v3.26.1
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Preferred Stock
Subscription Receivable
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Subscription Receivable
Accumulated Deficit
Non-Controlling Interest
Balances, beginning of period (in shares) at Dec. 31, 2024   2,739              
Balances, beginning of period at Dec. 31, 2024 $ 19,923 $ 21,173 $ (1,250)            
Increase (Decrease) in Temporary Equity [Roll Forward]                  
USARE LLC Convertible Preferred unit dividends (in shares)   84              
USARE LLC Convertible Preferred unit dividends   $ 1,082              
Issuance of preferred stock and warrants, net of issuance costs (in shares)   2,279              
Issuance of preferred stock, net of issuance costs   $ 11,745              
Shares issued in reverse recapitalization (in shares)   131              
Shares issued in reverse recapitalization   $ 1,527 1,250            
Deferred offering costs   (3,237)              
Deemed dividend and accretion to redemption value   $ 11,676              
Conversions (in shares)   (1,519)   2,610          
Conversions   $ (18,724)     $ 18,724        
Balances, end of period (in shares) at Jun. 30, 2025   3,714              
Balances, end of period at Jun. 30, 2025 $ 25,242 $ 25,242 0            
Common stock balances, beginning of period (in shares) at Dec. 31, 2024 60,091     60,091          
Balances, beginning of period at Dec. 31, 2024 $ 34,021     $ 6 104,244     $ (72,872) $ 2,643
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
USARE LLC Convertible Preferred unit dividends (in shares)       182          
Shares issued in reverse merger recapitalization (in shares)       21,679          
Shares issued in reverse merger recapitalization       $ 2 (6,843)     (16,954)  
Dilution of non-controlling interest               (24)  
Conversion of 12% Series A Convertible Preferred Stock (in shares)   (1,519)   2,610          
Investor warrants exercised (in shares)       3,051          
Investor warrants exercised       $ 1 38,469        
Conversion of Earnout liability         (99,639)        
Equity-based compensation         241        
Deemed dividend - preferred accretion to redemption value         (11,676)        
Common stock issuance         353        
PIPE financing (in shares)       8,550          
PIPE financing       $ 1          
Other issuances (in shares)       26          
Transaction bonus         841        
Forward purchase agreements prepayment         50   $ (20,389)    
Extinguishment of note payable         1,506        
Early termination of forward purchase agreements             20,391    
Accretion of forward purchase agreements             (2)    
Net loss attributable to USA Rare Earth, Inc. (90,674)             (90,650)  
Net loss attributable to non-controlling interest $ (357)               (357)
Common stock balances, end of period (in shares) at Jun. 30, 2025 96,189     96,189          
Balances, end of period at Jun. 30, 2025 $ (131,934)     $ 10 46,270 $ 0 0 (180,500) 2,286
Balances, beginning of period (in shares) at Mar. 31, 2025   5,233              
Balances, beginning of period at Mar. 31, 2025 32,397 $ 32,397 0            
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Deemed dividend and accretion to redemption value   $ 11,569              
Conversions (in shares)   (1,519)   2,610          
Conversions   $ (18,724)     18,724        
Balances, end of period (in shares) at Jun. 30, 2025   3,714              
Balances, end of period at Jun. 30, 2025 $ 25,242 $ 25,242 0            
Common stock balances, beginning of period (in shares) at Mar. 31, 2025 81,952     81,952          
Balances, beginning of period at Mar. 31, 2025 $ (52,656)     $ 8 24   (17,187) (37,994) 2,493
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dilution of non-controlling interest               (24)  
Conversion of 12% Series A Convertible Preferred Stock (in shares)   (1,519)   2,610          
Investor warrants exercised (in shares)       3,051          
Investor warrants exercised       $ 1 38,469        
Deemed dividend - preferred accretion to redemption value         (11,569)        
Common stock issuance         353        
PIPE financing (in shares)       8,550          
PIPE financing       $ 1          
Other issuances (in shares)       26          
Forward purchase agreements prepayment         269        
Early termination of forward purchase agreements             17,120    
Accretion of forward purchase agreements             67    
Net loss attributable to USA Rare Earth, Inc. (142,506)             (142,482)  
Net loss attributable to non-controlling interest $ (207)               (207)
Common stock balances, end of period (in shares) at Jun. 30, 2025 96,189     96,189          
Balances, end of period at Jun. 30, 2025 $ (131,934)     $ 10 46,270 0 0 (180,500) 2,286
Balances, beginning of period (in shares) at Dec. 31, 2025   1,224              
Balances, beginning of period at Dec. 31, 2025 8,905 $ 8,905 0            
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Deemed dividend and accretion to redemption value   $ 1,442              
Balances, end of period (in shares) at Jun. 30, 2026   1,224              
Balances, end of period at Jun. 30, 2026 $ 10,347 $ 10,347 0            
Common stock balances, beginning of period (in shares) at Dec. 31, 2025 148,055     148,055          
Balances, beginning of period at Dec. 31, 2025 $ 494,286     $ 15 879,848 130   (387,360) 1,653
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Investor warrants exercised (in shares)       10          
Investor warrants exercised         255        
Conversion of Earnout liability (in shares)       10,100          
Conversion of Earnout liability       $ 1 215,827        
Equity-based compensation         10,187        
Deemed dividend - preferred accretion to redemption value         (1,442)        
PIPE financing (in shares)       69,767          
PIPE financing       $ 7 1,499,993        
PIPE financing costs         (51,003)        
Government grant program (in shares)       (16,133)          
Government grant program       $ 1 451,394        
Other issuances (in shares)       606          
Other         (1,447)     1  
Translation adjustment           (1,057)      
Net loss attributable to USA Rare Earth, Inc. (77,322)             (77,322)  
Net loss attributable to non-controlling interest $ (2,709)               (2,709)
Common stock balances, end of period (in shares) at Jun. 30, 2026 244,671     244,671          
Balances, end of period at Jun. 30, 2026 $ 2,536,972     $ 24 3,003,612 (927) 0 (464,681) (1,056)
Balances, beginning of period (in shares) at Mar. 31, 2026   1,224              
Balances, beginning of period at Mar. 31, 2026 9,614 $ 9,614 0            
Increase (Decrease) in Temporary Equity [Roll Forward]                  
Deemed dividend and accretion to redemption value   $ 733              
Balances, end of period (in shares) at Jun. 30, 2026   1,224              
Balances, end of period at Jun. 30, 2026 $ 10,347 $ 10,347 $ 0            
Common stock balances, beginning of period (in shares) at Mar. 31, 2026 217,976     217,976          
Balances, beginning of period at Mar. 31, 2026 $ 1,878,959     $ 22 2,332,912 (200)   (454,349) 574
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Conversion of Earnout liability (in shares)       10,100          
Conversion of Earnout liability       $ 1 215,827        
Equity-based compensation         5,248        
Deemed dividend - preferred accretion to redemption value         (733)        
Government grant program (in shares)       (16,133)          
Government grant program       $ 1 451,394        
Other issuances (in shares)       462          
Other         (1,036)     1  
Translation adjustment           (727)      
Net loss attributable to USA Rare Earth, Inc. (10,333)             (10,333)  
Net loss attributable to non-controlling interest $ (1,630)               (1,630)
Common stock balances, end of period (in shares) at Jun. 30, 2026 244,671     244,671          
Balances, end of period at Jun. 30, 2026 $ 2,536,972     $ 24 $ 3,003,612 $ (927) $ 0 $ (464,681) $ (1,056)