Vulcan Elements, a rare-earth magnet startup Backed by Donald Trump Jr.’s VC firm 1789 Capitalhas won a $620 million contract from the US Department of Defense As reported by the Financial Times.
The contract is part of a $1.4 billion partnership with the U.S. government and ReElement Technologies to expand and boost domestic supply of magnets. According to the company.
Trump Jr. joined 1789 Capital as a partner in 2024. The firm is said to have invested in Vulcan Elements about three months agoAccording to Bloomberg. The company had announced in August $65 million Series A Led by Altimeter Capital.
According to the FT report, this government contract is the largest ever awarded by the Pentagon’s Strategic Capital Office. This year alone, at least four 1789 companies have received government contracts, the FT reports. The firm is also a supporter of SpaceX and Anduril, two longtime vendors of technology to the government.
Vulcan denied to the FT that Trump Jr. had involvement in the contract negotiations, as did a spokesperson for Trump Jr., who said he “had no involvement in negotiations with the government on behalf of 1798’s portfolio companies.”
