# EDGAR Filing Document

**Accession Number:** 0001970622
**File Stem:** 0001213900-25-077642
**Filing Date:** 2025-8
**Character Count:** 12481
**Document Hash:** b4b1db45f4c5023b965f848e4986ad1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-077642.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-077642

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250813

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BLITZER MICHAEL
- **CENTRAL INDEX KEY:** 0001458423

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41711
- **FILM NUMBER:** 251225977

**MAIL ADDRESS:**
- **STREET 1:** 1270 BROADWAY, SUITE 1009
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Inflection Point Holdings II LLC
- **CENTRAL INDEX KEY:** 0001970530

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41711
- **FILM NUMBER:** 251225976

**BUSINESS ADDRESS:**
- **STREET 1:** 167 MADISON AVENUE
- **STREET 2:** SUITE 205 #1017
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 212-476-6908

**MAIL ADDRESS:**
- **STREET 1:** 167 MADISON AVENUE
- **STREET 2:** SUITE 205 #1017
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USA Rare Earth, Inc.
- **CENTRAL INDEX KEY:** 0001970622
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981720278
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075
- **BUSINESS PHONE:** 813-867-6155

**MAIL ADDRESS:**
- **STREET 1:** 100 W AIRPORT ROAD
- **CITY:** STILLWATER
- **STATE:** OK
- **ZIP:** 74075

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Inflection Point Acquisition Corp. II
- **DATE OF NAME CHANGE:** 20230322

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>BLITZER MICHAEL<br><sub>(Last) (First) (Middle)</sub><br>167 MADISON AVENUE<br>SUITE 205 #1017<br><sub>(Street)</sub><br>NEW YORK, NY 10016<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-13 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>USA Rare Earth, Inc. [ USAR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Inflection Point Holdings II LLC<br><sub>(Last) (First) (Middle)</sub><br>167 MADISON AVENUE<br>SUITE 205 #1017<br><sub>(Street)</sub><br>NEW YORK, NY 10016<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-13 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [X] Other (specify below)<br>_Director-by-Deputization_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>USA Rare Earth, Inc. [ USAR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock, par value $0.0001 per share | 2025-08-13 |  | M |  | 2091849 | A | <sup>(1)</sup> | 2091849 | I | By Inflection Point Fund I, LP<sup>(5)</sup> |
| Common Stock, par value $0.0001 per share | 2025-08-13 |  | S |  | 2091849 | D | $15.75 | 0 | I | By Inflection Point Fund I, LP<sup>(5)</sup> |
| Common Stock, par value $0.0001 per share |  |  |  |  |  |  |  | 6250000 | I | By Inflection Point Holdings II LLC<sup>(6)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Restricted Stock Units | <sup>(2)</sup> | 2025-08-13 |  | A |  | 18199<sup>(3)</sup> |  | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock, par value $0.0001 per share | 18199 | $0 | 18199 | D |  |
| Restricted Stock Units | <sup>(2)</sup> | 2025-08-13 |  | A |  | 12284<sup>(3)</sup> |  | <sup>(2)</sup> | <sup>(2)</sup> | Common Stock, par value $0.0001 per share | 12284 | $0 | 12284 | D |  |
| Series A Preferred Stock, par value $0.0001 per share | 7<sup>(1)</sup> | 2025-08-13 |  | M |  |  | 1161805 | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock, par value $0.0001 per share | 2091849 | <sup>(1)</sup> | 343137<sup>(1)</sup> | I | By Inflection Point Fund I, LP<sup>(5)</sup> |
| Series A Preferred Stock, par value $0.0001 per share | 7<sup>(1)</sup> |  |  |  |  |  |  | <sup>(1)</sup> | <sup>(1)</sup> | Common Stock, par value $0.0001 per share | 411018 |  | 411018<sup>(1)</sup> | D |  |
| Warrants to purchase Common Stock | $11.50 | 2025-08-14 |  | J<sup>(4)</sup> |  |  | 6000000 | 2025-04-12 | 2030-03-13 | Common Stock, par value $0.0001 per share | 6000000 | <sup>(4)</sup> | 0 | I | By Inflection Point Holdings II LLC<sup>(6)</sup> |
| Warrants to purchase Common Stock | $11.50 |  |  |  |  |  |  | 2025-04-12 | 2030-03-13 | Common Stock, par value $0.0001 per share | 3813334 |  | 3813334<sup>(4)</sup> | D |  |
| Warrants to purchase Common Stock | $11.50 | 2025-08-14 |  | S |  |  | 3813334 | 2025-04-12 | 2030-03-13 | Common Stock, par value $0.0001 per share | 3813334 | $5.70 | 0 | D |  |

---

### Footnotes:

(1) Each share of Series A Preferred Stock, par value $0.0001 per share of the Issuer ("Series A Preferred Stock") is convertible into a number of shares of common stock, par value $0.0001 per share of the Issuer ("Common Stock"), which is determined by dividing the Accrued Value (as defined in the Certificate of Designation for the Series A Preferred Stock (the "Certificate of Designation")) by the conversion price, subject to adjustment as set forth in the Certificate of Designation. Initially, the conversion price was $12.00. Pursuant to the terms of the Certificate of Designation, the conversion price was reset to $7.00. The Series A Preferred Stock has no expiration date.

(2) The restricted stock unit will fully vest on May 20, 2026. If the vesting date occurs during a closed Trading Window under the Issuer's Insider Trading Policy, then the RSUs shall vest on the first Trading Day of the next open Trading Window pursuant to the Issuer's Insider Trading Policy, subject in all cases to any applicable outside dates required to comply with applicable tax laws and the terms of the Issuer's Amended and Restated 2024 Omnibus Incentive Plan.

(3) Each restricted stock unit represents the right to receive, at settlement, one (1) share of the Issuer's common stock.

(4) On August 14, 2025, Inflection Point Holdings II LLC (the "Sponsor") distributed an aggregate of 6,000,000 private placement warrants to its members as a pro rata distribution for no consideration in accordance with the terms of the Sponsor's limited liability company agreement. 3,813,334 private placement warrants were distributed to Michael Blitzer on such basis. Under Rule 16a-13 promulgated under the Securities Exchange Act of 1934, as a change in form of beneficial ownership, the reported distribution by the Sponsor (as it relates to Mr. Blitzer's deemed beneficial ownership of the securities held by the Sponsor) to its members and the acquisition by Mr. Blitzer from the Sponsor, were exempt from Section 16 of the Securities Exchange Act of 1934.

(5) Inflection Point Fund I, LP ("Inflection Point Fund") is the record holder of such securities. Inflection Point Asset Management LLC and Inflection Point GP I LLC are the investment manager and general partner, respectively, of Inflection Point Fund. Mr. Blitzer controls each Inflection Point Fund, Inflection Point Asset Management LLC and Inflection Point GP I LLC, including the exercise of voting and investment discretion over the securities held or to be held by Inflection Point Fund. Mr. Blitzer disclaims any beneficial ownership of the securities held by Inflection Point Fund, Inflection Point Asset Management LLC and Inflection Point GP I LLC other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

(6) The Sponsor is the record holder of such securities. Michael Blitzer is the sole Managing Member of the Sponsor and shares voting and investment discretion with respect to the securities held by the Sponsor. Michael Blitzer disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

**Remarks:**
The Sponsor may be deemed a director by deputization by virtue of its representation on the board of directors of the Issuer. Michael Blitzer is Chairman of the board of directors of the Issuer.

**Signature:** /s/ Michael Blitzer  
**Date:** 2025-08-15

**Signature:** /s/ Michael Blitzer, Managing Member of Inflection Point Holdings II, LLC  
**Date:** 2025-08-15

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**