Cyclic Materials Raises $75M for U.S. Rare-Earth Scale

Cyclic Materials has added $75M in strategic financing to accelerate rare-earth recycling infrastructure across the United States. Accounts advised by T. Rowe Price Associates led the financing, and electronics recycler ERI joined as a new strategic investor. The company reports that total equity funding now stands at $237M.

The round connects two parts of the rare-earth recycling business that have to scale together. Cyclic Materials is building separation and refining capacity in Arizona and South Carolina, while ERI brings a nationwide collection and preprocessing network for magnet-bearing electronics. Capital can add equipment and concrete, but the plants still need qualified feedstock moving through the door.

What Cyclic Materials Announced

The August 27 financing is a strategic round rather than a lettered venture round. T. Rowe Price advised accounts expanded their commitment, and ERI moved from commercial partner to investor. Cyclic Materials did not disclose its valuation, the size of ERI's investment, the full round roster, securities terms or any board changes.

This is also the company's second $75M financing of 2026. In January, Cyclic Materials closed an oversubscribed $75M Series C for expansion in the United States and Europe and research and development in Canada. The August capital has a more concentrated U.S. assignment, and the company's $237M total-equity figure reconciles the new round against the more than $162M reported after Series C.

Why Feedstock Belongs in the Financing Story

Cyclic Materials operates a Hub-and-Spoke system. Its MagCycle process mechanically separates rare-earth magnet material from end-of-life products while also recovering copper, aluminum and ferrous material. The refining side uses hydrometallurgy and solvent extraction to turn magnet concentrate and production scrap into mixed and separated rare-earth oxides that can return to permanent-magnet supply chains.

That system begins before chemistry. ERI said in its July partnership announcement that its eight U.S. recycling centers process more than 1M pounds of electronic waste per day. ERI plans to identify and preprocess products containing rare-earth magnets before sending material into Cyclic Materials' recovery network. The investor relationship therefore ties financing to the upstream problem of finding, sorting and qualifying enough material for commercial plants.

What the Capital Is Expected to Build

The new money is expected to support Cyclic Materials' commercial Spoke in Mesa, Arizona and an integrated rare-earth campus planned for McBee, South Carolina. The company said its Arizona magnet-separation and critical-mineral recycling plant was expected to commence operations in Q3 2026. South Carolina groundbreaking is planned for Q4 2026, which puts construction execution close behind the financing announcement.

In a January site announcement, Cyclic Materials described more than $82M of planned investment in McBee. The initial design calls for processing 2,000 tonnes of magnet material and producing 600 tonnes of mixed rare-earth oxides annually, with planned expansion to 6,000 tonnes and 1,800 tonnes, respectively. Operations are targeted for 2028, with more than 90 skilled jobs. Those figures describe planned capacity and company timelines, not current production.

The Technology and Leadership Behind the Scale-Up

Founder and CEO Ahmad Ghahreman is leading the expansion with a current executive team that includes CTO Alex Forstner, COO Matt Cherevaty, CFO Jeff Dawley and CCO Tomasz Poznar. The company was founded in 2021 and is headquartered in Toronto, with research and refining work in Kingston, Ontario and a growing commercial footprint in the United States.

Cyclic Materials says its process recovers more than 90% of rare-earth elements from end-of-life products and points to a global recycling rate below 1%. Those are company-reported measures. The industrial proof will come from stable yields, repeatable throughput, customer qualification and the cost of turning varied waste streams into material that manufacturers can use consistently.

Policy Has Made the Waste Stream Strategic

The financing follows a July 30 White House presidential determination that identified end-of-life rare-earth permanent magnets, manufacturing swarf and other critical-mineral-bearing scrap as recoverable resources necessary to national defense. The policy language maps directly onto the materials Cyclic Materials is trying to collect and process.

That designation raises the strategic value of domestic recovery, but it does not settle the company's economics. It does not guarantee Cyclic Materials a contract, customer or subsidy, and it does not remove the qualification work required by magnet and materials manufacturers. The market opportunity and the operating burden now sit closer together because policy wants the same waste stream that Cyclic Materials needs for scale.

What This Financing Signals

Cyclic Materials has now raised a $27M Series A, a Series B that reached $57M after extensions, a $75M Series C and this $75M strategic round. The financing history shows investors funding a progression from pilot work toward commercial infrastructure. The newest capital arrives after first commercial shipments, an expanding U.S. footprint and partnerships meant to bring more magnet-bearing material into the system.

The next record will be written in receiving volumes, commissioning schedules and qualified output rather than another funding total. ERI has joined the cap table from the feedstock side, T. Rowe Price advised accounts have increased their commitment, and Cyclic Materials has put Arizona and South Carolina on the same industrial clock. The handoff from discarded equipment to separated rare-earth oxide is where the $75M now has to become visible.