Video URL: https://www.youtube.com/watch?v=MVzv5rwZJkA
Sources:
his senior trade adviser personally pushed the Pentagon to lend $620 million Defense Department records and interviews show the request to loan the money to Vulcan Elements was made by White House senior counselor Peter Navarro, a friend of Trump Jr.’s — ProPublica
a 30-person startup Vulcan had fewer than 50 employees at the time of the loan announcement — ProPublica
Vulcan Elements, a North Carolina rare-earth magnet company Vulcan Elements is a North Carolina-based rare-earth magnet manufacturer that announced a $1.4 billion partnership with the U.S. government on November 3, 2025 — Vulcan Elements
Peter Navarro, senior counselor to President Trump and a close personal friend of Donald Trump Jr.’s Navarro serves as the president’s senior counselor for trade and manufacturing, and he and Trump Jr. have formed a close bond in recent years — ProPublica
Trump Jr.’s venture firm, 1789 Capital, took an undisclosed stake in Vulcan three months before the deal About three months before the Pentagon announced the loan, Trump Jr.’s venture capital firm 1789 Capital took an undisclosed stake in Vulcan Elements — ProPublica
the company’s valuation jumped roughly tenfold — from around $200 million to about $2 billion Estimates of Vulcan’s valuation went from around $200 million near the time 1789 Capital first invested to around $2 billion after the deal, per Bloomberg figures cited in the article — ProPublica
Of every company the Pentagon’s Office of Strategic Capital was evaluating, Vulcan was the only one initiated by a top White House aide Of the dozens of companies the Pentagon was considering funding at the time, Vulcan’s was the only deal initiated by a top aide to the president, according to a Pentagon official — ProPublica
Pentagon staff worked late nights to push it through in weeks Pentagon staff worked late nights and with little sleep to get the loan through in a matter of weeks, according to a person involved in the deal — ProPublica
Typical vetting takes months Companies considered for funding are generally vetted for many months, but this deal was completed in a matter of weeks because staff were told it was a White House priority — ProPublica
The Pentagon insists outside affiliations and political connections play no role in its funding decisions A Pentagon spokesperson said outside affiliations, investors, or political connections play absolutely no role in the Department’s funding decisions — ProPublica
The Office of Strategic Capital still has roughly $200 billion in lending authority to deploy The Trump administration expanded the Office of Strategic Capital’s lending authority from about $1 billion to $200 billion — ProPublica
Another company tied to Trump Jr. is reportedly already under review Among companies under review for a Pentagon loan was Unusual Machines, a drone parts manufacturer that Trump Jr. advises and owns a stake in, according to a defense official — ProPublica