USA Rare Earth Sits on $1.5 Billion in Cash and Almost No Revenue. Here's How to Value That

USA Rare Earth, which went public via SPAC merger in 2025, holds $1.53 billion in cash but generated only $5.8 million in Q2 revenue. With a $4.4 billion market cap, the company is positioned to benefit from U.S. efforts to reduce reliance on China for critical minerals. The planned $2.8 billion acquisition of Brazilian rare-earth specialist Serra Verde, backed by $1.55 billion in DoD support, is expected to drive significant growth, with projections of $550-650 million EBITDA by end of 2027 and $1.8 billion by 2030.