Follow the Grift
  1. DisclosedFederal awardsGovernment contracts

    Pentagon loan commitment to Vulcan Elements Copy link

    Three months after 1789 Capital invested, the Pentagon's Office of Strategic Capital agreed to lend Vulcan Elements up to $620 million to expand rare-earth magnet production, its largest loan commitment to date. ProPublica reported that the request came from White House trade adviser Peter Navarro. The loan is conditional and is to be repaid; no disbursement has been reported.

    Awarded to Vulcan Elements by Pentagon Office of Strategic Capital

    Tie 1789 Capital, where Trump Jr. has been a partner since November 2024, invested in Vulcan Elements in a $65 million round announced in August 2025. The size of its stake is not public.

    A loan is not a payment: it is listed for the access to public money, at the committed amount, and is not added to any total.

    Denies

    Trump Jr.'s spokesperson, 1789 Capital and the Pentagon Trump Jr.'s spokesperson said he does not discuss companies he has invested in with government officials and did not speak to Peter Navarro about Vulcan. 1789 Capital said it played no role in the loan and learned of it when it was announced. The Pentagon said the deal was decided on its merits. ProPublica

    • RecordU.S. Department of War · Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies · 21 Nov 2025 · Archived
    • ReportProPublica · The White House Intervened to Get a $620 Million Deal for a Company Tied to Donald Trump Jr. · 28 May 2026 · Archived
    • ReportNPR · White House asked Pentagon to loan money to a company linked to Trump's oldest son · 28 May 2026 · Archived
    • Record1789 Capital · Don Trump Jr — 1789 Capital · Archived
    Amount paid not public$620M announced value, not counted
Portrait of Donald Trump Jr.
Donald Trump Jr.

Son. Partner, 1789 Capital; EVP, Trump Organization

$1.29B counted by default · 18 line items

Cite this line item

Follow the Grift, “Pentagon loan commitment to Vulcan Elements,” line item for Donald Trump Jr., https://followthegrift.com/items/donjr-vulcan-osc-loan/ (added 26 Oct 2026; accessed 01 Nov 2026).

More for Trump Jr.