White & Case advises USA Rare Earth on LOI for access to US$1.6 billion in US government funding and on US$1.5 billion PIPE

Global law firm White & Case LLP has advised USA Rare Earth, Inc. (Nasdaq: USAR) on its entry into a non-binding letter of intent (LOI) with the US Department of Commerce for the CHIPS Program to provide a total of US$1.6 billion, including US$277 million in proposed federal funding and US$1.3 billion in a proposed senior secured loan under the CHIPS Act, as well as on a private placement of common stock (PIPE) in the amount of US$1.5 billion, anchored by Inflection Point, with participation from large mutual fund complexes. The PIPE is expected to close on January 28, 2026, subject to the satisfaction of customary closing conditions.

The transactions are intended to enable the largest domestic heavy rare earth, critical mineral, metal and magnet production to support US semiconductor, defense, energy and other major industries.

The White & Case team was led by Capital Markets partners Joel Rubinstein, Jonathan Rochwarger (both in New York) and Jason Rocha (Houston), and associate Russell Deutsch (New York). The team also included US Government Contracts partner Melissa Taylormoore (Washington, DC) and Capital Markets associates Bryson Manning and Daniel Quesenberry (both in Houston).

Press contact
For more information please speak to your local media contact.