MP Materials surges before the market opens! Collaborates with the U.S. Department of Defense to increase rare earth supply
MP Materials announced a public-private partnership with the U.S. Department of Defense (DoD) to accelerate the establishment of an end-to-end rare earth magnet supply chain in the United States, reducing dependence on foreign sources. Boosted by this news, as of the time of writing, MP Materials surged over 40% in pre-market trading on Thursday. MP Materials stated that "with the support of the U.S. Department of Defense's billions of dollars in investment and long-term commitment," the company will build a second domestic magnet manufacturing facility, the "10X Factory," with the specific location to be announced soon. This facility will serve defense and commercial customers. The new factory is expected to begin production in 2028, at which point the company's annual rare earth magnet production capacity in the U.S. will reach approximately 10,000 metric tons. MP Materials also stated plans to increase heavy rare earth separation capabilities at its Mountain Pass facility in California. MP Materials founder, chairman, and CEO James Litinsky said, "This initiative marks a decisive step taken by the Trump administration in promoting U.S. supply chain independence."
According to Zhitong Finance APP, MP Materials (MP.US) announced a public-private partnership with the U.S. Department of Defense (DoD) to accelerate the establishment of an end-to-end rare earth magnet supply chain in the United States, reducing dependence on foreign sources. Boosted by this news, MP Materials surged over 40% in pre-market trading on Thursday.
MP Materials stated that "with the support of the U.S. Department of Defense's billions of dollars in investments and long-term commitments," the company will build its second domestic magnet manufacturing facility, the "10X Factory," with the specific location to be announced soon. This facility will serve defense and commercial customers. The new factory is expected to begin production in 2028, at which point the company's annual production capacity for rare earth magnets in the U.S. will reach approximately 10,000 metric tons.
MP Materials also announced plans to increase heavy rare earth separation capabilities at its Mountain Pass facility in California. James Litinsky, founder, chairman, and CEO of MP Materials, stated, "This initiative marks a decisive step taken by the Trump administration to promote U.S. supply chain independence."
