MP Materials

MP Materials is a US rare earth company that owns and operates the Mountain Pass mine and processing facility in California and makes rare earth magnets in Texas. It describes itself as America's fully integrated rare earth materials and magnetics producer.

MP Materials is one of the few companies outside China that both mines and separates rare earths. Its closest counterpart is Lynas Rare Earths in Australia and Malaysia, and both appear on our rare earth stocks list.

What does MP Materials do?

MP Materials covers the chain from mine to magnet. At Mountain Pass it mines ore and produces NdPr oxide and other separated rare earth products. At its Independence facility in Fort Worth, Texas, it turns NdPr oxide into metal, then into alloy, and began making neodymium-iron-boron (NdFeB) permanent magnets there in December 2025, according to its 2025 annual report.

Those steps are explained in How Rare Earths Are Processed and Rare Earth Magnets Explained.

Where are MP Materials' operations?

• Mountain Pass, California. The mine and processing facility sit on 2,232 acres about 50 miles southwest of Las Vegas, in San Bernardino County.
• Independence, Fort Worth, Texas. The metal, alloy and magnet plant. MP plans to expand it to about 3,000 tonnes of magnets a year. In mid-2026 its magnets were still going through customer qualification.
• 10X, Northlake, Texas. A planned large-scale magnet campus on a 120-acre site that MP bought in April 2026 for about US$80 million. Construction is under way, and MP expects commissioning to begin in 2028, with an estimated 7,000 tonnes of magnets a year once scaled.

MP's announcement says it expects to invest more than US$1.25 billion in 10X. Together, Independence and 10X would give MP about 10,000 tonnes a year of US magnet capacity.

What does MP Materials produce?

Mountain Pass produces NdPr oxide, cerium and lanthanum products, and SEG+, a mixed heavy rare earth product. Independence produces NdPr metal by electrowinning, NdFeB alloy flake by strip casting, and magnets.

Heavy rare earths are next. With a US$35 million Department of War contract, MP is building a facility at Mountain Pass to process heavy rare earths. In its latest quarterly filing, it said it expected to begin refining them, with initial production of terbium and dysprosium, in the second half of 2026. It has also committed to separating samarium oxide.

How much does MP Materials produce?

Mountain Pass produced record volumes in 2025: 50,692 tonnes of rare earth oxide in concentrate and 2,599 tonnes of NdPr oxide. Revenue was US$224.4 million.

Source: MP Materials Form 10-K for 2025, filed February 26, 2026.

In the second quarter of 2026 MP produced 840 tonnes of NdPr oxide and 11,072 tonnes of rare earth oxide in concentrate. It reported US$108.5 million of revenue plus US$17.6 million of income under its Department of War price-floor agreement, according to its second-quarter results.

What is MP Materials' deal with the US government?

In July 2025 MP Materials announced a partnership with the US Department of Defense, which later filings call the Department of War. Its main parts, as described in the 2025 annual report:

• A price floor. A 10-year commitment of US$110 a kilogram for MP's NdPr products stockpiled or sold. Once 10X is at full capacity, MP pays the department 30% of any NdPr sales price above US$110.
• A magnet offtake. The department buys all magnets made at 10X for 10 years from the start of operations, and backs a minimum of US$140 million of EBITDA from 10X.
• An equity investment. The department paid US$400 million in cash for convertible preferred stock and also received a warrant. Together, if fully converted and exercised, they represented 15% of MP's shares outstanding before the deal.
• A loan. A US$150 million, 12-year loan issued in August 2025, maturing August 1, 2037.

The price floor sits well above the 2025 average NdPr price. Our guide What Is NdPr Oxide? explains why that matters.

Who are MP Materials' main customers and partners?

• General Motors. Since April 2022, a long-term agreement to supply magnets and precursor products from Independence, with GM as the foundational customer. MP has collected all US$150 million of the required prepayments.
• Apple. A 2025 agreement for magnets from Independence and for recycling capabilities at Mountain Pass using recycled rare earth feedstock, with US$200 million of prepayments from Apple.
• Saudi Arabia. In November 2025 MP and the Department of War agreed a joint venture with Maaden, the Saudi Arabian Mining Company, to develop a rare earth refinery in the Kingdom.
• Defence. In the second quarter of 2026 MP signed a long-term offtake for separated gadolinium with a new US aerospace and defence customer.

MP also stopped all sales to China in July 2025, to align with its Department of War agreements. Concentrate it does not sell or process further is stockpiled, according to its latest quarterly filing.

Where can you find MP Materials' filings?

MP Materials files its annual (10-K) and quarterly (10-Q) reports with the US Securities and Exchange Commission, on the SEC's EDGAR system. It also posts results and announcements on its investor relations website. Its financial year matches the calendar year.

Sources

• MP Materials, Form 10-K for 2025 (filed February 26, 2026)
• MP Materials, Form 10-Q for the second quarter of 2026 (filed August 7, 2026)
• MP Materials, second quarter 2026 results (August 6, 2026)
• MP Materials, Northlake, Texas selected for the 10X campus (February 26, 2026)
• MP Materials, public-private partnership with the Department of Defense (July 10, 2025)
• MP Materials, Maaden refinery joint venture (November 19, 2025)

More rare earth companies

• Lynas Rare EarthsThe largest producer of separated rare earths outside China, from Mt Weld in Australia.
• USA Rare EarthA US magnet maker in Oklahoma, with the Round Top deposit in Texas.
• Rare earth stocks listEvery listed rare earth company we track, by stage.