How The Rarest Company On Earth Raised $75M

Vulcan Elements CEO John Maslin joins Sourcery to announce their $65M Series A led by Altimeter (Brad Gerstner, Erik Kriessmann) with participation from One Investment Management (Rajeev Misra) to build the most advanced rare earth magnet factory in America—fully decoupled from China. Bringing their total funding to $75M.

We cover why rare earth magnets are the “essential invisible building blocks of the economy,” powering everything from everyday consumer electronics, AI data centers, EVs, and robotics to satellites, drones, and every major U.S. defense platform. Maslin explains why China’s 90%+ dominance in magnet manufacturing is a national security risk, how Vulcan has decoupled from Chinese supply chains, and the company’s plans to scale from hundreds to thousands of tonnes of production this decade.

From building a factory from scratch in North Carolina to deploying AI inside the magnet-making process, this is a behind-the-scenes look at the startup quietly powering the future of U.S. national security and AI.

Highlights

• ​ $65M Series A led by Altimeter, bringing total funding to $75M.
• ​ China makes 94% of magnets; the U.S. makes less than 1%.
• ​ Magnets power everything: phones, drones, data centers, robotics, EVs – demand could 10x from robotics alone.
• ​ Reindustrializing America: North Carolina “Research Triangle” facility with U.S.-made equipment, local talent, SpaceX alums, and PhDs.
• ​ Next-gen factory: AI-driven production using Vulcan’s own sensor and material data for a “2025-era” industry 4.0 plant.

Connect with us:

1. ​ John Maslin: https://www.linkedin.com/in/johnmaslin/
2. ​ Molly O’Shea: https://x.com/MollySOShea
3. ​ Sourcery: https://x.com/sourceryvc

Brought to you by:

• ​ Brex—The modern finance platform, combining the world’s smartest corporate card with integrated expense management, banking, bill pay, and travel.

As a Sourcery Listener you get: 75,000 points after spending $3,000 on Brex card(s), white-glove onboarding, $5,000 in AWS credits, $2,500 in OpenAI credits, & access to $180k+ in SaaS discounts. On top of $500 toward Brex travel, $300 in cashback, plus exclusive perks (like billboards..) visit → https://brex.com/sourcery

• ​ Turing—Turing delivers top-tier talent, data, and tools to help AI labs improve model performance—and enables enterprises to turn those models into powerful, production-ready systems. Visit: turing.com/sourcery

• ​ Kalshi—The largest prediction market and the only legal platform in the US where people can trade directly on the outcomes of future events: https://kalshi.com/sourcery

• ​ Fourthwall—The #1 way to sell merch online — Fourthwall is the easiest way to launch a fully branded merch store—used by big brands like MKBHD, Acquired, & even the Smithsonian. 100+ products. No upfront cost. Visit Fourthwall to start today: https://fourthwall.com/

Follow Sourcery for the latest updates!

https://www.sourcery.vc/

Chapters: (00:00) Introduction to Domestic Production and Resilient Supply Chains

(01:59) $65M Series A Led by Altimeter

(04:01) Vulcan Elements

(05:27) Why Rare Earth Magnets Are Critical

(08:58) Decoupling from China: Challenges & Strategies

(12:24) American Talent & Reindustrialization

(14:23) Assembling a SpaceX-Level Team in the Research Triangle

(17:58) Scaling Up: New Facilities and Hiring Plans

(19:14) The Manufacturing Process of Rare Earth Magnets

(29:25) Challenges and Innovations in Manufacturing

(32:02) The Role of AI and Advanced Technologies

(36:18) Future Milestones and Policy Impacts