Billionaires secretly invest in AI-driven rare earth mining in Greenland

Months after President Donald Trump revived the idea of US control over Greenland, a region of Denmark, a significant but discreet shift has occurred

Jeff Bezos, Bill Gates, and Michael Bloomberg have invested in Greenland, drawn by its critical mineral reserves and growing geopolitical importance, according to Forbes.

Ronald Lauder, heir to the Estée Lauder fortune, is also an investor. According to John Bolton, former White House national security adviser, Lauder first proposed the US acquisition of Greenland during Trump’s first term.

Since 2019, Bezos, Gates, and Bloomberg have invested in KoBold Metals, a company that uses AI to search for rare earth minerals essential to electronics and clean energy technologies.

Sam Altman, CEO of OpenAI, invested in 2022. In early 2021, Peter Thiel, co-founder of PayPal and Palantir, backed Praxis, a startup aiming to build a technologically advanced “freedom city” on the island.

Why Greenland?

Greenland holds an estimated 1.5 million metric tons of rare earth element reserves, ranking eighth globally according to the U.S. Geological Survey (USGS). While smaller than China’s 44 million metric tons, Greenland’s reserves are comparable to those of the United States and exceed those of Canada and South Africa.

Most reserves are in southern Greenland, especially at the Kvanefjeld site, which contains over 11 million metric tons of rare-earth resources, including 370,000 metric tons of heavy rare-earth elements. The nearby Tanbreez deposit is estimated at 28.2 million metric tons, potentially the world’s largest by volume.

These minerals are essential for the manufacture of high-performance magnets, electric car batteries, wind turbines, and military equipment. A 2023 geological survey found that 25 of 34 minerals classified as “critical raw materials” by the European Commission are present in Greenland, including graphite, copper, gold, lithium, and platinum group metals.

However, ore grades in Greenland are relatively low. At Kvanefjeld, rare earth content is 1.4 percent, compared to 4 to 8 percent at typical successful mines. As a result, Greenland mines would require larger open pits and more energy for processing, increasing costs.

China currently dominates global rare-earth production, supplying over 90 percent of the market. In 2025, China imposed export controls on heavy rare earths, disrupting Western automotive supply chains and exposing vulnerabilities in clean energy and defense sectors.

Viability

Marc Jacobsen, an Arctic security expert and associate professor at the Royal Danish Defence College, said Lauder’s investments are unlikely to have “any economic substance”. He continued, “What is important here is the close link to Greenlandic decision makers. This is about strategy and gaining control.”

Jacobsen told Forbes that he has noticed an increased American presence in Greenland. He said, “There are more Americans in Greenland than ever before. It can be difficult to know if they’re only tourists or if they also have an interest in ‘strategic investments.'”

Despite its mineral wealth, Greenland has no commercial rare-earth mining as of January 2026. Development has stalled due to several barriers, including the 2021 uranium mining ban that halted the Kvanefjeld project, harsh Arctic conditions, limited infrastructure, and environmental concerns from local communities.

In June 2025, the US Export-Import Bank sent a letter of interest to Critical Metals Corp for a $120 million loan to fund the Tanbreez rare-earth mine in Greenland. If approved, this would be the Trump administration’s first overseas mining investment.

Stakes

In June 2025, the EU designated the Amitsoq graphite project in Greenland as a Strategic Project under its Critical Raw Materials Act, highlighting its importance to Europe’s supply chain resilience.

Because rare-earth elements are vital for EVs, renewable energy infrastructure, and defense systems, control over Greenland’s mineral deposits would be a strategic asset in global competition with China.

The key question is whether Trump’s renewed interest in Greenland, supported by significant billionaire investments, will lead to American control over the territory or simply accelerate development that benefits US companies while respecting Greenlandic sovereignty.