MP Materials Posts 63% Q1 Production Gain and Secures $400M DoD Deal
MP•MP Materials posted record Q1 2026 NdPr oxide output of 917 tonnes, up 63% year-over-year, generating $90.6 million in revenue. The company also secured a $400 million DoD equity investment, a 10-year NdPr oxide price floor at $110/kg and a magnet offtake deal, and is commissioning heavy separation.
1. Q1 2026 Production and Revenue
MP Materials achieved record first-quarter NdPr oxide output of 917 metric tons, up 63% year-over-year, driving revenue of $90.6 million as the Mountain Pass mine scaled operations.
2. DoD Equity Investment and Price Floor
The company secured a $400 million equity investment from the Department of Defense and agreed to a 10-year NdPr oxide price floor at $110 per kilogram, alongside a decade-long magnet offtake agreement from its new Texas facility.
3. Heavy Rare Earth Separation Commissioning
MP Materials is commissioning heavy rare earth separation for terbium and dysprosium at Mountain Pass, expanding its processing capabilities to support defense supply chain diversification.
4. Analyst Target and Sentiment
Wall Street analysts maintain an $80 per share price target on MP Materials stock, reflecting optimism about production growth, DoD support, and expanded separation capabilities.
