v3.26.1
Variable Interest Entity (Tables)
 6 Months Ended
Jun. 30, 2026
Variable Interest Entity, Measure of Activity [Abstract]  
Business Combination
The following table presents the ownership percentages of the Company and TMRC and the changes in ownership percentages as of the dates indicated.
June 30,
2026		December 31,
2025		Ownership Change
(Basis points)
USA Rare Earth, Inc.81.7%81.3%40
Texas Mineral Resources Corp.18.3%18.7%(40)
Schedule of Consolidated Balance Sheets
The following table presents the assets and liabilities of RTMD that are included in the Company’s Condensed Consolidated Balance Sheets as of the dates indicated.
June 30,
2026		December 31,
2025
(In thousands)
ASSETS
Cash and cash equivalents$— $38 
Prepaid expenses100 106 
Operating lease right-of-use assets418 321 
Mineral interests17,339 17,339 
Property, plant and equipment, net698 201 
Equipment deposits63 — 
Other assets, non-current28 27 
Total assets$18,646 $18,032 
LIABILITIES
Accounts payable$1,068 $61 
Accrued liabilities2,514 469 
Finance leases, current233 137 
Finance leases, non-current188 185 
Total liabilities$4,003 $852