The US government has committed over $4.5 billion to domestic critical minerals companies over the span of roughly five months, a spending spree that reflects just how seriously Washington is taking its dependence on China for materials that power everything from fighter jets to electric vehicles.
China controls approximately 95% of global heavy rare earth production. The US relies on those imports for nearly 100% of its requirements.
The Pentagon becomes a shareholder
The Department of Defense isn’t just writing checks anymore. It’s buying seats at the table. In 2025, the Pentagon acquired a direct equity stake in MP Materials, making itself the largest shareholder in one of the few companies actually mining and processing rare earths on American soil.
The Trump administration has gone further, converting existing federal grants into equity positions. USA Rare Earth saw the government take a reported 10% stake as part of a $1.6 billion investment package.
