On July 10, 2025, MP Materials inked a landmark 10-year agreement with the U.S. Department of Defense, guaranteeing purchase of its neodymium-praseodymium (NdPr) rare-earth products at a price floor of $110 per kilogram. To cement the deal, the government acquired $400 million of MP Materials shares, becoming the single largest shareholder in the Mountain Pass operation. Additionally, federal funding will support construction of a magnet manufacturing plant in Texas, with 100% of its output committed to defense and allied commercial users, ensuring predictable demand and de-risking commodity price swings.

Five days after the military pact, MP Materials announced a $500 million, multi-year supply contract with Apple, under which the mine’s recycled and U.S.-refined rare-earth magnets will be integrated into consumer electronics. This deal not only diversifies MP’s customer base beyond defense, but also highlights its closed-loop recycling capabilities and compliance with stringent environmental standards. By supplying one of the world’s largest technology firms, MP strengthens its revenue streams and reinforces its position as the sole domestic mine-to-magnet producer.

Despite a modest revenue decline in the most recent quarter, MP Materials has achieved a five-year compound annual growth rate (CAGR) of 15%, driven by increased NdPr output at Mountain Pass. The company’s market capitalization stands at approximately $12 billion, and its share price is up 27% year to date, reflecting investor confidence in its government-backed business model. With guaranteed offtakes, planned expansion of magnet production capacity, and ongoing scale-up under U.S. environmental regulations, MP is positioned for accelerated profit realization as defense and industrial customers ramp up procurement over the next decade.