Company backed by Donald Trump Jr.’s firm nabs $620M government contract

Vulcan Elements, a startup specializing in rare-earth magnets, has secured a $620 million contract from the U.S. Department of Defense. This contract is part of a larger $1.4 billion partnership involving the U.S. government and ReElement Technologies aimed at expanding and strengthening the domestic supply of magnets. Vulcan Elements is backed by 1789 Capital, an investment firm that Donald Trump Jr. joined as a partner in 2024 and which has invested in the company. This government contract is notable for being the largest ever awarded by the Pentagon’s Office of Strategic Capital. In 2025, at least four companies backed by 1789 Capital have received government contracts. The firm also invests in other prominent tech companies like SpaceX and Anduril, both long-time government contractors. Despite the connections, Vulcan Elements and a spokesperson for Trump Jr. have denied any involvement by Trump Jr. in the contract negotiations.