MP Materials Doubles NdPr Output, Secures $200M for 10X Magnet Facility
MP Materials, valued at $10.6B, doubled NdPr oxide output to a record 2,599 MT in 2025 and secured a $200M incentive for its 10,000-ton 10X magnet facility. Revenues rose 10% to $224.4M in 2025 on higher NdPr oxide and precursor sales, and MP plans $500M-$600M capex in 2026 for expansion.
1. 2025 Production and Output
MP Materials doubled NdPr oxide production to 2,599 MT in 2025 and produced a record 50,692 MT of rare earth concentrate, up 12% year-over-year. The company also manufactured its first commercial-scale magnets at the Independence facility.
2. Government Incentives and Partnerships
The company secured a $200M incentive package, anchored by the Texas Semiconductor Innovation Fund grant, for its Northlake, TX 10X magnet facility which will add 10,000 metric tons of U.S. magnet capacity. MP also signed a long-term recycled magnet supply deal with Apple and commenced a Price Protection Agreement with the Department of War.
3. 2025 Financial Results
Revenues rose 10% to $224.4M in 2025 on higher NdPr oxide and magnetic precursor sales, partially offset by halted concentrate shipments to China. Adjusted loss per share improved to $0.24 from $0.44 in 2024, driven by the new PPA and precursor product revenues.
4. 2026 Expansion and Capex Plans
MP ended 2025 with $1.83B in cash and a debt-to-capital ratio of 0.33, planning $500M-$600M in 2026 capex for expansion, recycling and heavy rare earth separation. It expects to break ground on the Northlake 10X facility and ramp magnet production for key commercial and defense customers.