# 1789 Capital Stake in Vulcan Elements In **August 2025**, [[Vulcan Elements]] announced a **$65 million** funding round that included an investment from **[[1789 Capital]]** — the Trump-aligned venture firm [[Donald Trump Jr.]] joined as a partner after his father's second election. Neither 1789 nor Vulcan has publicly disclosed the **size** of the stake. ## Why It Matters This is the **predicate transaction** that converts the [[Vulcan Elements OSC $620M Pentagon Loan]] from a clean industrial-policy story into a conflict-of-interest story. The timeline is the whole argument: - **Aug 2025** — 1789 Capital invests; Vulcan valued ~$200M. - **~3 months later (Nov 2025)** — the Pentagon's [[Office of Strategic Capital]] announces the record $620M loan, initiated (per ProPublica) by Trump Jr.'s friend [[Peter Navarro]]. - **Post-announcement** — Vulcan's valuation rises ~tenfold to ~$2B, marking up 1789's undisclosed position. A venture firm tied to the president's son took a stake in a small startup, and three months later that startup received the largest loan in its government funder's history after a push from a White House aide. 1789 Capital says it played no role in the loan and did not learn of it before it was public. ## See Also - [[1789 Capital]] - [[Vulcan Elements]] - [[Vulcan Elements OSC $620M Pentagon Loan]] - [[Donald Trump Jr.]] - [[Defense Tech Conflicts of Interest]] - [[Trump Family Corruption Ecosystem]]