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

Vulcan Elements, a startup specializing in rare-earth magnets and supported by Donald Trump Jr.'s venture capital firm 1789 Capital, has successfully landed a substantial $620 million contract from the U.S. Department of Defense. This significant deal is part of a broader $1.4 billion initiative aimed at enhancing the domestic production of magnets in collaboration with ReElement Technologies. Trump Jr. became a partner at 1789 Capital in 2024, and the firm reportedly invested in Vulcan Elements approximately three months prior to this contract. In August, Vulcan announced a successful $65 million Series A funding round, spearheaded by Altimeter Capital. The recent contract with the Pentagon marks the largest awarded by the Office of Strategic Capital to date. According to reports, at least four companies within the 1789 portfolio have secured government contracts this year. The firm is also known for its investments in notable tech companies such as SpaceX and Anduril, which have long-standing relationships with government agencies. Vulcan Elements has asserted that Donald Trump Jr. was not involved in the contract negotiations, a claim echoed by a spokesperson for Trump Jr., who clarified that he played no role in discussions with the government regarding the firm’s portfolio companies.