Vulcan Elements
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Vulcan Elements is a startup manufacturer of rare earth magnets located in Durham, North Carolina. In November 2025, the Pentagon's Office of Strategic Capital under the second Donald Trump administration granted the company the largest loan it had ever made, at $620 million. The deal raised conflict of interest questions, as 1789 Capital, a firm backed by Donald Trump Jr. had just in August 2025 invested heavily into the small, two-year old company. In contrast to the funding decisions by the Pentagon at the time, the decision to initiate the loan was not made by the Pentagon, but by Peter Navarro, a top aide in the Trump administration and a close friend of Trump Jr.'s.
Vulcan Elements is a startup manufacturer of rare earth magnets located in Durham, North Carolina. In November 2025, the Pentagon's Office of Strategic Capital under the second Donald Trump administration granted the company the largest loan it had ever made, at $620 million. The deal raised conflict of interest questions, as 1789 Capital, a firm backed by Donald Trump Jr. had just in August 2025 invested heavily into the small, two-year old company. In contrast to the funding decisions by the Pentagon at the time, the decision to initiate the loan was not made by the Pentagon, but by Peter Navarro, a top aide in the Trump administration and a close friend of Trump Jr.'s.
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