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.

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.

Phoenix Tailings is a U.S.-based rare earth metals production company building a stable, circular rare earth supply chain from tailings to metal. The company operates domestic refining facilities in Massachusetts and New Hampshire and produces finished rare earth metals and alloys for global customers. Phoenix has developed proprietary technology that enables the economic, safe, and emissions free processing of rare earth elements into final metals and alloys.