Cyclic Materials receives $75M in funding to accelerate domestic rare earth infrastructure
Facility improvements include proprietary magnet separation, rare earth recovery, and refining platforms at scale
Cyclic Materials just reached another milestone in building its rare earth production infrastructure. The company has completed a USD $75 million strategic financing round, reflecting an expanded commitment from investors and bringing total equity funding to USD $237 million.
The financing will assist in accelerating deployment of Cyclic Materials' rare earth recycling campus in South Carolina and the expansion of its Hub-and-Spoke infrastructure across the United States, increasing domestic production capacity for rare earths and critical minerals used across the AI, semiconductor, robotics, defense, automotive, medical, and other advanced manufacturing sectors.
The latest financing round is led by accounts advised by T. Rowe Price Associates, Inc., which first invested in Cyclic Materials in 2025. The round builds on strong commercial momentum, including the commissioning of Cyclic Materials' first commercial Spoke in Arizona, advancement of its South Carolina integrated rare earth campus, expansion of strategic commercial partnerships, and the ongoing establishment of a resilient domestic rare earth supply chain. In addition, ERI, a recently announced strategic partner of Cyclic Materials, joined as a new strategic investor.
"Cyclic Materials continues to demonstrate itself as the market leader in rare earth recovery, advancing its commercial operations, expanding its U.S. footprint and securing strategic partnerships across the critical material supply chain," said Vineet Khanna, investment analyst at T. Rowe Price. "Our continued investment reflects our confidence in the company's ability to scale domestic rare earth recycling and production infrastructure for use across critical U.S. industries and technologies."
Increasing domestic production of critical minerals
The new capital will accelerate Cyclic Materials' expansion of its U.S. Hub-and-Spoke infrastructure, with plans to break ground on an integrated rare earth recycling campus in South Carolina in Q4 2026. The additional capacity will complement the company's Arizona magnet separation and critical mineral recycling plant, which is expected to commence operations in Q3 2026.
The South Carolina facility will combine the company's proprietary magnet separation, rare earth recovery, and refining platforms at scale. By expanding its Hub-and-Spoke network, Cyclic Materials is building an integrated domestic critical material ecosystem, from feedstock sourcing and manufacturing scrap recovery to rare earth production.
The financing comes as the United States has designated the recovery of critical materials already in circulation a national defense and supply security priority. A July 30 Presidential Determination specifically identified end-of-life rare earth permanent magnets, manufacturing swarf, and other critical-mineral-bearing scrap as recoverable resources essential to national security.
"The continued support of our investors is enabling us to build vital U.S. rare earth infrastructure at a time when it has become a national priority," said Ahmad Ghahreman, founder and CEO of Cyclic Materials. "This additional capital will enable us to move faster in South Carolina and across the U.S., accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing."
Trusted investors
ERI's entry as an investor builds on the strategic partnership announced by the two companies in July. Through the partnership, ERI will use its nationwide electronics collection and processing network to identify, secure, and pre-process products containing rare earth magnets and other critical materials for recovery by Cyclic Materials, establishing a stronger value chain for feedstock to flow domestically for rare earth recovery.
In addition to T. Rowe Price accounts, Cyclic Materials is backed by a global group of institutional and strategic investors that includes Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover, and Hitachi Ventures, among others.
