Vulcan Elements

Vulcan Elements is a rare earth permanent magnet manufacturer headquartered in Durham, North Carolina, founded by CEO John Maslin (U.S. Navy veteran, Harvard Business School). The company operates a small-scale commercial facility in Durham and is building a $1 billion, 10,000-metric-tonne magnet manufacturing facility in Benson, NC, described as the largest rare earth magnet factory outside China. In March 2026 it announced a $1.4 billion partnership with the U.S. government (alongside ReElement Technologies) and a supply MOU with Ucore Rare Metals for NdPr and Dy oxides beginning in 2027. It has raised a $65 million Series A and was separately reported to be raising $550 million at a roughly $2 billion valuation, led by Washington Harbour (March 2026). The company reports contracts with every branch of the U.S. military, about 100 employees (roughly 90% in technical roles), and was named to the 2026 NatSec100 list by Silicon Valley Defense Group and J.P. Morgan.