Overview
- MP halted shipments of rare-earth concentrates to China in 2025, causing a third-quarter revenue hit that included zero revenue from concentrates.
- Initial sales from the magnetics segment and a pickup in NdPr revenue signal early progress in the company’s U.S. onshoring strategy.
- The Pentagon invested about $400 million in July and became MP’s largest shareholder.
- The Defense Department committed to buy all output from MP’s 10X magnet facility and set a roughly $110 per kilogram NdPr price floor, above the estimated $78 per kilogram spot price.
- Shares are up about 237% year to date but down roughly 19% since October, with volatility heightened by reported Chinese export-restriction plans that were later postponed.