Cyclic Materials has raised $75 million in strategic financing to accelerate the buildout of US infrastructure for recovering and producing rare earths, bringing the company’s total equity funding to $237 million.
The financing, led by accounts advised by T. Rowe Price Associates, comes as demand for domestically sourced rare earth materials intensifies across the AI, semiconductor, robotics, defense, automotive and medical industries.
The company said the new capital will help speed construction of its integrated rare earth recycling campus in South Carolina, with groundbreaking planned for the fourth quarter of 2026, while expanding its Hub-and-Spoke network across the country.
Cyclic Materials expects its Arizona magnet separation and critical mineral recycling plant to begin operations in the third quarter of 2026.
The South Carolina campus will bring together the company’s proprietary magnet separation, rare earth recovery and refining technologies at commercial scale. The broader network is designed to create a domestic supply chain stretching from feedstock collection and manufacturing scrap recovery to refined rare earth production.
The latest round builds on T. Rowe Price’s initial investment in Cyclic Materials in 2025 and reflects growing investor confidence in the company’s ability to scale its technology and commercial operations.
“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 US industries and technologies.”
ERI, a strategic partner recently announced by Cyclic Materials, also joined the financing as a new strategic investor.
The funding arrives as Washington increasingly treats recovery of critical materials already in circulation as a matter of national security and supply-chain resilience.
A 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.”
