The Great Magnet Race Accelerates - America Scrambles to Build Capacity as China's Giants Keep Growing

Highlights

• JL MAG reported H1 revenue up 32.6% and net income up 51.6%, adding 20,000 tonnes of capacity and nearly doubling robotics revenue
• Niron Magnetics secured $300 million in financing commitments for its rare-earth-free iron-nitride plant targeting 2027 production in Minnesota
• USA Rare Earth closed a $1.55 billion capitalization arrangement tied to Serra Verde, securing Nd, Pr, Dy and Tb supply outside Asia
• MP Materials recorded $16.5 million in Magnetics revenue and $7.5 million adjusted EBITDA in Q2 2026 as its Texas plant ramps up
• China's top magnet producers are compounding industrial capability while Western challengers are still in financing and qualification stages