Secret White House Push Behind Don Jr. Firm’s $620M Deal Leaks

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The Pentagon’s decision to award a $620 million loan to a little-known North Carolina rare-earth magnet startup is facing renewed scrutiny after reports revealed a behind-the-scenes White House push tied to allies of President Donald Trump.

The deal marked a major breakthrough for the startup, Vulcan, and for 1789 Capital, a venture capital firm backed by Donald Trump Jr., which acquired an undisclosed stake in the company roughly three months before the Pentagon announced the loan.

Around the time of the investment last year, https://www.bloomberg.com/news/articles/2026-05-21/pentagon-doubts-over-rare-earths-deal-provoke-white-house-clash?embedded-checkout=true" rel="" target="_self" title="https://www.bloomberg.com/news/articles/2026-05-21/pentagon-doubts-over-rare-earths-deal-provoke-white-house-clash?embedded-checkout=true">Bloomberg estimated the valuation of Vulcan, which had been founded just two years earlier, at roughly $200 million.

After the Pentagon deal became public, estimates surged to nearly $2 billion.

https://www.thedailybeast.com/secret-white-house-push-behind-don-jr-firms-620m-deal-leaks/">Read more at The Daily Beast.