Durham, North Carolina —Vulcan Elements announced the close of a $65 million Series A, led by Altimeter Capital and with significant participation from One Investment Management. This investment will accelerate Vulcan’s expansion to commercial scale to meet rapidly growing market demand—a critical milestone toward fully on-shoring the rare earth magnet supply chain and enabling the United States and its allies to dominate the 21st century.

Altimeter Capital, a premier technology investment firm with over $12 billion in assets under management, led the round. Known for backing category-defining companies, Altimeter believes Vulcan will “anchor the next century of American innovation and national security,” said Altimeter Founder and CEO Brad Gerstner. “Vulcan’s relentless execution has put it at the forefront of the industry. Vulcan has already emerged as a best-in-class manufacturer within two years of incorporation. There’s no one else in the rare earth space moving at this pace and with this level of performance.”

The round also included significant participation from One Investment Management—a global alternative investment firm founded by Rajeev Misra, former CEO of SoftBank’s $100 billion Vision Fund, who has helped build some of the most consequential businesses of the past decade—including NVIDIA, Uber, and Grab. With over $7 billion of assets under management, OneIM has deep cross-sector assets and expertise. “It’s rare to see a company in this space move with this level of speed, technical rigor, and focus,” Misra explained. “The importance of the magnet supply chain is more vivid than ever, and Vulcan is on track to be a cornerstone company for global manufacturing and innovation.” Misra and OneIM’s decades of experience in scaling industrial and commercial projects are distinct advantages for Vulcan as it expands.