v3.26.1
Net Loss per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Income (Loss) Per Share Attributable to Holders of Common Stock
The following table sets forth the computation of the numerator and denominator for net loss per share attributable to holders of Common Stock.

Year Ended December 31,
20252024
(In thousands, except for per share amounts)
Numerator
Net loss attributable to USA Rare Earth, Inc.
$(297,559)$(15,735)
Declared and deemed dividends, and interest accretion(26,954)(8,170)
Undistributed net loss attributable to USA Rare Earth, Inc.
$(324,513)$(23,905)
Denominator
Weighted average shares outstanding - basic and diluted98,021 59,538 
Net loss per share attributable to USA Rare Earth, Inc.
Basic and diluted
$(3.31)$(0.40)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The following table presents categories of shares that are excluded from the diluted per share computation as their effect would be anti-dilutive.
Year Ended December 31,
20252024
(Shares in thousands)
12% Series A Cumulative Convertible Preferred Stock (1)
2,301 2,739 
Series A warrants2,446 3,000 
Earnout shares10,100 — 
USARE LLC Class B Convertible warrants
— 1,699 
USARE LLC Class C Convertible warrants
— 398 
Incentive units— 8,008 
Total14,847 15,844 
(1)Represents the amount of potential common shares, if converted at each reported date.