Vulcan Elements Valuation, Funding & Investors

Vulcan Elements is valued at $250M as of August 2025.

Last Vulcan Elements valuation

$250M

Series A · Aug 2025

Last Vulcan Elements funding round

$431M

Undisclosed stage · Apr 2026

Cumulative funding Vulcan Elements raised

$501M

across 3 funding rounds

Key investors in Vulcan Elements

  • FJ Labs
  • Altimeter
  • One Investment Management

Vulcan Elements Overview

About Vulcan Elements

Vulcan Elements is a manufacturer of sintered neodymium-iron-boron magnets for defense and commercial applications. Sourcing materials from the U.S. and allies, it runs a production and R&D facility in Durham, North Carolina, supporting Department of Defense programs and expanding capacity.


Founded

2023

HQ

United StatesDurham, NC

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Product sales

Valuation

$250M (Aug 2025)

Vulcan Elements Valuation

Vulcan Elements is currently valued at $250M, based on its Series A in August 2025.

The $65M round was led by Altimeter, with participation from One Investment Management.

Vulcan Elements' valuation has moved from $250M at its seed round in December 2023 to $250M in August 2025, across 2 priced rounds.

Vulcan Elements valuation by funding round

Vulcan Elements valuation by funding round
DateStageValuation
Aug 2025Series A$250M
Dec 2023Seed$250M

Vulcan Elements Funding History

Vulcan Elements has raised a total of $501M across 3 funding rounds.

Vulcan Elements' first fundraising round was a $5M seed round in December 2023. The most recent completed round was a $431M undisclosed-stage round in April 2026.

Vulcan Elements funding rounds

Vulcan Elements funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2026Undisclosed stage-$431M--
Aug 2025Series AAltimeter (lead); One Investment Management$65M$250MVulcan Elements is a Durham, North Carolina-based manufacturer of sintered permanent neodymium iron boron (NdFeB) rare-earth magnets for defense and commercial applications including AI data centers, drones, robotics, electric motors, and military platforms. The company aims to onshore the U.S. rare earth magnet supply chain, reducing dependence on China, and has emerged as a leader in the space within two years of incorporation due to rapid execution and high performance. On August 11, 2025 (sources dated August 18), Vulcan Elements closed a $65 million Series A funding round led by Altimeter Capital, with significant participation from One Investment Management. Altimeter, managing over $12 billion, and OneIM, with over $7 billion, backed Vulcan to scale production from initial capabilities to several hundred metric tonnes annually soon and several thousand by decade's end. The round was reported at a $250 million post-money valuation. Funds will accelerate commercial scale expansion to meet growing demand. Post-Series A, Vulcan announced a $1.4 billion partnership on November 3, 2025, including a $620 million conditional direct loan from the Department of War's Office of Strategic Capital, $50 million in CHIPS Act incentives from the Department of Commerce (with $50 million equity to Commerce), and $550 million private capital, aiming for 10,000 tonnes production capacity. This followed OSC's $700 million joint conditional loan commitment on November 21, 2025, with ReElement Technologies. Vulcan also received a North Carolina small business grant and plans a 1,000-job factory in Johnston County with potential $17.6 million JDIG incentives. The focus remains on scaling production and securing government support for national security supply chain reshoring.
Dec 2023SeedFJ Labs$5M$250M-

Who has invested in Vulcan Elements?

3 investors have backed Vulcan Elements across its funding rounds, including FJ Labs, Altimeter and One Investment Management.

Lead investors include Altimeter.


Vulcan Elements Investors

Investors in Vulcan Elements by funding rounds participated
InvestorHQRoundsRoleFirst check
FJ LabsUnited StatesNew York City, NY1ParticipantDec 2023

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Vulcan Elements Competitors

Vulcan Elements competitors include listed companies like Altınay Savunma, Swarmer and NSE Groupe, and private ones like RED 6, Firehawk Aerospace and ideaForge.

Public and private companies comparable to Vulcan Elements
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
RED 6United StatesOrlando, FLPrivate$54M-$277M5.1x
Firehawk AerospaceUnited StatesDallas, TXPrivate--$290M-
Altınay SavunmaTurkeyTurkeyPublicly listed$65M$9M$302M-
ideaForgeIndiaMumbaiPrivate$152M-$304M2.0x
SwarmerUnited StatesUnited StatesPublicly listed$310K($8M)$342M101.7x
NSE GroupeFranceFrancePublicly listed$126M$13M$163M1.2x

Vulcan Elements Public Comps

Vulcan Elements is still privately-owned, but its public comps include Outdoor Holding, Smart Shooter, Australian Strategic Materials, AIRO Group, Hawkeye Systems, Accsys, TSG IT Advanced Systems, Canatu, Zotefoams and Draganfly.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Outdoor Holding$51M$11M3.7x3.5x16.8x7.6x
Smart Shooter$37M$7M4.5x-22.9x-
Australian Strategic Materials$2M($16M)82.4x89.3x(11.8x)(12.7x)
AIRO Group$91M$25M2.4x2.1x8.6x(29.7x)
Hawkeye Systems-($289K)--(941.3x)-
Accsys$177M$16M1.6x1.5x17.6x10.2x
TSG IT Advanced Systems$142M$19M1.6x-11.9x-
Canatu$18M($10M)7.5x9.0x(13.7x)(7.9x)

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Common questions about Vulcan Elements

When was Vulcan Elements founded?Vulcan Elements was founded in 2023.
Where is Vulcan Elements headquartered?Vulcan Elements is headquartered in Durham, NC, United States.
Is Vulcan Elements publicly listed?No, Vulcan Elements is a private, VC-backed company.
What is Vulcan Elements' valuation?Vulcan Elements was last valued at $250M in its Series A in August 2025.
How much funding has Vulcan Elements raised?Vulcan Elements has raised $501M across 3 funding rounds.
What was Vulcan Elements' last funding round?Vulcan Elements' last funding round was a $431M undisclosed-stage round in April 2026.
Who are Vulcan Elements' investors?Vulcan Elements' investors include FJ Labs, Altimeter and One Investment Management.
Which companies are comparable to Vulcan Elements?Companies comparable to Vulcan Elements include RED 6, Firehawk Aerospace, Altınay Savunma, ideaForge, Swarmer and NSE Groupe.

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