MP Materials Corp.
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- MP Materials Corp. (NYSE: MP), founded in 2017 and headquartered in Las Vegas, Nevada, is a leading producer of rare earth materials and magnetics in the Western Hemisphere; the company owns and operates the Mountain Pass rare earth mine and processing facility in San Bernardino County, California, the only scaled rare earth mining and processing site in North America, where it mines high-grade ore, produces high-purity rare earth concentrates through flotation, and separates key oxides including neodymium-praseodymium (NdPr) and lanthanum-cerium (LaCe); MP Materials also manufactures magnetic precursor products, rare earth metals, alloys, and high-performance magnets at its Independence facility in Fort Worth, Texas. The company serves critical sectors such as electric vehicles, wind turbines, robotics, defense, and renewable energy, with operations focused on restoring a full-cycle domestic rare earth supply chain to reduce reliance on foreign sources. MP Materials organizes its business into two segments: Materials, encompassing mining, concentrating, separation, and refining at Mountain Pass; and Magnetics, covering metal, alloy, and magnet production. In recent developments, MP Materials entered a transformational public-private partnership with the U.S. Department of Defense in 2025, securing $400 million in preferred stock investment making DoD its largest shareholder, a $150 million loan for heavy rare earth separation expansion at Mountain Pass, a 10-year NdPr price floor commitment at $110 per kg, and a 10-year offtake agreement for 100% of output from its new 10X magnet manufacturing facility slated to boost total U.S. magnet capacity to 10,000 metric tons by 2028; the company obtained $1 billion in financing commitments from JPMorgan Chase and Goldman Sachs for the 10X Facility construction. Additional strategic alliances include a November 2025 joint venture with Saudi Arabian Mining Company (Maaden) to develop a vertically integrated rare earth supply chain in Saudi Arabia encompassing mining, processing, and magnetics, expanding MP Materials' global footprint while aligning with U.S. national security objectives. The company reported record NdPr oxide production of 478 metric tons in Q1 2025, a 76% sequential increase, alongside commissioning of its Texas magnetics facility and ongoing optimizations at Mountain Pass to achieve positive midstream gross margins.
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