net on the Condensed Statement of Operations and Comprehensive Loss.


	Level	June 30, 2026		December 31, 2025

		(In thousands)

Money market funds	Level 1	$	—	$	353,841
U.S. Government money market funds	Level 1	755,518		—
Prime money market funds	Level 1	728,455		—





Total money market funds (included in Cash and cash equivalents)		$	1,483,973	$	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.





	June 30, 2026			December 31, 2025
	(In thousands)












Liabilities

Earnout liability		$	—	$	108,671

Warrant liabilities
Series A Warrant		40,690		19,534



Government Grant Warrant		323,499		—

Total Warrant liabilities		364,189		19,534

Total		$	364,189	$	128,205

Level 3 Valuation and Reconciliation

Earnout Liability

The Company valued the earnout liability using a Monte Carlo simulation model which includes Level 3 unobservable inputs. The following table summarizes the significant inputs used to value the earnout liability as of the dates indicated. In the second quarter of 2026, all contingent conditions required for the conversion of earnout shares were satisfied, and the shares were subsequently distributed to their holders at a fair value of $215.8 million on the date of conversion.



	June 30, 2026	December 31, 2025
Share price	(1)	$11.90
Expected volatility	(1)	70.1%
Risk-free interest rate	(1)	3.70%
Remaining term (in years)	(1)	5.2

(1)As of June 30, 2026, all earnout shares had been distributed and there were no shares outstanding.

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Balance, beginning of period	$	145,080	$	46,232	$	108,671	$	—
Establishment of liability at March 13, 2025	—		—		—		99,639
Unrealized loss in estimated fair value (1)	70,747		53,775		107,156		368
Conversion of earnout shares (2)	(215,827)		—		(215,827)		—



Balance, end of period	$	—	$	100,007	$	—	$	100,007

(1)The “Unrealized loss 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.

(2)In the second quarter of 2026, all contingent conditions required for the conversion of earnout shares were satisfied, and the shares were subsequently distributed to their holders. The amount represents the fair value of the earnout liability on the date of conversion.

Series A Warrant Liability

The Company valued the Series A Warrant liability using a Monte Carlo simulation model 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.



	June 30, 2026	December 31, 2025
Share price	$21.58	$11.90
Exercise price	$7.00	$7.00
Expected volatility	68.1%	67.3%
Risk-free rate	4.1%	3.6%
Dividend yield	—%	—%
Put term (in years)	3.7	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.



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Balance, beginning of period	$	26,491	$	34,475	$	19,534	$	—
Establishment of liability at March 13, 2025	—		—		—		40,652
Unrealized loss in estimated fair value (1)	14,199		35,758		21,343		29,581
Warrant exercises	—		(16,518)		(187)		(16,518)


Balance, end of period	$	40,690	$	53,715	$	40,690	$	53,715

Government Grant Warrant Liability

The Company valued the Government Grant Warrant liability using a Black-Scholes-Merton simulation model which includes Level 3 unobservable inputs. The following table summarizes the significant inputs used to value the Government Grant Warrant liability as of the dates indicated. See Note 13, “Government Grants – U.S. Department of Commerce CHIPS Act Awards,” for additional information related to the Government Grant Warrant liability.


	June 30, 2026	June 3, 2026

Share price	$21.58	$27.98
Exercise price	$17.17	$17.17
Expected volatility	79.4%	79.7%
Risk-free rate	4.4%	4.4%
Dividend yield	—%	—%
Put term (in years)	9.9	10.0

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



	Three and Six Months Ended June 30, 2026

		(In thousands)
Balance, beginning of period		$	—
Establishment of liability at June 3, 2026		430,862
Unrealized gain in estimated fair value (1)		(107,363)



Balance, end of period		$	323,499

(1)The “Unrealized gain 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.

- 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.

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+ Details

Organization	6 Months Ended
Organization	Jun. 30, 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 June 30, 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. Reclassifications Certain prior period amounts have been reclassified in the Condensed Consolidated Balance Sheets and certain notes to the Condensed Consolidated Financial Statements to conform to the current period presentation. These reclassifications had no effect on the Company’s previously reported financial position, results of operations and comprehensive loss, mezzanine and stockholders' equity, net loss per share, or cash flows. 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. In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 permits adoption using a modified prospective, modified retrospective, or full retrospective transition method. The Company early adopted the ASU effective January 1, 2026, using the modified prospective approach. Under this transition method, the guidance is applied to transactions occurring on or after the adoption date, and prior-period amounts are not adjusted. Adoption of the standard did not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued 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 2025-11, 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.

Concentrations - Schedule of Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Revenue	$ 5,821	$ 0	$ 11,519	$ 0
United States
Disaggregation of Revenue [Line Items]
Revenue	1,742		2,702
International
Disaggregation of Revenue [Line Items]
Revenue	$ 4,079		$ 8,817

- 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.

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- 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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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/exampleRef
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Financial Information - Schedule of Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 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

Equity-Based Compensation

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	Incentive Plan	2026		2025		2026		2025
		(In thousands)
Restricted stock units (1)	2024 Incentive Plan	$	5,989	$	—	$	10,864	$	—
Performance restricted stock units	2024 Incentive Plan	75		—		139		—
Incentive units	Legacy Incentive Plan	—		—		—		441
Class A units (1)	Legacy Incentive Plan	—		—		—		841





Total		$	6,064	$	—	$	11,003	$	1,282

In the six months ended June 30, 2025, USARE LLC recorded equity-based compensation for issuance of its Class A Units to certain consultants pursuant to existing bonus agreements. In the six months ended June 30, 2025, USARE LLC recorded the forfeiture of equity-based compensation of the Company’s former CEO.

Other Financial Information (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

The following table presents inventories as of the dates indicated.





	June 30, 2026		December 31, 2025
	(In thousands)
Raw materials	$	30,361	$	16,391
Work-in-process	16,235		913
Finished goods	3,542		1,231
Total inventories	$	50,138	$	18,535

Schedule of Prepaid Expenses and Other Current Assets

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





	June 30, 2026		December 31, 2025
	(In thousands)
Prepaid expenses
Prepaid insurance	$	2,037	$	728
Engineering and consulting costs	70		2,137


Supplier advances	8,899		—

Other	1,341		—
Total prepaid expenses	$	12,347	$	2,865



Other assets, current
Restricted cash (1)	$	64,222	$	—









Other	9,465		286
Total other assets, current	$	73,687	$	286

(1)Restricted cash represents funds held in escrow and legally restricted pursuant to the terms of the escrow agreement, which requires the amounts to be reserved for the development of the Blacksburg, South Carolina property.

Schedule of 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.





	June 30, 2026		December 31, 2025
	(In thousands)
Land	$	707	$	707
Land improvements	611		403
Buildings	7,078		7,038
Building improvements	28,640		2,566
Manufacturing equipment	26,331		12,404
Lab equipment	5,111		3,724
Automobiles	51		—
Leasehold improvements	1,278		795
Furniture & fixtures	72		46
Computer equipment	269		13
Construction in progress - Buildings (1)	54,225		30,267
Construction in progress - Magnet plant equipment and other (1)	24,623		29,083

Property, plant and equipment, gross	148,996		87,046

Less: Accumulated depreciation	(3,165)		(1,640)
Property, plant and equipment, net	145,831		85,406


Finance lease right-of-use assets	1,233		1,233
Less: Accumulated amortization	(313)		(190)
Finance lease-right-of-use assets, net	920		1,043


Total property, plant and equipment, net	$	146,751	$	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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Depreciation expense	$	950	$	108	$	1,579	$	135
Amortization expense	62		61		123		67

Total depreciation and amortization	$	1,012	$	169	$	1,702	$	202

Schedule of Intangible Asset, Finite-Lived

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


		June 30, 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		$	(302)		$	6,943		$	7,245		$	(60)		$	7,185
Customer relationships		11,856			(370)			11,486			11,856			(74)			11,782
Supplier relationships		33,986			(2,124)			31,862			33,986			(425)			33,561
Know-how		16,203			(595)			15,608			16,203			(119)			16,084

Total other intangible assets		$	69,290		$	(3,391)		$	65,899		$	69,290		$	(678)		$	68,612

Schedule of Amortization Expense

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 and six months ended June 30, 2025.


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
Trade name	$	121		$	242
Customer relationships	148			296
Supplier relationships	849			1,699
Know-how	238			476
Total amortization of other intangible assets	$	1,356		$	2,713

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents estimated future amortization expense of finite‑lived intangible assets as of June 30, 2026.


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

2026 (remaining six months)	$	2,715
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Total estimated amortization	$	65,899

Schedule of Accrued Liabilities

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





	June 30, 2026		December 31, 2025
	(In thousands)

Payroll and related employee taxes	$	3,545	$	2,659

Construction in progress	14,550		6,302
Consulting	3,778		883

Legal	2,518		1,668

Financing costs	2,167		—

Asset retirement obligation (1)	690		700


Other	4,431		1,861

Total accrued liabilities	$	31,679	$	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.

Schedule of Asset Retirement Obligations

The following table presents the ARO activity for the periods indicated. There were no ARO valuation adjustments for the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)

Balance, beginning of period	$	689		$	700






Foreign currency translation	1			(10)
Balance, end of period	$	690		$	690

Schedule of Contract With Customer, Contract Liability, Activity





	June 30, 2026		December 31, 2025
	(In thousands)
Contract liabilities, current	$	1,328	$	10,500
Contract liabilities, non-current	9,602		—
Total contract liabilities	$	10,930	$	10,500

The following table presents the activity related to contract liabilities for the dates indicated. There was no contract liability activity for the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
Balance, beginning of period	$	10,377		$	10,500
Contract liabilities related to acquisition	—			(26)
Revenue recognized related to amounts included in balance, beginning of period	(798)			(798)
Cash received, excluding amounts recognized as revenue during the period	1,341			1,345

Translation adjustments	10			(91)

Balance, end of period	$	10,930		$	10,930

Schedule of Notes Payable

Notes Payable

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





	June 30, 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. There was no interest expense related to the Company’s notes payable during the three months ended June 30, 2026 and 2025.


	Six Months Ended June 30,
		2026		2025
		(In thousands)
Hatch Note (1)		$	—	$	54
Barclays Trade Loan (2)		103		—


Total interest expense		$	103	$	54

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

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

Schedule of Supplemental Cash Flow Information



	Six Months Ended June 30,

		2026		2025
		(In thousands)

Cash Transactions
Cash paid for interest		$	103	$	—


Non-cash Transactions

Purchases of property and equipment in accounts payable and other accrued liabilities		$	3,169	$	—



USARE LLC Convertible Preferred unit dividends		—		3,042

Finance right of use assets obtained in exchange for finance lease liabilities		—		1,233
Non-cash lease liabilities arising from obtaining right of use assets		2,000		427
Issuance of Government Grant Warrants		430,862		—

Schedule of Cash and Cash Equivalents, and Restricted Cash Reconciliation


	Level	June 30, 2026		December 31, 2025

		(In thousands)

Money market funds	Level 1	$	—	$	353,841
U.S. Government money market funds	Level 1	755,518		—
Prime money market funds	Level 1	728,455		—





Total money market funds (included in Cash and cash equivalents)		$	1,483,973	$	353,841

The following table presents a reconciliation of cash and cash equivalents, and restricted cash reported for each period within the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows that sum to the total of such amounts.





	June 30, 2026		June 30, 2025		December 31, 2025
	(In thousands)



Cash and cash equivalents	$	1,530,147	$	121,791	$	359,925


Restricted cash (included in Other assets, current)	64,222		—		—




Cash, cash equivalents and restricted cash	$	1,594,369	$	121,791	$	359,925

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Loss Per Share Attributable to Holders of Common Stock

The following table presents the computation of the numerator and denominator used in the calculation of net loss per share attributable to holders of the Company’s common stock. For the three and six months ended June 30, 2026 and 2025, all potentially dilutive securities were excluded from diluted earnings per share as the Company reported a net loss for the period.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands, except for per share amounts)
Numerator
Net loss attributable to USA Rare Earth, Inc.	$	(10,333)	$	(142,506)	$	(77,322)	$	(90,674)



Declared and deemed dividends, and interest accretion	(733)		—		(1,442)		—




Undistributed net loss attributable to USA Rare Earth, Inc.	$	(11,066)	$	(142,506)	$	(78,764)	$	(90,674)


Denominator




Weighted-average shares outstanding - basic and diluted	230,081		92,769		213,347		91,598














Net loss per share attributable to USA Rare Earth, Inc.
Basic and diluted	$	(0.05)	$	(1.54)	$	(0.37)	$	(0.99)

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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)	2,443	6,595	2,443	6,595
Series A Warrants	2,437	6,130	2,437	6,130
Earnout Shares (2)	—	10,100	—	10,100
Investor Warrants (3)	—	18,369	—	18,369


Incentive Units	—	10,714	—	10,714

Government Grant Warrants	17,601	—	17,601	—




Total	22,481	51,908	22,481	51,908

(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 June 30, 2025 were fully exercised during 2025 and are therefore excluded from the June 30, 2026 table.

Other Financial Information - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Finite-lived Intangible Assets
2026 (remaining six months)	$ 2,715
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Net Carrying Amount	$ 65,899	$ 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		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 03, 2026	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnout liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Unrealized loss in estimated fair value			$ 70,700		$ 107,200
Conversion of earnout shares			(215,800)
Earnout liability \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			145,080	$ 46,232	108,671	$ 0
Establishment of liability			0	0	0	99,639
Unrealized loss in estimated fair value			70,747	53,775	107,156	368
Conversion of earnout shares			(215,827)	0	(215,827)	0
Ending balance		$ 0	0	100,007	0	100,007
Series A Warrant \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance			26,491	34,475	19,534	0
Establishment of liability			0	0	0	40,652
Unrealized loss in estimated fair value			14,199	35,758	21,343	29,581
Warrant exercises			0	(16,518)	(187)	(16,518)
Ending balance		40,690	40,690	$ 53,715	40,690	$ 53,715
Government Grant Warrant Liability \| Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Establishment of liability	$ 430,862
Unrealized loss in estimated fair value		(107,363)
Ending balance		$ 323,499	$ 323,499		$ 323,499

Other Financial Information - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 950	$ 108	$ 1,579	$ 135
Amortization expense	62	61	123	67
Total depreciation and amortization	$ 1,012	$ 169	$ 1,702	$ 202

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Other Financial Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 30,361	$ 16,391
Work-in-process	16,235	913
Finished goods	3,542	1,231
Total inventories	$ 50,138	$ 18,535

Fair Value Measurements - Narrative (Details) $ in Millions	3 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	Jun. 30, 2026 USD ($)
Earnout liability
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Conversion of earnout shares	$ (215.8)

Other Financial Information

6 Months Ended

Jun. 30, 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.





	June 30, 2026		December 31, 2025
	(In thousands)
Raw materials	$	30,361	$	16,391
Work-in-process	16,235		913
Finished goods	3,542		1,231
Total inventories	$	50,138	$	18,535

Prepaid Expenses and Other Assets, Current

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





	June 30, 2026		December 31, 2025
	(In thousands)
Prepaid expenses
Prepaid insurance	$	2,037	$	728
Engineering and consulting costs	70		2,137


Supplier advances	8,899		—

Other	1,341		—
Total prepaid expenses	$	12,347	$	2,865



Other assets, current
Restricted cash (1)	$	64,222	$	—









Other	9,465		286
Total other assets, current	$	73,687	$	286

Property, Plant and Equipment, Net





	June 30, 2026		December 31, 2025
	(In thousands)
Land	$	707	$	707
Land improvements	611		403
Buildings	7,078		7,038
Building improvements	28,640		2,566
Manufacturing equipment	26,331		12,404
Lab equipment	5,111		3,724
Automobiles	51		—
Leasehold improvements	1,278		795
Furniture & fixtures	72		46
Computer equipment	269		13
Construction in progress - Buildings (1)	54,225		30,267
Construction in progress - Magnet plant equipment and other (1)	24,623		29,083

Property, plant and equipment, gross	148,996		87,046

Less: Accumulated depreciation	(3,165)		(1,640)
Property, plant and equipment, net	145,831		85,406


Finance lease right-of-use assets	1,233		1,233
Less: Accumulated amortization	(313)		(190)
Finance lease-right-of-use assets, net	920		1,043


Total property, plant and equipment, net	$	146,751	$	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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Depreciation expense	$	950	$	108	$	1,579	$	135
Amortization expense	62		61		123		67

Total depreciation and amortization	$	1,012	$	169	$	1,702	$	202

Other Intangible Assets

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


		June 30, 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		$	(302)		$	6,943		$	7,245		$	(60)		$	7,185
Customer relationships		11,856			(370)			11,486			11,856			(74)			11,782
Supplier relationships		33,986			(2,124)			31,862			33,986			(425)			33,561
Know-how		16,203			(595)			15,608			16,203			(119)			16,084

Total other intangible assets		$	69,290		$	(3,391)		$	65,899		$	69,290		$	(678)		$	68,612


	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
Trade name	$	121		$	242
Customer relationships	148			296
Supplier relationships	849			1,699
Know-how	238			476
Total amortization of other intangible assets	$	1,356		$	2,713

The following table presents estimated future amortization expense of finite‑lived intangible assets as of June 30, 2026.


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

2026 (remaining six months)	$	2,715
2027	5,428
2028	5,428
2029	5,428
2030	5,428
2031 and thereafter	41,472
Total estimated amortization	$	65,899

Accrued Liabilities

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





	June 30, 2026		December 31, 2025
	(In thousands)

Payroll and related employee taxes	$	3,545	$	2,659

Construction in progress	14,550		6,302
Consulting	3,778		883

Legal	2,518		1,668

Financing costs	2,167		—

Asset retirement obligation (1)	690		700


Other	4,431		1,861

Total accrued liabilities	$	31,679	$	14,073

The following table presents the ARO activity for the periods indicated. There were no ARO valuation adjustments for the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)

Balance, beginning of period	$	689		$	700






Foreign currency translation	1			(10)
Balance, end of period	$	690		$	690

Contract Liabilities

The Company’s contract liabilities consist of customer deposits and deferred revenue when cash payments are received in advance of the Company’s performance. As of June 30, 2026, the Company evaluated its remaining performance obligations associated with its contract liabilities. The related revenue is expected to be recognized as performance obligations are satisfied over the remaining contract terms, with amounts expected to be recognized within the next 12 months classified as contract liabilities, current and amounts expected to be recognized thereafter classified as contract liabilities, non-current.





	June 30, 2026		December 31, 2025
	(In thousands)
Contract liabilities, current	$	1,328	$	10,500
Contract liabilities, non-current	9,602		—
Total contract liabilities	$	10,930	$	10,500

The following table presents the activity related to contract liabilities for the dates indicated. There was no contract liability activity for the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
Balance, beginning of period	$	10,377		$	10,500
Contract liabilities related to acquisition	—			(26)
Revenue recognized related to amounts included in balance, beginning of period	(798)			(798)
Cash received, excluding amounts recognized as revenue during the period	1,341			1,345

Translation adjustments	10			(91)

Balance, end of period	$	10,930		$	10,930

Notes Payable

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





	June 30, 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.


	Six Months Ended June 30,
		2026		2025
		(In thousands)
Hatch Note (1)		$	—	$	54
Barclays Trade Loan (2)		103		—


Total interest expense		$	103	$	54

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

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

Supplemental Cash Flow Information



	Six Months Ended June 30,

		2026		2025
		(In thousands)

Cash Transactions
Cash paid for interest		$	103	$	—


Non-cash Transactions

Purchases of property and equipment in accounts payable and other accrued liabilities		$	3,169	$	—



USARE LLC Convertible Preferred unit dividends		—		3,042

Finance right of use assets obtained in exchange for finance lease liabilities		—		1,233
Non-cash lease liabilities arising from obtaining right of use assets		2,000		427
Issuance of Government Grant Warrants		430,862		—

Cash, Cash Equivalents and Restricted Cash

The Condensed Consolidated Statements of Cash Flows explain the changes in the total of cash and cash equivalents, and restricted cash. The following table presents a reconciliation of cash and cash equivalents, and restricted cash reported for each period within the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows that sum to the total of such amounts.





	June 30, 2026		June 30, 2025		December 31, 2025
	(In thousands)



Cash and cash equivalents	$	1,530,147	$	121,791	$	359,925


Restricted cash (included in Other assets, current)	64,222		—		—




Cash, cash equivalents and restricted cash	$	1,594,369	$	121,791	$	359,925

Fair Value Measurements - Schedule of Fair value of Money Market Funds (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	$ 1,530,147	$ 359,925	$ 121,791
Total money market funds (included in Cash and cash equivalents) \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	1,483,973	353,841
Money market funds \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	0	353,841
U.S. Government money market funds \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	755,518	0
Prime money market funds \| Level 1
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	$ 728,455	$ 0

Other Financial Information - Other Intangible Assets (Details) (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	$ 69,290	$ 69,290
Accumulated Amortization	(3,391)	(678)	$ 0
Net Carrying Amount	65,899	68,612
Trade name
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	7,245	7,245
Accumulated Amortization	(302)	(60)
Net Carrying Amount	6,943	7,185
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	11,856	11,856
Accumulated Amortization	(370)	(74)
Net Carrying Amount	11,486	11,782
Supplier relationships
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	33,986	33,986
Accumulated Amortization	(2,124)	(425)
Net Carrying Amount	31,862	33,561
Know-how
Intangible Asset, Finite-Lived [Line Items]
Gross Carrying Amount	16,203	16,203
Accumulated Amortization	(595)	(119)
Net Carrying Amount	$ 15,608	$ 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Financial Information - Schedule of Contract Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract liabilities, current	$ 1,328		$ 10,500
Contract liabilities, non-current	9,602		0
Total contract liabilities	$ 10,930	$ 10,377	$ 10,500

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
	(In thousands, except percentages)
Loss before income taxes	$	(12,476)	$	(142,713)	$	(81,121)		$	(91,031)
Benefit from income taxes	(513)		—		(1,090)			—
Effective tax rate					1.3		%	—		%

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Government Grants (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 03, 2026	Jun. 30, 2026	Dec. 31, 2025
Government Assistance [Line Items]
Warrant liability		$ 364,189	$ 19,534
US Dept of Commerce
Government Assistance [Line Items]
Combined fair values	$ 882,300
US Dept of Commerce \| Loan Guarantee Agreement
Government Assistance [Line Items]
Proceeds from government grants	$ 1,300,000
Debt instrument, term	15 years
Basis points	1.50%
Put term (in years)	10 years
Debt instrument, commitment fee percentage	2.00%
Debt instrument, fee amount	$ 26,000
Debt instrument, annual ticking fee percentage	2.00%
US Dept of Commerce \| Direct Funding Award
Government Assistance [Line Items]
Maximum award	$ 277,000
US Dept of Commerce \| Direct Funding Award \| Maximum
Government Assistance [Line Items]
Covenant, lock up period	5 years
US Dept of Commerce \| Direct Funding Award \| Minimum
Government Assistance [Line Items]
Covenant, lock up period	1 year
DOC Warrant \| US Dept of Commerce
Government Assistance [Line Items]
Common stock and warrants issued (in shares)	17,600,584
Exercise price (in dollars per share)	$ 17.17
Warrant liability	$ 430,900
Class of warrant or right, fair value price of warrants or rights (in dollars per share)	$ 24.48
Common Stock
Government Assistance [Line Items]
Common stock, shares issued (in shares)	16,132,790
Share price (in dollars per share)	$ 27.98
Government grant program	$ 451,400
Common Stock \| US Dept of Commerce
Government Assistance [Line Items]
Common stock, shares issued (in shares)	16,132,790

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents, and Restricted Cash Reconciliation


	Level	June 30, 2026		December 31, 2025

		(In thousands)

Money market funds	Level 1	$	—	$	353,841
U.S. Government money market funds	Level 1	755,518		—
Prime money market funds	Level 1	728,455		—





Total money market funds (included in Cash and cash equivalents)		$	1,483,973	$	353,841





	June 30, 2026		June 30, 2025		December 31, 2025
	(In thousands)



Cash and cash equivalents	$	1,530,147	$	121,791	$	359,925


Restricted cash (included in Other assets, current)	64,222		—		—




Cash, cash equivalents and restricted cash	$	1,594,369	$	121,791	$	359,925

Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis





	June 30, 2026			December 31, 2025
	(In thousands)












Liabilities

Earnout liability		$	—	$	108,671

Warrant liabilities
Series A Warrant		40,690		19,534



Government Grant Warrant		323,499		—

Total Warrant liabilities		364,189		19,534

Total		$	364,189	$	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. In the second quarter of 2026, all contingent conditions required for the conversion of earnout shares were satisfied, and the shares were subsequently distributed to their holders at a fair value of $215.8 million on the date of conversion.



	June 30, 2026	December 31, 2025
Share price	(1)	$11.90
Expected volatility	(1)	70.1%
Risk-free interest rate	(1)	3.70%
Remaining term (in years)	(1)	5.2

(1)As of June 30, 2026, all earnout shares had been distributed and there were no shares outstanding.

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



	June 30, 2026	December 31, 2025
Share price	$21.58	$11.90
Exercise price	$7.00	$7.00
Expected volatility	68.1%	67.3%
Risk-free rate	4.1%	3.6%
Dividend yield	—%	—%
Put term (in years)	3.7	4.2

The following table summarizes the significant inputs used to value the Government Grant Warrant liability as of the dates indicated. See Note 13, “Government Grants – U.S. Department of Commerce CHIPS Act Awards,” for additional information related to the Government Grant Warrant liability.


	June 30, 2026	June 3, 2026

Share price	$21.58	$27.98
Exercise price	$17.17	$17.17
Expected volatility	79.4%	79.7%
Risk-free rate	4.4%	4.4%
Dividend yield	—%	—%
Put term (in years)	9.9	10.0

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.



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Balance, beginning of period	$	145,080	$	46,232	$	108,671	$	—
Establishment of liability at March 13, 2025	—		—		—		99,639
Unrealized loss in estimated fair value (1)	70,747		53,775		107,156		368
Conversion of earnout shares (2)	(215,827)		—		(215,827)		—



Balance, end of period	$	—	$	100,007	$	—	$	100,007

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Balance, beginning of period	$	26,491	$	34,475	$	19,534	$	—
Establishment of liability at March 13, 2025	—		—		—		40,652
Unrealized loss in estimated fair value (1)	14,199		35,758		21,343		29,581
Warrant exercises	—		(16,518)		(187)		(16,518)


Balance, end of period	$	40,690	$	53,715	$	40,690	$	53,715

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



	Three and Six Months Ended June 30, 2026

		(In thousands)
Balance, beginning of period		$	—
Establishment of liability at June 3, 2026		430,862
Unrealized gain in estimated fair value (1)		(107,363)



Balance, end of period		$	323,499

- 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 Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 148,996	$ 87,046
Less: Accumulated depreciation	(3,165)	(1,640)
Property, plant and equipment, net	145,831	85,406
Finance lease right-of-use assets	1,233	1,233
Less: Accumulated amortization	(313)	(190)
Finance lease-right-of-use assets, net	920	1,043
Total property, plant and equipment, net	146,751	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	611	403
Buildings
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	7,078	7,038
Building improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	28,640	2,566
Manufacturing equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	26,331	12,404
Lab equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	5,111	3,724
Automobiles
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	51	0
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	1,278	795
Furniture & fixtures
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	72	46
Computer equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	269	13
Construction in progress
Property, Plant, and Equipment [Line Items]
Construction in progress - Buildings	54,225	30,267
Construction in progress - Magnet plant equipment and other	$ 24,623	$ 29,083

Concentrations - Schedule of Revenue by Major Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Customer 1
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	26.00%	37.00%
Customer 2
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	29.00%	23.00%
Customer 3
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	23.00%	18.00%
Customer 4
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	17.00%
All other customers
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	3.00%	5.00%

- 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

+ Details

Other Financial Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Transactions
Cash paid for interest	$ 103	$ 0
Non-cash Transactions
Purchases of property and equipment in accounts payable and other accrued liabilities	3,169	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	2,000	427
Issuance of Government Grant Warrants	430,862	0
Convertible Preferred Stock
Non-cash Transactions
USARE LLC Convertible Preferred unit dividends	$ 0	$ 3,042

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 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 and total assets, which are reported on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss 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 segment reporting.

+ References

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+ Details

Other Financial Information - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Payroll and related employee taxes	$ 3,545	$ 2,659
Construction in progress	14,550	6,302
Consulting	3,778	883
Legal	2,518	1,668
Financing costs	2,167	0
Asset retirement obligation	690	700
Other	4,431	1,861
Accrued liabilities	$ 31,679	$ 14,073

Income Taxes - Narrative (Details)	3 Months Ended	6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Effective tax rate		1.30%	0.00%
U.S. Federal statutory amount and rate	21.00%	21.00%

Variable Interest Entity - Schedule of Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,530,147	$ 359,925	$ 121,791
Prepaid expenses	12,347	2,865
Operating lease right-of-use assets	2,151	321
Property, plant and equipment, net	145,831	85,406
Equipment deposits	46,904	1,879
Other assets, non-current	255	176
Total assets	2,998,827	694,999
Finance leases, current	290	283
Total liabilities	451,508	191,808
VIE
Condensed Balance Sheet Statements, Captions [Line Items]
Cash and cash equivalents	0	38
Prepaid expenses	100	106
Operating lease right-of-use assets	418	321
Mineral interests	17,339	17,339
Property, plant and equipment, net	698	201
Equipment deposits	63	0
Other assets, non-current	28	27
Total assets	18,646	18,032
Accounts payable	1,068	61
Accrued liabilities	2,514	469
Finance leases, current	233	137
Finance leases, non-current	188	185
Total liabilities	$ 4,003	$ 852

Equity-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 6,064	$ 0	$ 11,003	$ 1,282
Restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	5,989	0	10,864	0
Performance restricted stock units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	75	0	139	0
Incentive units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	0	0	0	441
Class A units
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 0	$ 0	$ 0	$ 841

Variable Interest Entity - Narrative (Details) shares in Millions, $ in Millions	Aug. 07, 2026 USD ($) shares	Jun. 30, 2026	Dec. 31, 2025	May 17, 2021
Round Top Mountain Development, LLC
Variable Interest Entity (Details) [Line Items]
Equity interest percentage		81.70%	81.30%	80.00%
Ownership Change		0.0040
Texas Mineral Resources Corporation \| Subsequent Event
Variable Interest Entity (Details) [Line Items]
Percentage of outstanding shares acquired	100.00%
Total purchase price \| $	$ 73.9
Shares issued (in shares) \| shares	3.8

Net Loss per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands, except for per share amounts)
Numerator
Net loss attributable to USA Rare Earth, Inc.	$	(10,333)	$	(142,506)	$	(77,322)	$	(90,674)



Declared and deemed dividends, and interest accretion	(733)		—		(1,442)		—




Undistributed net loss attributable to USA Rare Earth, Inc.	$	(11,066)	$	(142,506)	$	(78,764)	$	(90,674)


Denominator




Weighted-average shares outstanding - basic and diluted	230,081		92,769		213,347		91,598














Net loss per share attributable to USA Rare Earth, Inc.
Basic and diluted	$	(0.05)	$	(1.54)	$	(0.37)	$	(0.99)

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 June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)	2,443	6,595	2,443	6,595
Series A Warrants	2,437	6,130	2,437	6,130
Earnout Shares (2)	—	10,100	—	10,100
Investor Warrants (3)	—	18,369	—	18,369


Incentive Units	—	10,714	—	10,714

Government Grant Warrants	17,601	—	17,601	—




Total	22,481	51,908	22,481	51,908

(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 June 30, 2025 were fully exercised during 2025 and are therefore excluded from the June 30, 2026 table.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 04, 2026
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
Amendment Flag	false
Common Stock
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding		244,720,099

Other Financial Information - Schedule of Interest Expense Related Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Note Payable [Line Items]
Total interest expense	$ 0	$ 0	$ 103	$ 54
Hatch Note
Note Payable [Line Items]
Total interest expense			0	54
Barclays Trade Loan
Note Payable [Line Items]
Total interest expense			$ 103	$ 0

Merger Transaction and Acquisition	6 Months Ended
Merger Transaction and Acquisition	Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Merger Transaction and Acquisition	Merger Transaction and Acquisition 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 was equal to or exceeded $15.00 per share for at least 20 out of 30 consecutive trading days. As a result, 5.05 million earnout shares were converted into shares of the Company’s common stock. •On May 15, 2026, the Company achieved the market-price condition for the second tranche of earnout shares, as the Company's common stock was equal to or exceeded $20.00 per share for at least 20 out of 30 consecutive trading days. As a result, 5.05 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 which resulted in a fair value gain on conversion of $70.7 million and $107.2 million in the three and six months ended June 30, 2026, respectively, presented in (Loss) gain on fair market value of financial instruments, net in the Condensed Consolidated Statements of Operations and Comprehensive Loss. Upon conversion, the related earnout liability was reclassified to common stock and additional paid‑in capital. See Note 2, “Fair Value Measurements – Earnout Liability” for a reconciliation of the conversion of the Earnout liability. Definitive Carester SAS Investment On April 9, 2026, the Company entered into a binding letter of intent, and subsequently on July 23, 2026, the Company entered into a definitive agreement to acquire a 13.6% equity interest in Carester SAS (“Carester”), the parent company of Caremag SAS, for cash and equity consideration amounting to €40.0 million, or approximately $45.7 million. The proposed consideration consists of €28.3 million in cash, or approximately $32.4 million, and €11.7 million in equity consideration, or approximately $13.3 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. Proposed 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 expected consideration of approximately $2.83 billion, as of the date of the definitive agreement. This acquisition is subject to customary conditions. Serra Verde operates a rare earths project in Brazil that is currently in commercial production.

- Definition

The entire disclosure for business combination.

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+ Details

Other Financial Information - Schedule of Reconciliation of Cash and Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 1,530,147	$ 359,925	$ 121,791
Restricted cash (included in Other assets, current)	64,222	0	0
Cash, cash equivalents and restricted cash	$ 1,594,369	$ 359,925	$ 121,791	$ 16,761

Organization (Policies)	6 Months Ended
Organization (Policies)	Jun. 30, 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 June 30, 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified in the Condensed Consolidated Balance Sheets and certain notes to the Condensed Consolidated Financial Statements to conform to the current period presentation. These reclassifications had no effect on the Company’s previously reported financial position, results of operations and comprehensive loss, mezzanine and stockholders' equity, net loss per share, or cash flows.
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	In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 permits adoption using a modified prospective, modified retrospective, or full retrospective transition method. The Company early adopted the ASU effective January 1, 2026, using the modified prospective approach. Under this transition method, the guidance is applied to transactions occurring on or after the adoption date, and prior-period amounts are not adjusted. Adoption of the standard did not have a material impact on the Company’s financial position, results of operations, cash flows, or related disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued 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 2025-11, 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.

- 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.

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+ Details

Other Financial Information - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	$ 1,356	$ 0	$ 2,713	$ 0
Trade name
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	121		242
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	148		296
Supplier relationships
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	849		1,699
Know-how
Intangible Asset, Finite-Lived [Line Items]
Amortization of intangible assets	$ 238		$ 476

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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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	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Asset Retirement Obligation Activities [Roll Forward]
Balance, beginning of period	$ 689	$ 700
Foreign currency translation	1	(10)
Balance, end of period	$ 690	$ 690

Government Grants	6 Months Ended
Government Grants	Jun. 30, 2026
Government Assistance [Abstract]
Government Grants	Government Grants U.S. Department of Commerce CHIPS Act Awards On June 3, 2026 (the “Award Date”), the Company entered into a Direct Funding Agreement (the DFA”) and a Loan Guarantee Agreement (the “LGA”) with the U.S. Department of Commerce (the “Dept. of Commerce”) pursuant to the CHIPS and Science Act of 2022 (the “CHIPS Act”). In connection with the execution of these agreements, the Company also entered into a Securities Issuance Agreement with the Dept. of Commerce pursuant to which the Company issued shares of its common stock and warrants to purchase shares of its common stock as conditions precedent to the DFA and LGA, respectively. As a condition precedent to the DFA, the Company issued to the Dept. of Commerce 16,132,790 shares of its common stock on the Award Date. The shares were measured at fair value based on the Company’s closing stock price of $27.98 per share on the Award Date, resulting in an aggregate fair value of approximately $451.4 million. As a condition precedent to the LGA, the Company issued to the Dept. of Commerce a warrant to purchase up to 17,600,584 shares of its common stock (the “Warrant”) at an exercise price of $17.17 per share. The Warrant issued under the LGA was initially measured at fair value of $430.9 million ($24.48 per Warrant share) on the Award Date based on an independent third-party valuation. Together, the combined fair values for the common stock issued under the DFA and the Warrants issued under the LGA of $882.3 million are treated as the total cost incurred to obtain access to the funding arrangement under the CHIPS Act, and along with other financing costs, are recognized as Deferred arrangement costs in the Condensed Consolidated Balance Sheets. Direct Funding Agreement The DFA provides for up to $277.0 million in direct funding from the Dept. of Commerce to support the construction and development of domestic rare earth and critical minerals projects (the “Projects”). Receipt of funding under the DFA is contingent upon the Company satisfying various contractual milestones, conditions, and approval requirements. Management evaluates these conditions on an ongoing basis and assesses the probability of achieving the required milestones and ultimately receiving the related funding. Based on this assessment, the Company concluded that recognition of the deferred equity cost (included in the Deferred arrangement costs on the Condensed Consolidated Balance Sheets) at Award Date remains appropriate as of June 30, 2026. In addition, the DFA contains customary representations, covenants, and conditions, including restrictions on stock buybacks and dividends for a five-year period following the Award Date, minimum liquidity requirements, and clawback provisions applicable upon milestone failure or breach of authorized purpose. The deferred equity cost asset will remain on the balance sheet until direct funding award disbursements are received. Upon receipt of approved cash disbursements, the Company will record a credit to additional paid in capital and reduce a proportionate share of the deferred equity cost with an offset to additional paid in capital. As of June 30, 2026, the Company had not received any direct funding award disbursements, nor had it received formal approval for any disbursement requests.. The common stock issued to the Dept. of Commerce is subject to a one-year lock-up period from the Award Date. The Dept. of Commerce’s voting rights with respect to the shares are restricted to the greatest extent permissible under applicable law. Loan Guarantee Agreement The LGA provides for a loan guarantee by the Dept. of Commerce of up to $1.30 billion in borrowings by the Company from the Federal Financing Bank (“FFB”) to fund a portion of the capital costs of the Projects. Advances (“loan disbursements”) under the LGA are subject to milestone-based conditions precedent and are non-revolving. Each loan disbursement has a 15-year maturity from the award date. The interest rate applicable to each loan disbursement is based upon the U.S. Treasury securities at each draw down date plus 150 basis points. The LGA contains customary affirmative and negative covenants, including restrictions on the incurrence of additional indebtedness, maintenance of certain financial ratios, and requirements applicable to the use of proceeds. The Company will account for each loan disbursement as debt under ASC 470, Debt. As of June 30, 2026, no advances had been drawn under the LGA. The initial fair value of the Warrant was recorded under Warrant liability with an offset to deferred financing costs (included in Deferred arrangement costs in the Condensed Consolidated Balance Sheet). Subsequent changes in the fair value of the warrant liability are recognized in earnings as a component of other income (expense) and do not adjust the deferred financing costs. See Note 2, “Fair Value Measurements – Government Grant Warrant Liability,” for the valuation methodology, significant unobservable inputs, and the roll forward of the warrant liability for the three and six months ended June 30, 2026. The Warrant has a ten-year term commencing on the Award Date and is exercisable, in whole or in part, beginning on the first anniversary of the Award Date. At expiration, to the extent not previously exercised, the Warrant is deemed automatically exercised on a net-share (cashless) basis. The Warrant includes a holder-elected redemption right upon the occurrence of a Business Combination (as defined in the Warrant), the Dept. of Commerce may require the acquirer to purchase all or a portion of the Warrant at a price equal to the amount the Dept. of Commerce would receive in respect of the underlying Warrant shares in a hypothetical liquidation of the Company at fair market value, payable by wire transfer of immediately available funds. Because this holder-elected cash settlement alternative is available even in a Business Combination in which common shareholders receive non-cash consideration, the cash settlement is not assured to be in the same form as the consideration received by common shareholders, and any such Business Combination would be outside the sole control of the Company, the Warrant does not meet the criteria for equity classification. The Warrant was immediately issued as a condition precedent to the LGA commitment and is fully exercisable after 1 year, the Warrant is not linked to a specific loan disbursement. Therefore, the Warrant was issued to obtain access to the credit facility provided under the LGA rather than in connection with the issuance of a specific loan disbursement. Debt issuance costs associated with the LGA, comprising 1) the initial fair value of the Warrant, 2) the 2.0% upfront loan commitment fee of $26.0 million, 3) a 2.0% annual ticking fee, paid quarterly, based on the unutilized LGA commitment amount, and 4) directly attributable legal and advisory costs, are deferred as a loan commitment asset and will be reclassified as a debt discount against each FFB note as advances are drawn, and subsequently amortized to interest expense over the term of the applicable note using the effective interest method. Upon exercise or redemption, in whole or in part, or expiration, the Warrant liability is remeasured to fair value immediately prior to settlement, with the change in fair value recognized in earnings. The portion of the liability settled is then derecognized with a corresponding entry to equity (for net-share settlement) or against cash or other assets (for cash settlement under the holder-elected redemption right).

Concentrations (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

The following table presents United States (“domestic”) and international (“foreign”) revenue, based on the customers’ “shipped to” address. No revenue was reported in the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
United States	$	1,742		$	2,702
International	4,079			8,817

Total revenue	$	5,821		$	11,519

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 and six months ended June 30, 2025.



	Three Months Ended June 30, 2026	Six Months Ended June 30, 2026


Customer 1	26%		37%
Customer 2	29%		23%
Customer 3	23%		18%
Customer 4	18%		17%





















All other customers (1)	3%		5%

(1)Includes individual customers that each accounted for less than 10% of total revenue.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 June 30, 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 Balance Sheet. Subsequent to June 30, 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. MP Materials Corp. On May 22, 2026, MP Materials Corp., MP Magnetics LLC, and MP Mine Operations LLC (collectively, “Plaintiffs”) filed an action in the Business Court of Texas, Eighth Division against USA Rare Earth, Inc., its Director of Magnet Operations, Kevin Elkins, and FOM Technologies Inc. (Case No. 26-BC08A-0018), alleging misappropriation of trade secrets under the Texas Uniform Trade Secrets Act, breach of contract, tortious interference, and unjust enrichment. Plaintiffs seek a temporary and permanent injunction against further alleged use and possession of their allegedly protected technology, unspecified monetary damages, and attorneys’ fees. The Company disputes the allegations and intends to vigorously defend against such claims. Leases 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 $2.5 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. 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 June 30, 2026, the Company had open equipment purchase orders of $14.7 million which will be fulfilled later than one year from the reporting date.

Merger Transaction and Acquisition (Details) $ / shares in Units, shares in Thousands, € in Millions, $ in Millions						3 Months Ended	6 Months Ended
	May 15, 2026 $ / shares shares	Apr. 19, 2026 USD ($) shares	Apr. 15, 2026 $ / shares shares	Apr. 09, 2026 USD ($)	Apr. 09, 2026 EUR (€)	Jun. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)
Earnout liability
Business Combination [Line Items]
Unrealized loss in estimated fair value						$ 70.7	$ 107.2
Carester SAS Investment
Business Combination [Line Items]
Equity ownership, excluding consolidated entity and equity method investee, percentage				13.60%	13.60%
USA Rare Earth, LLC
Business Combination [Line Items]
Consecutive trading days			30 days
USA Rare Earth, LLC \| Common Stock, Tranche One
Business Combination [Line Items]
Shares issued in acquisition (in shares) \| shares			5,050
USA Rare Earth, LLC \| Common Stock, Tranche Two
Business Combination [Line Items]
Market price per share (in dollars per share) \| $ / shares	$ 20.00
Shares issued in acquisition (in shares) \| shares	5,050
Carester SAS Investment
Business Combination [Line Items]
Consideration				$ 45.7	€ 40.0
Cash consideration				32.4	28.3
Equity consideration				$ 13.3	€ 11.7
SVRE Holdings Ltd
Business Combination [Line Items]
Shares issued in acquisition (in shares) \| shares		126,800
Equity interest percentage		100.00%
Cash consideration		$ 300.0
Business combination, consideration transferred, value		2,530.0
Total consideration		$ 2,830.0
Minimum \| USA Rare Earth, LLC
Business Combination [Line Items]
Consecutive trading days			20 days
Minimum \| USA Rare Earth, LLC \| Common Stock, Tranche One
Business Combination [Line Items]
Market price per share (in dollars per share) \| $ / shares			$ 15.00

Variable Interest Entity - Schedule of Equity Method Investments (Details) - Round Top Mountain Development, LLC	Jun. 30, 2026	Dec. 31, 2025	May 17, 2021
Variable Interest Entity (Details) [Line Items]
Equity interest percentage	81.70%	81.30%	80.00%
Ownership Change	0.0040
TMRC
Variable Interest Entity (Details) [Line Items]
Equity interest percentage	18.30%	18.70%
Ownership Change	(0.0040)

Subsequent Events (Details) - Jul. 02, 2026 £ in Millions, $ in Millions	USD ($)	GBP (£)
Hooton Park \| Subsequent Event
Subsequent Event [Line Items]
Total consideration	$ 9.3	£ 7.0

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Dec. 17, 2025	Jun. 30, 2026	Feb. 27, 2026
Equipment Purchase Order
Loss Contingencies [Line Items]
Open purchase order		$ 14,700
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			$ 2,500
Litigation
Loss Contingencies [Line Items]
Loss contingency accrual		$ 400

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	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Jun. 30, 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)	244,671	217,976	148,055	96,189	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	$ 10.3		$ 8.9
Series A 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
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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 1,530,147	$ 359,925
Accounts receivable	6,270	3,764
Inventories	50,138	18,535
Prepaid expenses	12,347	2,865
Other assets, current	73,687	286
Total current assets	1,672,589	385,375
Property, plant and equipment, net	146,751	86,449
Mineral interests	17,339	17,339
Goodwill	134,848	134,848
Other intangible assets, net	65,899	68,612
Equipment deposits	46,904	1,879
Operating lease right-of-use assets	2,151	321
Deferred arrangement costs	912,091	0
Other assets, non-current	255	176
Total assets	2,998,827	694,999
Current liabilities
Accounts payable	17,367	11,069
Accrued liabilities	31,679	14,073
Contract liabilities, current	1,328	10,500
Note payable	0	1,849
Finance leases, current	290	283
Operating leases, current	350	137
Total current liabilities	51,014	37,911
Deferred grant income	8,482	8,200
Finance leases, non-current	445	592
Operating leases, non-current	2,111	185
Earnout liability	0	108,671
Warrant liability	364,189	19,534
Deferred tax liability	15,665	16,715
Contract liabilities, non-current	9,602	0
Total liabilities	451,508	191,808
Commitments and contingencies (Note 5)
Mezzanine equity
12% Series A Cumulative Convertible Preferred Stock subject to possible redemption	10,347	8,905
Total mezzanine equity	10,347	8,905
Stockholders' equity
Common stock	24	15
Accumulated other comprehensive (loss) income	(927)	130
Additional paid-in capital	3,003,612	879,848
Accumulated deficit	(464,681)	(387,360)
Non-controlling interest	(1,056)	1,653
Total stockholders' equity	2,536,972	494,286
Total liabilities, mezzanine equity, and stockholders' equity	$ 2,998,827	$ 694,999

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (12,476)	$ (142,713)	$ (81,121)	$ (91,031)
Benefit from income taxes	$ (513)	$ 0	$ (1,090)	$ 0
Effective tax rate			1.30%	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

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 5,821	$ 0	$ 11,519	$ 0
Cost of revenue	7,404	0	12,996	0
Gross loss	(1,583)	0	(1,477)	0
Operating expenses:
Selling, general and administrative	32,607	6,227	53,782	13,256
Research and development	10,768	2,577	25,017	4,266
Amortization of intangible assets	1,356	0	2,713	0
Total operating expenses	44,731	8,804	81,512	17,522
Loss from operations	(46,314)	(8,804)	(82,989)	(17,522)
Other income (expense), net
Interest income	370	765	472	952
Dividend income	14,581	0	26,449	0
Grant income	240	0	446	0
(Loss) gain on fair market value of financial instruments, net	22,418	(134,662)	(21,135)	(74,362)
Interest expense and other expense, net	(3,771)	(12)	(4,364)	(99)
Total other income (expense), net	33,838	(133,909)	1,868	(73,509)
Loss before income taxes	(12,476)	(142,713)	(81,121)	(91,031)
Benefit from income taxes	(513)	0	(1,090)	0
Net loss	(11,963)	(142,713)	(80,031)	(91,031)
Net loss attributable to non-controlling interest	(1,630)	(207)	(2,709)	(357)
Net loss attributable to USA Rare Earth, Inc.	(10,333)	(142,506)	(77,322)	(90,674)
Other comprehensive loss, net of tax
Foreign currency translation adjustments	(727)	0	(1,057)	0
Comprehensive loss attributable to USA Rare Earth, Inc.	$ (11,060)	$ (142,506)	$ (78,379)	$ (90,674)
Net loss per share attributable to USA Rare Earth, Inc.:
Basic (in Dollars per share)	$ (0.05)	$ (1.54)	$ (0.37)	$ (0.99)
Diluted (in Dollars per share)	$ (0.05)	$ (1.54)	$ (0.37)	$ (0.99)
Number of shares used in per share calculations:
Basic (in shares)	230,081	92,769	213,347	91,598
Diluted (in shares)	230,081	92,769	213,347	91,598

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
	(In thousands, except percentages)
Loss before income taxes	$	(12,476)	$	(142,713)	$	(81,121)		$	(91,031)
Benefit from income taxes	(513)		—		(1,090)			—
Effective tax rate					1.3		%	—		%

The Company is subject to taxation in the United States, the United Kingdom, France, and various state jurisdictions. The Company’s effective tax rate of 1.3% 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 1.3% and the U.S. federal statutory rate of 21.0% for the six months ended June 30, 2026, respectively, 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 June 30, 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 full valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Mezzanine and Stockholders’ Equity

6 Months Ended

Jun. 30, 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	June 30, 2026	December 31, 2025
	(In thousands, except par value)
Common stock	750,000	$0.0001	244,671	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 $10.3 million and $8.9 million on June 30, 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.

U.S. Department of Commerce CHIPS Act Agreements

On June 3, 2026, in connection with the Company's CHIPS Act agreements with the U.S. Department of Commerce (the “Dept. of Commerce”), the Company issued 16,132,790 shares of common stock and warrants to purchase 17,600,584 shares of common stock. See Note 13, “Government Grants – U.S. Department of Commerce CHIPS Act Awards,” for additional information regarding these instruments and the related accounting.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	22,481	51,908	22,481	51,908
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%		12.00%
12% Series A Cumulative Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	2,443	6,595	2,443	6,595
Series A Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	2,437	6,130	2,437	6,130
Earnout Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	0	10,100	0	10,100
Investor Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	0	18,369	0	18,369
Incentive Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	0	10,714	0	10,714
Government Grant Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect (in shares)	17,601	0	17,601	0

Other Financial Information - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid insurance	$ 2,037	$ 728
Engineering and consulting costs	70	2,137
Supplier advances	8,899	0
Other	1,341	0
Total prepaid expenses	12,347	2,865
Restricted cash	64,222	0	$ 0
Other	9,465	286
Total other assets, current	$ 73,687	$ 286

Fair Value Measurements - Schedule of Fair Value of Measurement Inputs (Details) - Level 3	12 Months Ended
	Dec. 31, 2025 yr	Jun. 30, 2026	Jun. 03, 2026
Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remaining term (in years)	5 years 2 months 12 days
Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Put term (in years)	4 years 2 months 12 days	3 years 8 months 12 days
Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Put term (in years)		9 years 10 months 24 days	10 years
Share price \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	11.90
Share price \| Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	11.90	21.58
Share price \| Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		21.58	27.98
Exercise price \| Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	7.00	7.00
Exercise price \| Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		17.17	17.17
Expected volatility \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	0.701
Expected volatility \| Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.673	0.681
Expected volatility \| Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0.794	0.797
Risk-free interest rate \| Earnout liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liabilities, measurement input	0.0370
Risk-free interest rate \| Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.036	0.041
Risk-free interest rate \| Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0.044	0.044
Dividend yield \| Series A Warrant
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0	0
Dividend yield \| Government Grant Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input		0	0

Net Loss per Share - Schedule of Loss Per Share Attributable to Holders of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator:
Net loss attributable to USA Rare Earth, Inc.	$ (10,333)	$ (142,506)	$ (77,322)	$ (90,674)
Declared and deemed dividends, and interest accretion	(733)	0	(1,442)	0
Undistributed net loss attributable to USA Rare Earth, Inc.	$ (11,066)	$ (142,506)	$ (78,764)	$ (90,674)
Denominator
Weighted average shares outstanding - basic (in shares)	230,081	92,769	213,347	91,598
Weighted average shares outstanding - diluted (in shares)	230,081	92,769	213,347	91,598
Net loss per share attributable to USA Rare Earth, Inc.
Basic (in Dollars per share)	$ (0.05)	$ (1.54)	$ (0.37)	$ (0.99)
Diluted (in Dollars per share)	$ (0.05)	$ (1.54)	$ (0.37)	$ (0.99)

Variable Interest Entity

6 Months Ended

Jun. 30, 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.

On August 7, 2026, the Company closed the acquisition of TMRC, to which the Company acquired 100% of the outstanding shares of TMRC. The transaction is valued at approximately $73.9 million based on the closing price of the Company’s common stock on the August 7, 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.

Subsequent to the closing, the Company will be 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.

Under the amended and restated limited liability company agreement of RTMD, prior to the above forementioned acquisition of TMRC, 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 six months ended June 30, 2026 has caused the Company’s ownership interest in RTMD to be increased by 40 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.





	June 30, 2026	December 31, 2025	Ownership Change
			(Basis points)
USA Rare Earth, Inc.	81.7%	81.3%	40
Texas Mineral Resources Corp.	18.3%	18.7%	(40)

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.





	June 30, 2026		December 31, 2025
	(In thousands)
ASSETS
Cash and cash equivalents	$	—	$	38
Prepaid expenses	100		106
Operating lease right-of-use assets	418		321
Mineral interests	17,339		17,339
Property, plant and equipment, net	698		201
Equipment deposits	63		—
Other assets, non-current	28		27
Total assets	$	18,646	$	18,032


LIABILITIES
Accounts payable	$	1,068	$	61
Accrued liabilities	2,514		469
Finance leases, current	233		137

Finance leases, non-current	188		185

Total liabilities	$	4,003	$	852

RTMD did not record depletion expense for the mineral interests for the three and six months ended June 30, 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 June 30, 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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (80,031)	$ (91,031)
Adjustments to reconcile net loss to cash used in operating activities
Equity-based compensation expense	11,003	1,282
Depreciation	1,579	135
Amortization of other intangible assets	2,713	0
Amortization of right of use assets	293	202
Foreign currency transactions	(139)	0
Loss on fair market value of financial instruments	21,135	74,362
Other non-cash adjustments	14	2,099
Changes in operating assets and liabilities:
Accounts receivable	(2,506)	0
Inventories	(26,428)	0
Prepaid and other assets	(18,661)	(1,035)
Accounts payable	7,465	(2,785)
Accrued and other liabilities	8,320	(1,364)
Deferred tax liability	(1,050)	0
Contract liabilities	548	0
Lease liability	139	(103)
Deferred grants	282	0
Net cash used in operating activities	(75,324)	(18,238)
Cash flows from investing activities:
Capital expenditures and equipment deposits	(108,388)	(6,297)
Net cash used in investing activities	(108,388)	(6,297)
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	20,789
Payment of securities issuance costs	(51,003)	(8,281)
Proceeds from issuance of common stock under PIPE financing	1,500,000	75,000
Payment of deferred government loan costs	(27,745)	0
Proceeds from exercise of warrants	68	21,951
Repayment of revolving credit facility	(1,849)	0
Payments on financed leases	(140)	0
Net cash provided by financing activities	1,419,331	129,565
Effect of exchange rate differences on cash, cash equivalents and restricted cash	(1,175)	0
Net change in cash, cash equivalents and restricted cash	1,234,444	105,030
Cash, cash equivalents and restricted cash, beginning of year	359,925	16,761
Cash, cash equivalents and restricted cash, end of period	1,594,369	121,791
Preferred Stock
Cash flows from financing activities:
Proceeds from issuance of USARE LLC Preferred units	0	23,250
Payment of issuance cost	0	(400)
PIPE Financing
Cash flows from financing activities:
Payment of issuance cost	$ 0	$ (4,822)

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity (Parenthetical)	Jun. 30, 2026	Dec. 31, 2025
Series A Cumulative Convertible Preferred Stock Subject To Possible Redemption
Statement [Line Items]
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%
Series A Preferred Stock
Statement [Line Items]
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%

- 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

Condensed Consolidated Balance Sheets (Parentheticals)	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Common stock, shares issued, not disclosed	true	true
Series A Cumulative Convertible Preferred Stock Subject To Possible Redemption
Statement [Line Items]
Payment-in-kind percentage of series A cumulative convertible preferred stock subject to possible redemption	12.00%	12.00%

- 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

Equity-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	Incentive Plan	2026		2025		2026		2025
		(In thousands)
Restricted stock units (1)	2024 Incentive Plan	$	5,989	$	—	$	10,864	$	—
Performance restricted stock units	2024 Incentive Plan	75		—		139		—
Incentive units	Legacy Incentive Plan	—		—		—		441
Class A units (1)	Legacy Incentive Plan	—		—		—		841





Total		$	6,064	$	—	$	11,003	$	1,282

Variable Interest Entity (Tables)

6 Months Ended

Jun. 30, 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.





	June 30, 2026	December 31, 2025	Ownership Change
			(Basis points)
USA Rare Earth, Inc.	81.7%	81.3%	40
Texas Mineral Resources Corp.	18.3%	18.7%	(40)

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.





	June 30, 2026		December 31, 2025
	(In thousands)
ASSETS
Cash and cash equivalents	$	—	$	38
Prepaid expenses	100		106
Operating lease right-of-use assets	418		321
Mineral interests	17,339		17,339
Property, plant and equipment, net	698		201
Equipment deposits	63		—
Other assets, non-current	28		27
Total assets	$	18,646	$	18,032


LIABILITIES
Accounts payable	$	1,068	$	61
Accrued liabilities	2,514		469
Finance leases, current	233		137

Finance leases, non-current	188		185

Total liabilities	$	4,003	$	852

- Definition

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

+ References + Details

Concentrations

6 Months Ended

Jun. 30, 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. The following table presents United States (“domestic”) and international (“foreign”) revenue, based on the customers’ “shipped to” address. No revenue was reported in the three and six months ended June 30, 2025.



	Three Months Ended June 30, 2026		Six Months Ended June 30, 2026

	(In thousands)
United States	$	1,742		$	2,702
International	4,079			8,817

Total revenue	$	5,821		$	11,519

Major Customers



	Three Months Ended June 30, 2026	Six Months Ended June 30, 2026


Customer 1	26%		37%
Customer 2	29%		23%
Customer 3	23%		18%
Customer 4	18%		17%





















All other customers (1)	3%		5%

(1)Includes individual customers that each accounted for less than 10% of total revenue.

- 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.

+ References

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-Section 50
-Paragraph 21
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+ Details

Mezzanine and Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2026	December 31, 2025
	(In thousands, except par value)
Common stock	750,000	$0.0001	244,671	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 $10.3 million and $8.9 million on June 30, 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 (in shares)		131
Shares issued in reverse recapitalization		$ 1,527	1,250
Deferred offering costs		(3,237)
Deemed dividend and accretion to redemption value		$ 11,676
Conversions (in shares)		(1,519)		2,610
Conversions		$ (18,724)			$ 18,724
Balances, end of period (in shares) at Jun. 30, 2025		3,714
Balances, end of period at Jun. 30, 2025	$ 25,242	$ 25,242	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			$ (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)
Dilution of non-controlling interest								(24)
Conversion of 12% Series A Convertible Preferred Stock (in shares)		(1,519)		2,610
Investor warrants exercised (in shares)				3,051
Investor warrants exercised				$ 1	38,469
Conversion of Earnout liability					(99,639)
Equity-based compensation					241
Deemed dividend - preferred accretion to redemption value					(11,676)
Common stock issuance					353
PIPE financing (in shares)				8,550
PIPE financing				$ 1
Other issuances (in shares)				26
Transaction bonus					841
Forward purchase agreements prepayment					50		$ (20,389)
Extinguishment of note payable					1,506
Early termination of forward purchase agreements							20,391
Accretion of forward purchase agreements							(2)
Net loss attributable to USA Rare Earth, Inc.	(90,674)							(90,650)
Net loss attributable to non-controlling interest	$ (357)								(357)
Common stock balances, end of period (in shares) at Jun. 30, 2025	96,189			96,189
Balances, end of period at Jun. 30, 2025	$ (131,934)			$ 10	46,270	$ 0	0	(180,500)	2,286
Balances, beginning of period (in shares) at Mar. 31, 2025		5,233
Balances, beginning of period at Mar. 31, 2025	32,397	$ 32,397	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Deemed dividend and accretion to redemption value		$ 11,569
Conversions (in shares)		(1,519)		2,610
Conversions		$ (18,724)			18,724
Balances, end of period (in shares) at Jun. 30, 2025		3,714
Balances, end of period at Jun. 30, 2025	$ 25,242	$ 25,242	0
Common stock balances, beginning of period (in shares) at Mar. 31, 2025	81,952			81,952
Balances, beginning of period at Mar. 31, 2025	$ (52,656)			$ 8	24		(17,187)	(37,994)	2,493
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dilution of non-controlling interest								(24)
Conversion of 12% Series A Convertible Preferred Stock (in shares)		(1,519)		2,610
Investor warrants exercised (in shares)				3,051
Investor warrants exercised				$ 1	38,469
Deemed dividend - preferred accretion to redemption value					(11,569)
Common stock issuance					353
PIPE financing (in shares)				8,550
PIPE financing				$ 1
Other issuances (in shares)				26
Forward purchase agreements prepayment					269
Early termination of forward purchase agreements							17,120
Accretion of forward purchase agreements							67
Net loss attributable to USA Rare Earth, Inc.	(142,506)							(142,482)
Net loss attributable to non-controlling interest	$ (207)								(207)
Common stock balances, end of period (in shares) at Jun. 30, 2025	96,189			96,189
Balances, end of period at Jun. 30, 2025	$ (131,934)			$ 10	46,270	0	0	(180,500)	2,286
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		$ 1,442
Balances, end of period (in shares) at Jun. 30, 2026		1,224
Balances, end of period at Jun. 30, 2026	$ 10,347	$ 10,347	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		(387,360)	1,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Investor warrants exercised (in shares)				10
Investor warrants exercised					255
Conversion of Earnout liability (in shares)				10,100
Conversion of Earnout liability				$ 1	215,827
Equity-based compensation					10,187
Deemed dividend - preferred accretion to redemption value					(1,442)
PIPE financing (in shares)				69,767
PIPE financing				$ 7	1,499,993
PIPE financing costs					(51,003)
Government grant program (in shares)				(16,133)
Government grant program				$ 1	451,394
Other issuances (in shares)				606
Other					(1,447)			1
Translation adjustment						(1,057)
Net loss attributable to USA Rare Earth, Inc.	(77,322)							(77,322)
Net loss attributable to non-controlling interest	$ (2,709)								(2,709)
Common stock balances, end of period (in shares) at Jun. 30, 2026	244,671			244,671
Balances, end of period at Jun. 30, 2026	$ 2,536,972			$ 24	3,003,612	(927)	0	(464,681)	(1,056)
Balances, beginning of period (in shares) at Mar. 31, 2026		1,224
Balances, beginning of period at Mar. 31, 2026	9,614	$ 9,614	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Deemed dividend and accretion to redemption value		$ 733
Balances, end of period (in shares) at Jun. 30, 2026		1,224
Balances, end of period at Jun. 30, 2026	$ 10,347	$ 10,347	$ 0
Common stock balances, beginning of period (in shares) at Mar. 31, 2026	217,976			217,976
Balances, beginning of period at Mar. 31, 2026	$ 1,878,959			$ 22	2,332,912	(200)		(454,349)	574
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Earnout liability (in shares)				10,100
Conversion of Earnout liability				$ 1	215,827
Equity-based compensation					5,248
Deemed dividend - preferred accretion to redemption value					(733)
Government grant program (in shares)				(16,133)
Government grant program				$ 1	451,394
Other issuances (in shares)				462
Other					(1,036)			1
Translation adjustment						(727)
Net loss attributable to USA Rare Earth, Inc.	(10,333)							(10,333)
Net loss attributable to non-controlling interest	$ (1,630)								(1,630)
Common stock balances, end of period (in shares) at Jun. 30, 2026	244,671			244,671
Balances, end of period at Jun. 30, 2026	$ 2,536,972			$ 24	$ 3,003,612	$ (927)	$ 0	$ (464,681)	$ (1,056)

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Liabilities
Total Warrant liabilities	$ 364,189	$ 19,534
Level 3
Liabilities
Earnout liability	0	108,671
Series A Warrant	40,690	19,534
Government Grant Warrant	323,499	0
Total Warrant liabilities	364,189	19,534
Total	$ 364,189	$ 128,205

Mezzanine and Stockholders’ Equity - Narrative (Details) - USD ($) $ in Thousands			6 Months Ended
	Jan. 28, 2026	Jan. 27, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 03, 2026
Mezzanine and Stockholders’ Equity [Line Items]
Proceeds from issuance of common stock under PIPE financing			$ 1,500,000	$ 75,000
Common Stock
Mezzanine and Stockholders’ Equity [Line Items]
Common stock, shares issued (in shares)					16,132,790
US Dept of Commerce \| DOC Warrant
Mezzanine and Stockholders’ Equity [Line Items]
Common stock and warrants issued (in shares)					17,600,584
US Dept of Commerce \| Common Stock
Mezzanine and Stockholders’ Equity [Line Items]
Common stock, shares issued (in shares)					16,132,790
$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)	69,800,000
Conversions	$ 1,500,000

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Hooton Park Acquisition On July 2, 2026, the Company purchased its currently leased Less Common Metals. Ltd. manufacturing site, including land and building (also referred to as “Hooton Park”), for approximately £7.0 million, or approximately $9.3 million. The Company is currently completing the accounting for the acquisition, including a preliminary assessment of environmental remediation obligations associated with the property. Based on information currently available, management expects certain environmental liabilities to be recognized in connection with the acquisition; however, the amount and timing of any such obligations remain subject to further analysis and may change materially as the valuation and environmental review are finalized.