Vulcan Elements has secured $65 million in Series A financing to expand production of rare-earth magnets that power electric vehicles, defense systems and artificial-intelligence hardware. The round was led by Brad Gerstner’s Altimeter Capital and values the North Carolina-based company at roughly $250 million, according to people familiar with the terms. Chief Executive Officer John Maslin said the proceeds will fund construction of a large-scale U.S. manufacturing plant capable of turning out thousands of metric tons of magnets a year. The project aims to establish one of the first fully domestic supply chains for the components, which are dominated by Chinese producers. Washington has been pressing industry to bolster local output of critical minerals as tariffs and other trade frictions tighten access to Chinese materials. Investors argue that reshoring magnet production will reduce strategic vulnerabilities while tapping growing demand from the clean-energy, robotics and aerospace sectors.