Intro

This chapter emphasizes the strategic importance of bolstering domestic production in critical industries, particularly rare earth magnets crucial for technology. It discusses supply chain resilience amid China's market dominance and highlights recent funding success for U.S.-based rare earth component production.

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Vulcan Elements CEO John Maslin joins Sourcery to announce their $65M Series A led by Altimeter (Brad Gerstner, Erik Kriessmann) with participation from One Investment Management (Rajeev Misra) to build the most advanced rare earth magnet factory in America—fully decoupled from China. Bringing their total funding to $75M.

We cover why rare earth magnets are the “essential invisible building blocks of the economy,” powering everything from everyday consumer electronics, AI data centers, EVs, and robotics to satellites, drones, and every major U.S. defense platform. Maslin explains why China’s 90%+ dominance in magnet manufacturing is a national security risk, how Vulcan has decoupled from Chinese supply chains, and the company’s plans to scale from hundreds to thousands of tonnes of production this decade.

From building a factory from scratch in North Carolina to deploying AI inside the magnet-making process, this is a behind-the-scenes look at the startup quietly powering the future of U.S. national security and AI.

Highlights

$65M Series A led by Altimeter, bringing total funding to $75M.
China makes 94% of magnets; the U.S. makes less than 1%.
Magnets power everything: phones, drones, data centers, robotics, EVs – demand could 10x from robotics alone.
Reindustrializing America: North Carolina “Research Triangle” facility with U.S.-made equipment, local talent, SpaceX alums, and PhDs.
Next-gen factory: AI-driven production using Vulcan’s own sensor and material data for a “2025-era” industry 4.0 plant.

Connect with us:

John Maslin: https://www.linkedin.com/in/johnmaslin/
Molly O’Shea: https://x.com/MollySOShea
Sourcery: https://x.com/sourceryvc

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Chapters: (00:00) Introduction to Domestic Production and Resilient Supply Chains

(01:59) $65M Series A Led by Altimeter

(04:01) Vulcan Elements

(05:27) Why Rare Earth Magnets Are Critical

(08:58) Decoupling from China: Challenges & Strategies

(12:24) American Talent & Reindustrialization

(14:23) Assembling a SpaceX-Level Team in the Research Triangle

(17:58) Scaling Up: New Facilities and Hiring Plans

(19:14) The Manufacturing Process of Rare Earth Magnets

(29:25) Challenges and Innovations in Manufacturing