Cantor Fitzgerald Triples USA Rare Earth Stake Amid $1.6 Billion Commerce Deal and Congressional Probe

Cantor Fitzgerald increased its stake in USA Rare Earth ($USAR) by 205% during Q2 2026, as the critical-minerals company finalized up to $1.6 billion in federal support from the Department of Commerce, now led by Cantor's former CEO Howard Lutnick.

• According to July 6 letters from Sens. Elizabeth Warren, Ron Wyden and Chris Van Hollen and Rep. Zoe Lofgren to USAR and Cantor, USAR CEO Barbara Humpton met with Lutnick in November 2025 and later described him as helping open doors to officials overseeing CHIPS funding and at DOE and DOD.
• On January 26, 2026, the Commerce Department announced a proposed package providing USAR up to $277 million in direct funding and $1.3 billion in loans, subject to private capital-matching requirements.
• To meet the matching requirement, USAR raised $1.5 billion through a PIPE with Cantor serving as lead placement agent; the transaction closed January 27.
• Cantor first disclosed 17,100 USAR shares as of March 31, after reporting no position at year-end 2025.
• On June 3, the Commerce Department finalized the $1.6 billion package, which also provides the government 16.1 million USAR shares and warrants for roughly 17.6 million additional shares. By June 30, Cantor had increased its disclosed USAR stake to 52,200 shares, up 205% from Q1.
• The July 6 congressional letters seek details on how Cantor was selected, whether Cantor or USAR communicated with Lutnick or Commerce Department officials about the PIPE, and how much Cantor was paid. USAR disclosed approximately $50 million in total PIPE financing costs, but Cantor's portion has not been publicly disclosed.
• Cantor has said it had no role in USAR's negotiations or financing arrangements with the government, while the Commerce Department has said neither Lutnick nor other department officials discussed the rare-earth industry or USAR with Cantor.

Relevant Companies

• USA Rare Earth ($USAR) — Cantor tripled its disclosed stake as USAR finalized major federal financing for its domestic rare-earth supply chain.

Editor’s Note: This is a developing story. This article may be updated as more details become available.