Cyclic Materials raises $75 million to scale rare earth recycling in the US
Canadian rare earth recycling company Cyclic Materials has closed a USD 75 million strategic financing round, bringing total equity funding to USD 237 million. The capital will accelerate the buildout of rare earth production infrastructure across the United States.
The round was led by accounts advised by T. Rowe Price Associates, which first invested in Cyclic Materials in 2025. Electronics recycler ERI joined as a new strategic investor, building on a partnership announced in July under which ERI will use its nationwide collection network to source rare earth magnet-bearing products for Cyclic Materials to process, according to a press release from the company.
The capital will fund two key projects. Cyclic Materials' first commercial Spoke in Arizona – a magnet separation and critical mineral recycling plant – is expected to begin operations in Q3 2026. A groundbreaking for an integrated rare earth recycling campus in South Carolina is planned for Q4 2026, combining magnet separation, rare earth recovery and refining at scale.
The financing comes as the US government has elevated domestic rare earth recovery to a national security priority. A July 30 presidential determination specifically identified end-of-life rare earth permanent magnets and manufacturing scrap as recoverable resources essential to national security.
