Overview

• The Department of Defense became MP Materials’ largest shareholder by purchasing $400 million in preferred stock for a 15% stake and secured a ten-year price floor and magnet purchase guarantee.
• Apple agreed to invest $500 million in MP Materials to buy rare earth magnets from its Fort Worth facility and jointly build a recycling line at Mountain Pass, California.
• Shipments of domestically produced magnets are set to start in 2027, supporting hundreds of millions of devices and creating new manufacturing and R&D roles.
• MP Materials also secured a $150 million expansion loan from the Pentagon and $1 billion in financing from JP Morgan and Goldman Sachs to scale its operations.
• The initiative targets reducing reliance on China, which controls about 70% of US rare earth imports and 90% of global processing capacity for critical minerals.