Phoenix Tailings has closed a $40.2 million oversubscribed B-3 amplification round, bringing total Series B funding to $116.6 million. The round was offered exclusively to existing investors and select strategic partners and consisted of $30.2 million in equity and $10 million in venture debt from Nomura.
Proceeds from the round will expand Phoenix Tailings’ capabilities beyond its current production of neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb) to include samarium (Sm), yttrium (Y), and other critical rare earth metals. The capital accelerates the buildout of a fully integrated domestic rare earth production platform capable of delivering the full spectrum of strategic materials required across energy, defense, and advanced manufacturing sectors.
The round adds strategic partners including Traxys, Eni Next, and Geodesic Alliance Fund, reinforcing Phoenix’s role at the center of the global effort to secure rare earth supply chains, now a core priority for national and economic security. The financing also included participation from cutting edge deep tech VCs such as Aether VC, along with strong continued support from existing investors including Olive Tree Capital, Envisioning Partners, and MPower Partners, demonstrating aligned capital committed to rebuilding critical mineral capacity in the United States.