USAR · USA Rare Earth, Inc.

Track USAR — free Ask ALVIS about USAR

$14.93 +0.77 (+5.44%) At close · Jul 27

Market Cap

$3.33B

223.04M

Options Chain

15-min delayed Underlying $14.93 · at close Jul 27, 2026 Options Calculator

Positioning

Jul 31, 2026 · 3 days to expiry · 82 contracts

Put / call OI

0.41

Call-heavy positioning

Open interest

26,789

contracts outstanding

Volume

9,525

traded today

Max pain

$16.00

$1.07 above spot

ATM implied vol

108%

market's expected move

Open interest by strike · near the money

Calls Puts

9.5

10.5

11.5

12.5

13.5

14.5

15.5

16.5

17.5

18.5

19.5

20.5

21.5

22.5

23.5

24.5

25.5

26.5

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Jul 31 3d Aug 7 10d Aug 14 17d Aug 21 24d Aug 28 31d Sep 4 38d Sep 18 52d Dec 18 143d Jan 15 171d Mar 19 234d Jan 21 542d

Calls						Puts
OI	Vol	IV	Δ	Last	Strike	Last	Δ	IV	Vol	OI
0	—	478.7%	0.878	—		—	—	—	—	0
Call · $9.5 In the money Last — Breakeven — Implied vol 478.7% Delta 0.878 ≈88% ITM Gamma 0.03 Theta -0.202 Vega 0.003 Open interest 0 Model this call Put · $9.5 Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
0	—	327.2%	0.888	—		$0.09	—	—	24	24
Call · $10.5 In the money Last — Breakeven — Implied vol 327.2% Delta 0.888 ≈89% ITM Gamma 0.041 Theta -0.131 Vega 0.003 Open interest 0 Model this call Put · $10.5 Last $0.09 Breakeven $10.41 Implied vol — Delta — Gamma — Theta — Vega — Open interest 24 Model this put
2	1	258.8%	0.863	$3.01		$0.01	-0.021	127.8%	12	50
Call · $11.5 In the money Last $3.01 Breakeven $14.51 Implied vol 258.8% Delta 0.863 ≈86% ITM Gamma 0.06 Theta -0.119 Vega 0.003 Open interest 2 Model this call Put · $11.5 Last $0.01 Breakeven $11.49 Implied vol 127.8% Delta -0.021 ≈2% ITM Gamma 0.028 Theta -0.013 Vega 0.001 Open interest 50 Model this put
9	4	151.4%	0.925	$2.30		$0.02	-0.035	118.4%	92	243
Call · $12 In the money Last $2.30 Breakeven $14.30 Implied vol 151.4% Delta 0.925 ≈92% ITM Gamma 0.066 Theta -0.046 Vega 0.002 Open interest 9 Model this call Put · $12 Last $0.02 Breakeven $11.98 Implied vol 118.4% Delta -0.035 ≈4% ITM Gamma 0.046 Theta -0.019 Vega 0.001 Open interest 243 Model this put
1	6	179%	0.842	$2.01		$0.04	-0.078	121%	47	246
Call · $12.5 In the money Last $2.01 Breakeven $14.51 Implied vol 179% Delta 0.842 ≈84% ITM Gamma 0.095 Theta -0.091 Vega 0.003 Open interest 1 Model this call Put · $12.5 Last $0.04 Breakeven $12.46 Implied vol 121% Delta -0.078 ≈8% ITM Gamma 0.085 Theta -0.037 Vega 0.002 Open interest 246 Model this put
30	28	177.1%	0.785	$2.01		$0.09	-0.103	101.8%	644	759
Call · $13 In the money Last $2.01 Breakeven $15.01 Implied vol 177.1% Delta 0.785 ≈79% ITM Gamma 0.118 Theta -0.11 Vega 0.005 Open interest 30 Model this call Put · $13 Last $0.09 Breakeven $12.91 Implied vol 101.8% Delta -0.103 ≈10% ITM Gamma 0.124 Theta -0.038 Vega 0.002 Open interest 759 Model this put
10	6	163.1%	0.725	$1.57		$0.15	-0.194	104.8%	777	965
Call · $13.5 In the money Last $1.57 Breakeven $15.07 Implied vol 163.1% Delta 0.725 ≈72% ITM Gamma 0.145 Theta -0.114 Vega 0.005 Open interest 10 Model this call Put · $13.5 Last $0.15 Breakeven $13.35 Implied vol 104.8% Delta -0.194 ≈19% ITM Gamma 0.187 Theta -0.06 Vega 0.004 Open interest 965 Model this put
90	27	143.3%	0.656	$1.15		$0.29	-0.27	82.4%	349	1.5k
Call · $14 In the money Last $1.15 Breakeven $15.15 Implied vol 143.3% Delta 0.656 ≈66% ITM Gamma 0.184 Theta -0.112 Vega 0.005 Open interest 90 Model this call Put · $14 Last $0.29 Breakeven $13.71 Implied vol 82.4% Delta -0.27 ≈27% ITM Gamma 0.284 Theta -0.056 Vega 0.005 Open interest 1.5k Model this put
438	205	142%	0.558	$0.89		$0.38	-0.434	89.6%	99	434
Call · $14.5 In the money Last $0.89 Breakeven $15.39 Implied vol 142% Delta 0.558 ≈56% ITM Gamma 0.198 Theta -0.118 Vega 0.006 Open interest 438 Model this call Put · $14.5 Last $0.38 Breakeven $14.12 Implied vol 89.6% Delta -0.434 ≈43% ITM Gamma 0.312 Theta -0.073 Vega 0.006 Open interest 434 Model this put
Underlying $14.93
677	645	135.4%	0.457	$0.59		$0.82	-0.602	80.5%	264	526
Call · $15 Last $0.59 Breakeven $15.59 Implied vol 135.4% Delta 0.457 ≈46% ITM Gamma 0.207 Theta -0.112 Vega 0.006 Open interest 677 Model this call Put · $15 In the money Last $0.82 Breakeven $14.18 Implied vol 80.5% Delta -0.602 ≈60% ITM Gamma 0.342 Theta -0.064 Vega 0.006 Open interest 526 Model this put
1.3k	1k	125.5%	0.346	$0.38		$1.22	-0.849	55.2%	56	200
Call · $15.5 Last $0.38 Breakeven $15.88 Implied vol 125.5% Delta 0.346 ≈35% ITM Gamma 0.209 Theta -0.097 Vega 0.005 Open interest 1.3k Model this call Put · $15.5 In the money Last $1.22 Breakeven $14.28 Implied vol 55.2% Delta -0.849 ≈85% ITM Gamma 0.306 Theta -0.026 Vega 0.004 Open interest 200 Model this put
1.9k	1.4k	124.8%	0.25	$0.27		$1.46	—	—	141	502
Call · $16 Last $0.27 Breakeven $16.27 Implied vol 124.8% Delta 0.25 ≈25% ITM Gamma 0.183 Theta -0.084 Vega 0.005 Open interest 1.9k Model this call Put · $16 In the money Last $1.46 Breakeven $14.54 Implied vol — Delta — Gamma — Theta — Vega — Open interest 502 Model this put
966	875	120.7%	0.17	$0.16		$2.04	-0.924	84.7%	3	177
Call · $16.5 Last $0.16 Breakeven $16.66 Implied vol 120.7% Delta 0.17 ≈17% ITM Gamma 0.148 Theta -0.064 Vega 0.004 Open interest 966 Model this call Put · $16.5 In the money Last $2.04 Breakeven $14.46 Implied vol 84.7% Delta -0.924 ≈92% ITM Gamma 0.123 Theta -0.024 Vega 0.003 Open interest 177 Model this put
828	773	119.9%	0.112	$0.09		$2.44	—	—	21	480
Call · $17 Last $0.09 Breakeven $17.09 Implied vol 119.9% Delta 0.112 ≈11% ITM Gamma 0.112 Theta -0.047 Vega 0.003 Open interest 828 Model this call Put · $17 In the money Last $2.44 Breakeven $14.56 Implied vol — Delta — Gamma — Theta — Vega — Open interest 480 Model this put
927	760	130.9%	0.09	$0.05		$2.68	—	—	17	222
Call · $17.5 Last $0.05 Breakeven $17.55 Implied vol 130.9% Delta 0.09 ≈9% ITM Gamma 0.088 Theta -0.044 Vega 0.003 Open interest 927 Model this call Put · $17.5 In the money Last $2.68 Breakeven $14.82 Implied vol — Delta — Gamma — Theta — Vega — Open interest 222 Model this put
724	105	123.8%	0.049	$0.03		$3.28	—	—	12	296
Call · $18 Last $0.03 Breakeven $18.03 Implied vol 123.8% Delta 0.049 ≈5% ITM Gamma 0.057 Theta -0.026 Vega 0.002 Open interest 724 Model this call Put · $18 In the money Last $3.28 Breakeven $14.72 Implied vol — Delta — Gamma — Theta — Vega — Open interest 296 Model this put
521	177	124.7%	0.03	$0.02		$4.05	—	—	2	202
Call · $18.5 Last $0.02 Breakeven $18.52 Implied vol 124.7% Delta 0.03 ≈3% ITM Gamma 0.038 Theta -0.018 Vega 0.001 Open interest 521 Model this call Put · $18.5 In the money Last $4.05 Breakeven $14.45 Implied vol — Delta — Gamma — Theta — Vega — Open interest 202 Model this put
1.2k	531	141.9%	0.033	$0.03		$4.36	—	—	4	168
Call · $19 Last $0.03 Breakeven $19.03 Implied vol 141.9% Delta 0.033 ≈3% ITM Gamma 0.036 Theta -0.022 Vega 0.001 Open interest 1.2k Model this call Put · $19 In the money Last $4.36 Breakeven $14.64 Implied vol — Delta — Gamma — Theta — Vega — Open interest 168 Model this put
338	29	146.8%	0.026	$0.01		$4.88	—	—	8	19
Call · $19.5 Last $0.01 Breakeven $19.51 Implied vol 146.8% Delta 0.026 ≈3% ITM Gamma 0.029 Theta -0.018 Vega 0.001 Open interest 338 Model this call Put · $19.5 In the money Last $4.88 Breakeven $14.62 Implied vol — Delta — Gamma — Theta — Vega — Open interest 19 Model this put
1.7k	52	157.4%	0.024	$0.01		$5.15	—	—	23	448
Call · $20 Last $0.01 Breakeven $20.01 Implied vol 157.4% Delta 0.024 ≈2% ITM Gamma 0.025 Theta -0.018 Vega 0.001 Open interest 1.7k Model this call Put · $20 In the money Last $5.15 Breakeven $14.85 Implied vol — Delta — Gamma — Theta — Vega — Open interest 448 Model this put
159	2	173.6%	0.027	$0.04		$5.96	—	—	2	65
Call · $20.5 Last $0.04 Breakeven $20.54 Implied vol 173.6% Delta 0.027 ≈3% ITM Gamma 0.025 Theta -0.023 Vega 0.001 Open interest 159 Model this call Put · $20.5 In the money Last $5.96 Breakeven $14.54 Implied vol — Delta — Gamma — Theta — Vega — Open interest 65 Model this put
245	2	207.6%	0.044	$0.01		$6.24	—	—	5	88
Call · $21 Last $0.01 Breakeven $21.01 Implied vol 207.6% Delta 0.044 ≈4% ITM Gamma 0.031 Theta -0.04 Vega 0.002 Open interest 245 Model this call Put · $21 In the money Last $6.24 Breakeven $14.76 Implied vol — Delta — Gamma — Theta — Vega — Open interest 88 Model this put
127	3	216.1%	0.039	$0.01		$6.50	—	—	1	15
Call · $21.5 Last $0.01 Breakeven $21.51 Implied vol 216.1% Delta 0.039 ≈4% ITM Gamma 0.028 Theta -0.038 Vega 0.002 Open interest 127 Model this call Put · $21.5 In the money Last $6.50 Breakeven $15.00 Implied vol — Delta — Gamma — Theta — Vega — Open interest 15 Model this put
344	3	225.5%	0.037	$0.01		$7.35	—	—	38	62
Call · $22 Last $0.01 Breakeven $22.01 Implied vol 225.5% Delta 0.037 ≈4% ITM Gamma 0.026 Theta -0.038 Vega 0.001 Open interest 344 Model this call Put · $22 In the money Last $7.35 Breakeven $14.65 Implied vol — Delta — Gamma — Theta — Vega — Open interest 62 Model this put
416	4	333%	0.122	$0.01		$7.82	—	—	40	28
Call · $22.5 Last $0.01 Breakeven $22.51 Implied vol 333% Delta 0.122 ≈12% ITM Gamma 0.043 Theta -0.14 Vega 0.003 Open interest 416 Model this call Put · $22.5 In the money Last $7.82 Breakeven $14.68 Implied vol — Delta — Gamma — Theta — Vega — Open interest 28 Model this put
446	1	227.1%	0.026	$0.03		$8.40	—	—	15	19
Call · $23 Last $0.03 Breakeven $23.03 Implied vol 227.1% Delta 0.026 ≈3% ITM Gamma 0.018 Theta -0.028 Vega 0.001 Open interest 446 Model this call Put · $23 In the money Last $8.40 Breakeven $14.60 Implied vol — Delta — Gamma — Theta — Vega — Open interest 19 Model this put
1.2k	1	342.5%	0.102	$0.01		$8.66	—	—	8	8
Call · $23.5 Last $0.01 Breakeven $23.51 Implied vol 342.5% Delta 0.102 ≈10% ITM Gamma 0.037 Theta -0.127 Vega 0.003 Open interest 1.2k Model this call Put · $23.5 In the money Last $8.66 Breakeven $14.84 Implied vol — Delta — Gamma — Theta — Vega — Open interest 8 Model this put
914	4	277.2%	0.041	$0.02		$9.40	—	—	4	18
Call · $24 Last $0.02 Breakeven $24.02 Implied vol 277.2% Delta 0.041 ≈4% ITM Gamma 0.022 Theta -0.051 Vega 0.001 Open interest 914 Model this call Put · $24 In the money Last $9.40 Breakeven $14.60 Implied vol — Delta — Gamma — Theta — Vega — Open interest 18 Model this put
1.1k	5	330.4%	0.074	$0.02		$9.82	—	—	1	4
Call · $24.5 Last $0.02 Breakeven $24.52 Implied vol 330.4% Delta 0.074 ≈7% ITM Gamma 0.03 Theta -0.096 Vega 0.002 Open interest 1.1k Model this call Put · $24.5 In the money Last $9.82 Breakeven $14.68 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 Model this put
366	4	251.1%	0.017	$0.01		$10.45	-0.951	309.4%	2	3
Call · $25 Last $0.01 Breakeven $25.01 Implied vol 251.1% Delta 0.017 ≈2% ITM Gamma 0.012 Theta -0.022 Vega 0.001 Open interest 366 Model this call Put · $25 In the money Last $10.45 Breakeven $14.55 Implied vol 309.4% Delta -0.951 ≈95% ITM Gamma 0.023 Theta -0.063 Vega 0.002 Open interest 3 Model this put
343	1	330.5%	0.057	$0.07		$10.85	-0.964	298.7%	2	12
Call · $25.5 Last $0.07 Breakeven $25.57 Implied vol 330.5% Delta 0.057 ≈6% ITM Gamma 0.024 Theta -0.078 Vega 0.002 Open interest 343 Model this call Put · $25.5 In the money Last $10.85 Breakeven $14.65 Implied vol 298.7% Delta -0.964 ≈96% ITM Gamma 0.019 Theta -0.048 Vega 0.001 Open interest 12 Model this put
205	72	304%	0.035	$0.30		$11.30	-0.943	341.3%	2	17
Call · $26 Last $0.30 Breakeven $26.30 Implied vol 304% Delta 0.035 ≈3% ITM Gamma 0.018 Theta -0.048 Vega 0.001 Open interest 205 Model this call Put · $26 In the money Last $11.30 Breakeven $14.70 Implied vol 341.3% Delta -0.943 ≈94% ITM Gamma 0.024 Theta -0.079 Vega 0.002 Open interest 17 Model this put
39	10	316.9%	0.036	$0.02		$11.88	-0.926	376.3%	3	4
Call · $26.5 Last $0.02 Breakeven $26.52 Implied vol 316.9% Delta 0.036 ≈4% ITM Gamma 0.018 Theta -0.052 Vega 0.001 Open interest 39 Model this call Put · $26.5 In the money Last $11.88 Breakeven $14.62 Implied vol 376.3% Delta -0.926 ≈93% ITM Gamma 0.026 Theta -0.107 Vega 0.002 Open interest 4 Model this put
575	21	319.3%	0.033	$0.13		$12.28	—	—	1	1
Call · $27 Last $0.13 Breakeven $27.13 Implied vol 319.3% Delta 0.033 ≈3% ITM Gamma 0.016 Theta -0.049 Vega 0.001 Open interest 575 Model this call Put · $27 In the money Last $12.28 Breakeven $14.72 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 Model this put
127	2	334%	0.032	$0.07		$13.43	—	—	3	0
Call · $28 Last $0.07 Breakeven $28.07 Implied vol 334% Delta 0.032 ≈3% ITM Gamma 0.015 Theta -0.05 Vega 0.001 Open interest 127 Model this call Put · $28 In the money Last $13.43 Breakeven $14.57 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put
74	2	348.2%	0.031	$0.09		$14.35	-0.932	418%	1	0
Call · $29 Last $0.09 Breakeven $29.09 Implied vol 348.2% Delta 0.031 ≈3% ITM Gamma 0.014 Theta -0.05 Vega 0.001 Open interest 74 Model this call Put · $29 In the money Last $14.35 Breakeven $14.65 Implied vol 418% Delta -0.932 ≈93% ITM Gamma 0.022 Theta -0.112 Vega 0.002 Open interest 0 Model this put
364	2	361.9%	0.03	$0.17		$15.25	—	—	2	8
Call · $30 Last $0.17 Breakeven $30.17 Implied vol 361.9% Delta 0.03 ≈3% ITM Gamma 0.013 Theta -0.051 Vega 0.001 Open interest 364 Model this call Put · $30 In the money Last $15.25 Breakeven $14.75 Implied vol — Delta — Gamma — Theta — Vega — Open interest 8 Model this put
89	2	375.2%	0.029	$0.15		$16.28	—	—	4	2
Call · $31 Last $0.15 Breakeven $31.15 Implied vol 375.2% Delta 0.029 ≈3% ITM Gamma 0.012 Theta -0.051 Vega 0.001 Open interest 89 Model this call Put · $31 In the money Last $16.28 Breakeven $14.72 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 Model this put
58	2	383.4%	0.026	$0.01		$17.19	—	—	2	1
Call · $32 Last $0.01 Breakeven $32.01 Implied vol 383.4% Delta 0.026 ≈3% ITM Gamma 0.011 Theta -0.048 Vega 0.001 Open interest 58 Model this call Put · $32 In the money Last $17.19 Breakeven $14.81 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 Model this put
75	3	544.3%	0.099	$0.04		$18.37	-0.982	378.2%	2	1
Call · $33 Last $0.04 Breakeven $33.04 Implied vol 544.3% Delta 0.099 ≈10% ITM Gamma 0.023 Theta -0.198 Vega 0.002 Open interest 75 Model this call Put · $33 In the money Last $18.37 Breakeven $14.63 Implied vol 378.2% Delta -0.982 ≈98% ITM Gamma 0.009 Theta -0.033 Vega 0 Open interest 1 Model this put
18	1	—	—	$0.07		$19.16	—	—	2	0
Call · $35 Last $0.07 Breakeven $35.07 Implied vol — Delta — Gamma — Theta — Vega — Open interest 18 Model this call Put · $35 In the money Last $19.16 Breakeven $15.84 Implied vol — Delta — Gamma — Theta — Vega — Open interest 0 Model this put

About this data

Greeks, implied volatility, open interest and the last price come from the latest daily snapshot and are 15-minute delayed. Bid and ask are not included on this plan.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. The 22 strikes around the money are shown by default — switch to "All 41" for the wings. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.

Key facts CIK 1970622 CUSIP 91733P107 13F (30d) 100 filings 98 filers Visit website Investor relations