Trump Jr.'s Firm-Backed Company Wins $620M Government Contract

Vulcan Elements Awarded Significant DoD Contract

Vulcan Elements, a startup specializing in rare-earth magnets and supported by 1789 Capital – a venture capital firm with ties to Donald Trump Jr. – has been awarded a substantial contract valued at $620 million from the U.S. Department of Defense. This information was initially reported by the Financial Times.

Boosting Domestic Magnet Supply

The contract forms a key component of a broader $1.4 billion collaborative effort involving the U.S. government and ReElement Technologies. The partnership is specifically designed to enhance and broaden the nation’s internal production capacity of magnets.

Recent Investment and Funding

Donald Trump Jr. became a partner at 1789 Capital in 2024. Bloomberg reports that the firm made an investment in Vulcan Elements approximately three months prior to the contract announcement.

In August, Vulcan Elements successfully closed a $65 million Series A funding round, spearheaded by Altimeter Capital.

Largest Contract of its Kind

According to the Financial Times, this government contract is the largest ever issued by the Pentagon’s Office of Strategic Capital. At least four companies backed by 1789 Capital have secured government contracts this year alone.

1789 Capital also provides funding to prominent government tech suppliers such as SpaceX and Anduril.

No Involvement Claimed

Both Vulcan Elements and a representative for Donald Trump Jr. have stated that he was not involved in the contract negotiations. The spokesperson confirmed that Trump Jr. “had no involvement in negotiations with the government on behalf of 1789’s portfolio companies.”

It was emphasized that all dealings were conducted independently.