A start-up focused on building rare-earth magnets used in key technologies has seen its valuation skyrocket thanks to two investors: the Trump administration and a venture capital firm that counts the president’s son, Donald Trump Jr., as a partner.
Vulcan Elements, which aims to shore up U.S. access to key materials for high technology, has gone from a $200 million valuation to a potential $2 billion one, according to a Bloomberg analysis.
Over the summer, 1789 Capital, which Trump Jr. joined shortly after his father was elected, joined a group of investors backing the firm, which hopes to help the U.S. develop mineral-processing capacity that’s largely in the hands of China. See More In Details…