Public Trust Tracker

INV-004 · Money & ethics · Family business

$620M Pentagon loan to Vulcan Elements

Stage 2 of 5: Inquiry · Letters and records requests · Last development 3 Jun 2026

ProPublica reported that White House adviser Peter Navarro initiated a $620 million Pentagon loan to rare-earth startup Vulcan Elements. The loan was announced about three months after Donald Trump Jr.'s venture firm 1789 Capital took an undisclosed stake.

Donald Trump Jr.
People
Peter Navarro, Donald Trump Jr., 1789 Capital
Agencies
Defense Dept, White House
Reviewed by
Senate & House Democrats

Money involved

  • $620 million Pentagon loan to Vulcan Elements (Taxpayer money in questioned contracts, loans and funds) [1]

Timeline

  1. ProPublica publishes its report. Sens. Warren, Blumenthal and Hirono and Reps. Crow and Levin write to Chief of Staff Susie Wiles asking whether Navarro acted at someone else's direction. Sen. Patty Murray calls for an investigation. [1]

  2. The Pentagon announces the $620M loan, about three months after 1789 Capital invests in Vulcan. [1]

Responses

  • Peter Navarro: "Fake news on steroids." [1]
  • Trump Jr.'s spokesperson: He does not discuss his investments with federal officials and did not speak to Navarro about Vulcan. [1]
  • Pentagon: "No company receives preferential treatment." [1]

Who is acting on it

  • Letter Sen. Elizabeth Warren (D-MA), Sen. Richard Blumenthal (D-CT), Sen. Mazie Hirono (D-HI), Rep. Jason Crow (D-CO), Rep. Mike Levin (D-CA): Asked Chief of Staff Wiles whether Navarro acted at someone's direction (3 Jun 2026, No reply or result recorded yet)
  • Asked for an investigation Sen. Patty Murray (D-WA): Called for an investigation of the loan (3 Jun 2026, No reply or result recorded yet)

Sources

  1. ProPublica, 3 Jun 2026

Cite this case

Public Trust Tracker. "$620M Pentagon loan to Vulcan Elements" (INV-004). Last updated 3 Jun 2026. https://publictrusttracker.org/case/inv-004-620m-pentagon-loan-to-vulcan-elements/

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