USA Rare Earth surged to an all-time high Friday after CEO Barbara Humpton said the company is in talks with the Trump administration about potential government support.
The company’s shares jumped more than 18%, to $32.45, giving the Dallas-based miner a market value of $2.59 billion.
The stock has more than doubled this year.
When asked Thursdsay on CNBC about striking a deal with the administration, Humpton said the company is in “close communication” with the White House.
USA Rare Earth did not immediately respond to a Post request for comment.
Humpton’s remarks came days after the White House disclosed a 5% equity stake in Lithium Americas and its Thacker Pass joint venture with General Motors.
In July, the Defense Department became the largest shareholder in MP Materials after committing to a multibillion-dollar expansion of rare earth magnet production.
USA Rare Earth has not confirmed whether it is in line for federal investment itself.
President Trump invoked emergency powers in March to ramp up domestic production of critical minerals after China halted rare earth exports during a trade dispute.
Although Beijing eased restrictions in June, the move to accelerate domestic production placed a spotlight on US reliance on Chinese supply.
Rare earth elements — a group of 17 metals essential to electric vehicles, smartphones and military hardware — remain dominated by Chinese producers.
“This is a field where it will not be a zero-sum game,” Humpton told CNBC. “It’s going to take a lot of players to build out this marketplace.”
USA Rare Earth is developing a rare earth mine in Sierra Blanca, Texas, and a magnet plant in Stillwater, Okla., both of which are expected to go commercial in the first half of 2026.
The company is a key emerging US manufacturer of manget alloys known as “neo magnets” — and any strategy to boost domestic mineral capacity should include it — Subash Chandra, analyst at The Benchmark Company, told Reuters.
Chandra added that government investment could take multiple forms, but stressed, “There’s still a missing piece to the mines-to-magnets strategy.”
The administration has said its stakes in Lithium Americas and MP Materials are designed to shore up supply chains and counter Beijing’s control of the sector.
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