USA Rare Earth Inc
USA Rare Earth Inc. is building a global, integrated supply chain for rare earth materials, spanning mining, processing, metal and alloy production, and magnet
USA Rare Earth Inc. is building a global, integrated supply chain for rare earth materials, spanning mining, processing, metal and alloy production, and magnet manufacturing across three continents. The company, having recently acquired Serra Verde, aims to be a leading non-China supplier for critical sectors like defense, automotive, and aerospace. Current revenue is from metal and alloy sales, with magnet sales expected by year-end.
Source Explicitly mentioned as scarce, high-priced, and critical; gross margins impacted by high raw material costs, most acute in heavy rare earths. Rare earth metals account for 60-70% of total operating expenses for magnet manufacturing.
Confidence: high
Source Essential for high-performance permanent magnets. Serra Verde will provide both light and heavy rare earths.
Confidence: high
Source Used in hydrometallurgical processing and separation. Chemical consumables are noted as a significant cost in separation.
Confidence: medium
Source Significant hiring and talent development emphasized; labor costs are a critical factor in magnet production.
Confidence: high
Source High energy intensity for mining, processing, and manufacturing. Utility costs can be 20-25% of operating expenses for magnet manufacturing.
Confidence: high
Source Internal recycling is a stated goal to reduce reliance on external raw materials, potentially representing 20-30% of supply.
Confidence: high
Source Mentioned as a production cost for rare earth magnet manufacturing.
Confidence: medium
Source Mentioned as a production cost for rare earth magnet manufacturing.
Confidence: medium
Metric/field NdPr Oxide Price (min 99.5%, FOB China) (USD/kg)
Cadence daily
Why it matters NdPr prices directly impact the revenue and profitability of rare earth producers and the cost structure for magnet manufacturers. Sustained high prices indicate strong demand and favorable market conditions. The spread between China and non-China prices is also crucial for USAR's strategy.
Signal to watch Increasing prices or a widening spread between China and non-China prices suggests stronger market conditions for USAR's non-China strategy.
Confidence: high
Metric/field Dysprosium Oxide (min 99.5%, Western market price) (USD/kg)
Cadence weekly
Why it matters Dysprosium is a critical heavy rare earth for high-performance magnets, especially in defense and high-temperature applications. The transcript highlights its scarcity and price increases in the Western market, directly impacting USAR's value proposition.
Signal to watch Sustained high or increasing Western market prices for dysprosium oxide reinforce the scarcity narrative and USAR's strategic importance.
Confidence: high
Metric/field Total Contract Obligations for Rare Earth Elements and Magnets (by NAICS codes 212299, 331492, 334419)
Cadence quarterly
Why it matters Directly tracks the flow of government funding into the domestic rare earth and magnet supply chain, indicating commitment and progress on strategic initiatives. USAR explicitly mentions Department of Commerce agreements and other grants.
Signal to watch Increasing value and number of contracts indicate strong government support and a growing domestic market for USAR's products.
Confidence: high
Metric/field Global Light Duty Electric Vehicle Sales (Units)
Cadence monthly
Why it matters EV motors are a primary demand driver for high-performance rare earth magnets. Sustained growth in EV sales and production indicates robust underlying demand for USAR's end products.
Signal to watch Consistent growth in global EV sales suggests a strong long-term demand outlook for rare earth magnets.
Confidence: high
Metric/field Industrial Production Index (INDPRO)
Cadence monthly
Why it matters USAR serves a broad range of industrial sectors (aerospace, defense, industrial automation, medical devices, semiconductors). The overall health of the industrial sector impacts demand for their magnet products.
Signal to watch Increasing industrial production suggests healthy demand from key end-use markets.
Confidence: medium
Metric/field Search Interest for 'rare earth supply chain' (normalized index)
Cadence weekly
Why it matters Reflects public and industry awareness/concern about rare earth supply chain vulnerabilities, which is a core driver for USAR's non-China strategy.
Signal to watch Increasing search interest indicates heightened awareness and potential for policy/investment focus.
Confidence: high
Metric/field Search Interest for 'domestic magnet production' (normalized index)
Cadence weekly
Why it matters Indicates growing interest and focus on establishing local magnet manufacturing capabilities, directly aligning with USAR's mission.
Signal to watch Rising search interest suggests increasing demand for information and potentially policy support for domestic production.
Confidence: high
Metric/field Number of Federal Contract Awards for Rare Earths and Magnets (by NAICS code 212299, 331492, 334419)
Cadence monthly
Why it matters Provides a granular, real-time view of government procurement activities related to rare earths and magnets, supplementing broader economic data.
Signal to watch An increasing number of awards or awards to USAR specifically indicates direct government support and market development.
Confidence: high
Metric/field Number of new posts/comments in r/rareearths mentioning 'USA Rare Earth' or 'USAR'
Cadence daily
Why it matters Gauges community engagement, sentiment, and discussion volume around the company and the broader rare earth industry.
Signal to watch Increased positive mentions or discussion volume could indicate growing investor/public interest and awareness.
Confidence: medium
Metric/field U.S. Rare Earths Production (metric tons of REO equivalent)
Cadence annually
Why it matters Tracks the actual buildout and operational ramp-up of domestic mining and processing, providing a benchmark for USAR's contribution to overall U.S. capacity.
Signal to watch Increasing U.S. production figures indicate progress in establishing a domestic supply chain, validating USAR's efforts.
Confidence: high
Metric/field Total Job Postings for 'Rare Earth Engineer' or 'Magnet Manufacturing Specialist' at USA Rare Earth Inc. (USAR)
Cadence weekly
Why it matters Provides an early indicator of operational ramp-up, expansion plans, and the company's ability to attract specialized talent, which is a key barrier to entry.
Signal to watch Sustained or increasing job postings in key technical areas suggest active expansion and confidence in future growth.
Confidence: high
Metric/field Supply Chain Risk Score for Rare Earth Elements (Global/Non-China)
Cadence daily
Why it matters Directly assesses the geopolitical and logistical risks associated with rare earth supply chains, validating the need for USAR's de-risked, non-China alternative.
Signal to watch Increasing risk scores or volatility in non-China supply chains highlight the strategic importance of USAR's integrated platform.
Confidence: high
Metric/field Construction Progress (change detection) at Stillwater, Blacksburg, Serra Verde, and Round Top facilities
Cadence monthly
Why it matters Provides objective, visual verification of physical infrastructure development and project execution, directly correlating with USAR's stated operational milestones.
Signal to watch Visible progress in construction and facility development indicates successful execution of capital projects and capacity build-out.
Confidence: high
Metric/field U.S. Imports of Rare Earth Compounds (HS code 284690) by country of origin (volume and value)
Cadence monthly
Why it matters Tracks the diversification of U.S. rare earth sourcing away from China, indicating the success of broader policy initiatives and the potential market for non-China suppliers like USAR.
Signal to watch Decreasing reliance on China imports and increasing imports from allied nations or new sources suggest a favorable market shift for USAR.
Confidence: medium
Metric/field Number of New Patents Filed by USA Rare Earth Inc. (USAR) related to Rare Earth Processing or Magnet Manufacturing
Cadence quarterly
Why it matters Indicates the company's innovation efforts, intellectual property development, and long-term competitive advantage in a technically complex industry.
Signal to watch Consistent or increasing patent filings demonstrate ongoing R&D and a commitment to technological leadership.
Confidence: medium
USA Rare Earth Inc. is rapidly building a global, integrated mine-to-magnet supply chain across three continents, aiming to anchor the non-China rare earth mark
USA Rare Earth Inc. is rapidly building a global, integrated mine-to-magnet supply chain across three continents, aiming to anchor the non-China rare earth market. Strategic acquisitions, significant government backing, and expanding domestic production capacity for both heavy and light rare earths position USAR as a critical supplier for defense, automotive, and industrial sectors amidst growing geopolitical supply chain risks. The company's strong execution and commercial traction make the investment case compelling as of 2026-09-06.
USAR is aggressively building a fully integrated rare earth value chain from mining to magnet manufacturing across three continents. Recent acquisitions like Serra Verde, set to be the only scaled source of light/heavy RE outside Asia, and investment in Carester for heavy RE processing IP, significantly de-risk and expand its capabilities, establishing a robust non-China supply chain.
The company has secured definitive agreements with the Department of Commerce for CapEx reimbursement, validating its business model and growth plans while significantly de-risking its path to full-scale production. Additional grants from the Texas Semiconductor Innovation Fund and the U.S. Department of Energy further underscore its role as essential national infrastructure.
USAR is demonstrating strong commercial momentum with MOUs/LOIs covering 2,500 metric tons of annual demand and securing production purchase orders, expecting first magnet sales by year-end. Significant capacity expansion is underway at Stillwater (1,200 MT by Q1 2027) and planned for Blacksburg (operational early 2028), addressing critical Western supply shortages.
Building a global, integrated rare earth platform requires substantial capital investment, as evidenced by Q2 CapEx of $66 million. While government funding helps, the sheer scale and complexity of simultaneously developing multiple mines, processing facilities, and manufacturing plants across continents present significant execution and potential cost overrun risks.
Despite aiming to solve supply chain issues, USAR's gross margins were impacted by higher raw material input costs, particularly for heavy rare earths, highlighting ongoing industry-wide supply challenges. Securing consistent, cost-effective feedstock ahead of full integration remains a near-term hurdle, potentially affecting profitability and operational stability.
While a two-tier market is emerging, USAR faces competition from established players and other Western initiatives. Convincing customers to fully transition from decades-long Chinese supply chains to new, non-China sources involves lengthy qualification processes and multi-decade commitments, potentially slowing the pace of widespread market adoption and revenue ramp-up.
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| Department of Commerce CapEx Reimbursement Application & Approval | Provides significant non-dilutive capital, validating the company's assets and business model. This substantially derisks the path to full-scale production, improving financial flexibility and signaling strong government support for domestic rare earth supply chain development. | Company announcement of applying for the first reimbursement distribution (expected in Q3/Q4 2026). Subsequent announcement of approval and receipt of funds. | Bullish if the application is submitted and approved within Q3/Q4 2026, indicating strong government support and financial de-risking. Bearish if there are delays in application or approval, or if the reimbursement amount is lower than anticipated. | Company press releases, SEC filings, USASpending.gov (for government contract awards). | USASpending.gov: Government contract awards for USA Rare Earth, DoD announcements. | Bloomberg Government: Federal contract tracking, policy analysis. |
| Serra Verde Acquisition Closing & Production Restart | Secures a scaled operating source of both light and heavy magnetic rare earths outside Asia, crucial for feedstock and reducing reliance on China. This directly impacts supply chain security, raw material costs, and margins, solidifying USA Rare Earth's position as a leading non-China supplier. | Official announcement of the acquisition closing after the August 28, 2026 shareholder vote. Updates on the recommissioning and ramp-up of commercial production at the Serra Verde mine and processing operation towards 6,400 metric tons of Trio by end of 2027. | Bullish if the acquisition closes as expected shortly after August 28, 2026, and if the recommissioning and ramp-up proceed on time and within budget. Bearish if the closing is delayed or if operational issues at Serra Verde are reported. | Company press releases, SEC filings (8-K for acquisition closing), future earnings calls for operational updates. | Mining Weekly (for general rare earth mine updates), Brazilian mining news outlets. | S&P Global Market Intelligence: Mining project updates, production forecasts. |
| First Commercial Magnet Sales | Marks the transition from development to commercial revenue generation in the critical magnet manufacturing segment. This validates the integrated supply chain strategy, customer qualification efforts, and the company's ability to capitalize on the growing demand for non-China sourced rare earth magnets, directly impacting future profitability and market position. | Company announcement of first magnet sales, specific revenue figures from magnet sales in Q4 2026 or Q1 2027 earnings reports. | Bullish if sales are announced by year-end 2026, especially if accompanied by initial revenue figures. Bearish if delayed beyond Q4 2026 or if initial sales volumes are significantly lower than implied by MOUs/LOIs. | Company press releases, Q4 2026 earnings call transcript and financial statements (expected early 2027). | Company news section on investor relations website, SEC filings (10-K, 10-Q). | |
| Stillwater Magnet Manufacturing Capacity Expansion | Direct indicator of the company's progress in building domestic magnet manufacturing capability. This expansion is essential for meeting increasing customer demand and establishing a robust non-China supply chain, demonstrating operational execution and scaling potential. | Company updates on achieving 600 metric tons of run rate capacity at Stillwater by year-end 2026 and the subsequent ramp-up to 1,200 metric tons in Q1 2027. | Bullish if capacity targets are met or exceeded on schedule, demonstrating strong operational execution. Bearish if there are delays in reaching capacity milestones or if operational challenges are reported. | Company press releases, Q3 2026 and Q4 2026 earnings calls and reports (expected late 2026/early 2027). | Company career pages (for manufacturing/engineering roles at Stillwater), local news reports on facility expansion. | Thinknum: Job postings for Stillwater facility (e.g., manufacturing engineers, production staff) 30-day growth. |
| Round Top Definitive Feasibility Study (DFS) Completion | The DFS provides a comprehensive technical and economic assessment of the Round Top project, a key source of heavy rare earths. Its completion underpins future investment decisions and project financing, validating the project's viability and long-term supply potential. | Company announcement of the DFS completion by year-end 2026 and the publication of the S-K 1300 in early 2027. | Bullish if the DFS is completed on schedule and presents favorable economics and resource estimates, validating the project's viability. Bearish if completion is delayed or if the DFS reveals significant cost increases or reduced resource estimates. | Company press releases, SEC filings (S-K 1300 report), Q4 2026 earnings call (expected early 2027). | USGS (for general rare earth resource data), industry mining news. | S&P Global Market Intelligence: Mining project updates, resource reports. |
Net loss indicates the company's profitability. A significant reduction in net loss, or progress towards profitability, is crucial for investor sentiment and re
| Key reported metrics | ||
|---|---|---|
| Metric | Last period | Why it matters |
| Net Loss | -92.77% | Net loss indicates the company's profitability. A significant reduction in net loss, or progress towards profitability, is crucial for investor sentiment and reflects improved operational efficiency and financial health during a period of heavy investment. |
| Total Revenue | N/A | Total revenue reflects the company's overall financial performance and ability to generate sales from its expanding operations. Growth indicates successful execution of its integrated supply chain strategy and market penetration. |
| First Commercial Magnet Sales | N/A | This new revenue stream is a critical milestone validating USA Rare Earth's integrated "mine-to-magnet" strategy. Successful sales will demonstrate market acceptance and operational readiness, driving future revenue growth and investor confidence. |
Will USA Rare Earth successfully achieve its stated goal of initiating commercial magnet sales by the end of 2026 and provide initial indications of converting
Will USA Rare Earth successfully achieve its stated goal of initiating commercial magnet sales by the end of 2026 and provide initial indications of converting its commercial pipeline into revenue?
Will the Serra Verde acquisition officially close as expected, and will USA Rare Earth provide positive updates on the recommissioning and initial production ramp-up at the mine and processing operation?
Will USA Rare Earth successfully apply for and receive its first CapEx reimbursement distribution from the Department of Commerce, signaling continued government support and financial de-risking?
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 3 Things Management Is Most Focused On1. **Building an integrated, non-China rare earth supply chain**: Management emphasized creating a global leader in rare earths, covering the entire value chain from mining to magnet manufacturing across three continents, to address single-source dependency on China. This includes strategic acquisitions like Serra Verde and Carester, and building facilities in the US. 2. **Scaling production and converting qualifications into contracts**: Management is focused on moving material through every link of their integrated platform at scale, converting customer qualifications into long-term contracts, and becoming the preferred supplier for the West. They highlighted efforts at Stillwater and Round Top, and engagement with over 30 potential customers for non-magnetic oxides and over 100 for magnets. 3. **Securing strategic partnerships and financing**: The company highlighted definitive documentation with the Department of Commerce for CapEx reimbursement, grants from the Texas Semiconductor Innovation Fund and the U.S. Department of Energy, and the acquisition of TMRC to consolidate ownership in Round Top. These actions derisk their path to full-scale production and validate their business model. | Call Takeaway & ToneThe overall takeaway of the call is that USA Rare Earth is aggressively executing its "mine-to-magnet" strategy to build a fully integrated, non-China rare earth supply chain, driven by strong geopolitical tailwinds and increasing customer demand for secure, Western sources. The tone was highly positive and confident, with management highlighting significant strategic acquisitions (Serra Verde, Carester, TMRC), progress in facility development (Stillwater, Blacksburg, Wheat Ridge), and securing crucial government partnerships and financing. They acknowledged raw material shortages as an industry challenge but framed it as an opportunity for their integrated model and for establishing non-China pricing. The impending CEO transition was handled smoothly, with confidence in the incoming leader. | Prior Quarter'S Y/Y Growth By SegmentIn Q1 2026, revenue was approximately $5.7 million to $6 million, all from the Less Common Metals (LCM) unit. The company had no comparable revenue in Q1 2025, so a year-over-year growth percentage is not applicable in the traditional sense. | 3 Things Analysts Most Pressed On (And Mgmt Responses)1. **MOUs and Production Purchase Orders (PPOs) for magnets**: Neal Dingmann asked about the 2,500 metric tons of annual demand covered by MOUs and LOIs, and if the plan was to expand upon that, as well as the nature and duration of these arrangements. Management Response: Rob Steele confirmed the 2,500 tons represent annual demand and they are looking to expand it well beyond that with additional customers in the pipeline. He stated that supply agreements would range from single purchase orders to annual agreements, and over time, they would selectively enter into offtake agreements based on economics. 2. **Serra Verde acquisition and heavy rare earth supply bottlenecks**: George Gianarikas inquired about the remaining regulatory approvals for the Serra Verde acquisition, particularly in Brazil, and potential operational bottlenecks. He also pressed on the heavy supply bottlenecks mentioned by Rob Steele. Management Response: Rob Steele stated that the shareholder vote on August 28 was the last remaining hurdle for Serra Verde, with no more regulatory hurdles. He mentioned that Serra Verde is expected to scale to 6,400 metric tons of Trio by the end of 2027. Regarding heavy supply bottlenecks, he explained that raw material shortages highlight the need for their global supply chain outside of China, and that Serra Verde and Round Top are focused on heavy rare earths to solve this problem. He also noted they are making plans with additional suppliers in the near term. 3. **Ramp-up of magnet sales and qualification periods**: Subash Chandra asked about the characterization of the qualification period among various customers and the reasonable pace to qualify and book revenues, given the expectation of magnet sales by year-end. Management Response: Rob Steele explained that they are in the process of qualification with several parties and have production POs in hand. He noted that the qualification period varies significantly depending on the customer, application, and finishing requirements, making it hard to give an exact period for any one industry or customer. However, based on current qualifications and purchase orders, they still expect to begin sales by the end of the year. | Revenue SegmentsRevenues for Q2 2026 were approximately $6 million, derived from the metal and alloy making business at LCM. Year-over-year growth percentage was not explicitly provided, as this appears to be a relatively new revenue stream. |
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| About Expanding Eligible MarketA two-tier market is emerging, a China tier and a new non-China tier, with USA Rare Earth aiming to anchor the non-China tier and be its partner of choice. The company is seeing a commercial pull, with customers increasingly asking how quickly a non-China supply can be delivered, many sourcing outside China for the first time in decades. Demand for rare earths is split, with half coming from permanent magnets and the other half from elements used in catalysts, phosphorus, and polishing compounds. USA Rare Earth has engaged over 30 potential customers, including large multinationals, for offtake of non-magnetic oxides and other products from Round Top. The company has secured MOUs and LOIs covering 2,500 metric tons with large multinationals across the aerospace and defense, industrial automation, industrial motors, and automotive sectors. They have also received production purchase orders for finished parts from customers in the industrial motion control, aerospace, and defense sectors, as well as prototype and semi-finished block purchase orders from these industries. | About CompetitionThe capability to produce rare earths has been consolidated almost entirely into one country for a generation, and USA Rare Earth is working to put it back into allied hands. Companies are concluding that single-source dependency on a strategic competitor, which has become a geostrategic adversary, is a risk they can no longer tolerate. Scaling in the rare earth industry requires significant capabilities that act as barriers to entry, as very few companies outside of China can perform this work due to it being a largely lost art in the West. USA Rare Earth views its customer intimacy as a competitive differentiator. The company believes its ability to attract capable people and integrate teams from acquisitions like LCM, Carester, and Serra Verde provides a durable advantage in an industry where capabilities outside China are limited. | About The Broader IndustryThe rare earth industry is now governed by availability, rather than price, due to the existential consequences of supply interruptions. The Chinese government's recent export restrictions on Western companies have crystallized this risk and served as a wake-up call for the rest of the industry. A two-tier market is emerging, consisting of a China tier and a new non-China tier, which price, contract, and behave differently. Heavy rare earths used in magnets are scarcer outside of China than at any point in recent memory, with Western prices for dysprosium oxide up over 90% in 2026 alone, reaching nearly $2,000 per kilogram in August, over 9x the price in China. Scarcity is the defining condition of the industry today, also affecting other critical minerals like lutetium, gallium, gadolinium, hafnium, zirconium, and yttrium. Raw material shortages have impacted the entire industry, particularly for heavy rare earths, highlighting the need for a global supply chain outside of China. | Where Things Are HeadedUSA Rare Earth aims to be the global leader in rare earths, building an integrated value chain from mine to finished magnet across three continents. The company's strategy is to supply scarce materials responsibly and at scale, moving material through every link of its platform, converting qualifications into contracts, and becoming the West's preferred supplier. Barbara Humpton will be stepping down as CEO on October 1, with Thras Moraitis taking over, sharing the vision for scaling and expanding the platform. The company expects to apply for its first reimbursement distribution from the Department of Commerce in the coming months. Round Top is targeting commercial operations in late 2028, with 10,000 tons of metal and alloy and magnet manufacturing capacity in the U.S. by 2029. USA Rare Earth anticipates its first magnet sales by the end of the year. The Stillwater facility is expected to have 600 metric tons of run rate capacity by year-end, expanding to 1,200 metric tons in Q1 of next year, and ultimately reaching 3,600 metric tons of magnet making and 5,000 metric tons of metal making capacity. The Blacksburg facility, which has broken ground, is expected to be operational in early 2028 and reach full capacity by the end of 2029, with 5,000 metric tons of metal making and 6,400 metric tons of magnet making. | Updates On ThemeDomestic | Broader Themes EmergingThe company is utilizing quantum computing, AI, and digital twins to develop new processing capabilities, in partnership with the Colorado School of Mines and the Department of Energy. The mention of producing NdPr oxide samples from recycled magnet manufacturing swarf also highlights the emerging broader theme of circular economy principles and magnet recycling within the industry. | Bullish-Leaning Quotes (Short)USA Rare Earth is building the global leader in rare earths. We intend to lead it. Scarcity is the defining condition of this industry today. This quarter is when that architecture snapped together. We view these agreements as a validation of our asset base, our business model and our growth plans, and they significantly derisk our path to full scale production. The new paradigm is evident in the commercial pool we are seeing. We have considerable market insight. Therefore, we believe there is an opportunity for positive momentum in pricing to develop going forward. We ended the quarter with approximately $1.5 billion in cash and cash equivalents. Our Stillwater team now stands at 140 people, and we are targeting 200 by year-end, a measure of how quickly this facility is scaling. With production purchase orders already in hand, we expect these efforts to translate into our first magnet sales by the end of the year. | Bearish-Leaning Quotes (Short)For a generation, the capability to produce them has been consolidated almost entirely into 1 country. The Chinese government's recent export restrictions on Western companies, including USA Rare Earth crystallized that risk. Single-source dependency on a strategic competitor, one that has become a geostrategic adversary is a risk they can no longer tolerate. Heavy rare earths used in magnets are scarcer today than at any point in recent memory. Gross margins were impacted by higher raw material input costs, which are associated with the supply challenges that the entire industry is facing. This issue is most acute in heavy rare earths. | HiringThe company has grown from 'tens of employees' to 'hundreds of employees' since last fall, significantly expanding its team with the acquisition of the Serra Verde Group. USA Rare Earth is actively attracting world-class experts and entire organizations, such as LCM, Carester, and Serra Verde, to its platform. The company is partnering with institutions and the U.S. government on talent development programs to build expertise in metal making and magnet making, noting that transferable skills from industries like ceramics are valuable. The Stillwater team currently has 140 people and is targeting 200 by year-end, indicating rapid scaling of the facility. |
