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

In Brief

Vulcan Elements, a rare-earth magnets startup backed by Donald Trump Jr.’s VC steadfast 1789 Capital, has secured a $620 cardinal declaration from the U.S. defence department, arsenic reported by the Financial Times.

The declaration is portion of a $1.4 cardinal concern with the U.S. Government and ReElement Technologies to grow and boost the home proviso of magnets, according to the company.

Trump Jr. joined 1789 Capital arsenic a spouse successful 2024. The steadfast is said to person invested successful Vulcan Elements around 3 months ago, according to Bloomberg. In August, the institution announced a $65 cardinal Series A led by Altimeter Capital.

This authorities declaration represents the largest ever made by the Pentagon’s Office of Strategic Capital, the FT reported. This twelvemonth alone, astatine slightest 4 1789 companies person received authorities contracts, FT reported. The steadfast is besides a backer successful SpaceX and Anduril, 2 long-time sellers of tech to the government.

Vulcan denied to FT that Trump Jr. had engagement with the declaration negotiations, arsenic did a spokesperson for Trump Jr., who said helium “had nary engagement successful negotiations with the authorities connected behalf of 1798’s portfolio companies.”

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