Cyclic Materials Raises $75 Million to Scale U.S. Rare Earth Recycling

Highlights

• Cyclic Materials has raised $75 million in new strategic financing, bringing total equity funding to $237 million to accelerate U.S. rare-earth recycling capacity.
• The funding backs an Arizona magnet-recovery operation and a South Carolina campus designed to process 2,000 tonnes of magnet material annually, expandable to 6,000 tonnes.
• End-of-life NdFeB magnets and manufacturing scrap serve as feedstock, containing critical heavy rare earths dysprosium and terbium that represent major Western supply vulnerabilities.
• Cyclic's recycled mixed rare-earth oxides are shipped to Solvay for downstream separation and purification, highlighting the remaining steps needed to fully close the supply loop.
• Investors include T. Rowe Price, Microsoft's Climate Innovation Fund, Amazon, and the Canada Growth Fund, reflecting broad institutional confidence in the recycling-fed midstream model.

Cyclic Materials has raised $75 million in new strategic financing, taking total equity funding to $237 million and accelerating U.S. rare-earth recycling capacity. The money backs an Arizona magnet-recovery operation and an integrated South Carolina campus designed initially to process 2,000 tonnes of magnet material annually. The financing is real; the investor question is whether Cyclic can now turn proven smaller-scale recycling into reliable industrial volumes.

REEx Insight: The Mine Already Happened

Cyclic attacks a rare-earth bottleneck from the opposite direction: the ore has already been mined, separated, metallized, and manufactured into magnets. That makes end-of-life NdFeB magnets and manufacturing scrap unusually valuable feedstock—particularly because they can contain dysprosium and terbium, the heavy rare earths creating some of the West’s greatest supply vulnerability.

South Carolina is therefore the number to watch. Cyclic plans initial processing capacity of 2,000 tonnes of magnet material annually, expandable to 6,000 tonnes, producing approximately 600 tonnes of recycled mixed rare-earth oxides initially and eventually 1,800 tonnes.

But investors should distinguish MREO from separated magnet-grade oxides. Cyclic still needs downstream separation and ultimately metals, alloys, and magnet manufacturing to close the loop. Its existing Solvay agreement illustrates that handoff: Cyclic’s recycled MREO is shipped onward for separation and purification.

Capital Meets the Scale-Up Test

Cyclic has progressed beyond PowerPoint recycling. Its Kingston Hub100 has 100-tonne annual magnet-processing design capacity, and the company completed a multi-tonne MREO shipment in 2024. Yet the press release understandably emphasizes ambition over execution risk. Feedstock aggregation, recovery yields, product specifications, operating costs, and sustained commercial throughput at the much larger South Carolina plant remain the metrics that matter.

$75 million buys Cyclic runway. It does not yet prove scale.

REEx Connect

Profile

Cyclic Materials, founded in 2021, is a rare-earth recycling and critical-minerals company building a circular supply chain around end-of-life magnets, electric-vehicle motors, wind turbines, MRI equipment, data-center hardware, and other magnet-bearing products. The company has raised $237 million in total equity funding, including a $27 million Series A, roughly $57 million Series B, $75 million Series C, and a further $75 million strategic growth financing in August 2026. Its investor base includes T. Rowe Price, Microsoft’s Climate Innovation Fund, Amazon, and the Canada Growth Fund.

Cyclic’s core technology platform combines MagCycle™, which separates and recovers magnet-bearing materials, with REEPure™, a hydrometallurgical refining process that produces recycled mixed rare-earth oxides and, increasingly, high-purity rare-earth materials suitable for downstream alloy and magnet manufacturing. The company is using its capital to expand a hub-and-spoke processing network across North America and Europe, positioning recycling as a faster, complementary source of rare-earth supply alongside traditional mining.

Cyclic Materials sits squarely in the rare-earth midstream, although its circular feedstock gives it a different starting point than conventional processors. Rather than mining ore, Cyclic collects end-of-life motors, electronics, and manufacturing scrap, mechanically concentrates the embedded permanent magnets through MagCycle®, then uses hydrometallurgical processing to recover mixed rare-earth oxides, and is developing further refining and metallization capability.

Its competitive set therefore spans several different midstream models: Phoenix Tailings, which is scaling rare-earth separation and metallization from tailings and other domestic feedstocks; ReElement Technologies, focused on rare-earth separation and refining along with other critical minerals such as Germanium; HyProMag, which recovers and reprocesses NdFeB magnet material using hydrogen-based technology; Noveon Magnetics, which combines recycled feedstock with U.S. magnet manufacturing; and European players such as Solvay, Carester, and Neo Performance Materials operating in rare-earth recycling, separation, and refining.

The distinction matters: Cyclic is not primarily competing with miners such as MP Materials for ore bodies; it is competing for feedstock, recovery yields, separation economics, and the ability to convert discarded magnets into qualified material that can re-enter the metals-alloys-magnets chain. In REEx terms, Cyclic is building a recycling-fed alternative entrance into the same midstream bottleneck China continues to dominate.