Company supported by Donald Trump Jr.’s company secures $620 million federal contract
Vulcan Elements Lands Major Defense Contract
Vulcan Elements, a startup specializing in rare-earth magnets and supported by Donald Trump Jr.’s venture capital firm 1789 Capital, has been awarded a $620 million deal from the U.S. Department of Defense, according to the Financial Times.
This agreement is part of a broader $1.4 billion collaboration with the U.S. government and ReElement Technologies, aimed at strengthening and expanding the domestic production of magnets, the company stated.
Donald Trump Jr. became a partner at 1789 Capital in 2024. Bloomberg reports that the firm invested in Vulcan Elements approximately three months ago. Earlier, in August, Vulcan Elements secured $65 million in Series A funding, led by Altimeter Capital.
The Financial Times noted that this contract is the largest ever issued by the Pentagon’s Office of Strategic Capital. So far this year, at least four companies backed by 1789 Capital have secured government contracts. The firm also counts SpaceX and Anduril—both established government technology suppliers—among its investments.
Both Vulcan Elements and a representative for Trump Jr. told the Financial Times that he was not involved in the contract discussions, with the spokesperson clarifying that Trump Jr. “had no involvement in negotiations with the government on behalf of 1789’s portfolio companies.”
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