Donald Trump Jr.-backed company seizes $620 million government contract

Vulcan Elements, a rare earth magnet startup backed by Donald Trump Jr.’s venture capital firm 1789 Capital, has been awarded a $620 million contract from the US Department of Defense. As reported by the Financial Times.

The contract is part of a $1.4 billion partnership with the US government and ReElement Technologies to expand and enhance the domestic supply of magnets. According to the company.

Trump Jr. joined 1789 Capital as a partner in 2024. The company is said to have invested in Vulcan Elements About three months agoaccording to Bloomberg. Last August, the company announced Series A of $65 million Led capital altimeter.

The Financial Times reported that this government contract represents the largest ever awarded by the Pentagon’s Strategic Capital Office. This year alone, at least four companies, 1,789 in number, received government contracts, the Financial Times reported. The company is also a backer of SpaceX and Anduril, two companies that have long sold technology to the government.

Vulcan denied to the Financial Times that Trump Jr. was involved in the contract negotiations, as did a spokesman for Trump Jr., who said he “was not involved in negotiations with the government on behalf of the 1789 portfolio companies.”