It’s not disclosed how we’ll split our Independence and future 10X magnet capacity between the Department of War offtake and merchant customers, nor how quickly the Texas magnet ramp converts into revenue, you know. The Department of War offtake and price floor de‑risk the economics, but defense is just one end market alongside EVs, wind and robotics. The balance between strategic and commercial demand – and the pace of the ramp – is still being proven, not yet reported, so big grain of salt on timing.
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