Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant

In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the

MP Materials (NYSE:MP) saw its shares leap by as much as 32% in premarket trading after announcing a landmark agreement with the U.S. Department of Defense aimed at strengthening America’s rare earth supply chain and expanding domestic magnet production.

Apple has signed a $500 million deal with MP Materials to secure a long-term supply of rare earth magnets, a move aimed at reducing reliance on China and reinforcing its U.S. supply chain. The agreement marks a

Fort Worth company owning the only rare earth magnet manufacturing plant in the U.S. is being courted to the tune of millions of dollars.

MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence on Chinese supplies.

Apple and MP Materials unveiled a $500 million deal to bolster the iPhone maker’s domestic supply chain for rare‑earth magnets.

MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.