Vulcan Elements was founded in
Boston in 2023 by former
U.S. Navy officer and nuclear propulsion lab financial manager John Maslin, alongside Piotr Kulik, with the intention of competing with rare earth magnet manufacturers based in
China. Maslin was studying at
Harvard University when he started the business. The opening of the plant was attended by academic, political, and military leaders, including
Leonardo Williams,
Pat Harrigan,
Chris Miller,
Nadia Schadlow,
Josh Stein, and
Ted Budd. In August 2025, the company raised $65 million from private investors such as
Altimeter Capital, One Investment Management, and
1789 Capital. It also secured orders and a multimillion dollar contract from the Pentagon. This was the largest loan given by
the Pentagon’s Office of Strategic Capital. The deal raised conflict of interest questions related to Trump Jr.'s relationship with the
second Donald Trump administration. The Pentagon said that the $620 million dollar loan was funded by the
One Big Beautiful Bill Act, and that the $50 million investment used funds provided by the 2022
CHIPS and Science Act. == Key people ==