MP Materials: what it does, projects, funding and status (2026)

What does MP Materials do?

MP Materials mines rare earths at Mountain Pass, California, separates them into NdPr oxide and other products, and makes NdPr metal and NdFeB magnets at Independence in Fort Worth, Texas. It is the largest US rare earth producer and sells nothing to China.

Which assets and facilities does MP Materials operate?

MP Materials operates Mountain Pass in California, the Independence magnet plant in Fort Worth, Texas, and is building the 10X magnet campus in Northlake, Texas. It is also developing a rare earth refinery joint venture in Saudi Arabia.

Independence and 10X together target 10,000 t/yr of magnets. The Maaden venture is outside the US and is listed for completeness.

Who buys from MP Materials and how much can it make?

Sumitomo Corporation is the exclusive distributor of MP Materials' NdPr oxide and metal through 2030, and General Motors and Apple buy its magnets. The Department of Defense has agreed to take 100% of 10X magnet output for 10 years.

• General Motors: a Dec 2021 agreement for NdFeB magnets from Fort Worth. Independence delivered qualification samples, and commercial shipments are expected in Q4 2026.
• Apple: a $500M agreement announced Jul 15, 2025 for magnets made from recycled rare earths processed at Mountain Pass, with shipments expected from 2027.
• Sumitomo: exclusive distribution of NdPr oxide and metal through 2030, following a 2023 supply chain agreement.
• Aerospace and defense: a long-term offtake for separated gadolinium with a new US customer (Q2 2026), and subscription agreements for "Project Swarm" with drone-industry customers.
• Plans: terbium and dysprosium from Mountain Pass later in 2026, and first samarium production in 2028.

Who owns MP Materials and what deals has it made?

The US Department of Defense holds $400M of convertible preferred stock and a warrant that together equal about 15% of MP Materials on a fully converted and exercised basis, which makes it one of the largest shareholders. James Litinsky, who co-founded the company in 2017, is chairman and chief executive.

What is the timeline of MP Materials?

MP Materials bought Mountain Pass in 2017, restarted it in 2018, and in 2025 signed the Pentagon deal, stopped selling to China and began making magnets. The next dated milestones are heavy rare earth output and commercial magnet shipments in late 2026.

What government support has MP Materials received?

MP Materials has received a $400M Department of Defense preferred stock investment, a $150M loan, a $110/kg NdPr price floor and a 10-year offtake for 10X magnets. Texas and local governments approved about $200M of incentives for 10X.

The price floor generated $51.0M of income in 2025 and $17.6M in Q2 2026. The Texas package is anchored by a Texas Semiconductor Innovation Fund grant. See the MP Materials Pentagon deal explainer.

What are the risks and unknowns for MP Materials?

The main unknowns are the pace of the magnet ramp, 10X construction costs, the timing of heavy rare earth output and policy dependence on the Pentagon and China. This directory reports these as facts and gives no investment view.

• Magnet ramp: Independence is still in customer qualification, with commercial General Motors shipments expected only in Q4 2026. Magnets made $16.5M of revenue in Q2 2026.
• Capital spending: 2026 capital expenditure guidance is $500M to $600M, with $307.7M spent in the first half. Cash and investments were $1.45B at Jun 30, 2026.
• Heavy rare earths: terbium and dysprosium output is expected "later this year", and samarium in 2028. Dates are company targets.
• Single mine: nearly all rare earth oxide comes from Mountain Pass, whose county permits run to 2042 and are expected to be extended.
• Output mix: Q2 2026 REO production of 11,072 t was 16% lower than a year earlier as the company shifted to NdPr, and Q2 NdPr sales exceeded production.
• Policy: the price floor and 10X offtake depend on agreements with the Department of War, and the company reports China-related trade policy as a business risk.

What else is related to MP Materials?

These pages cover the owner, the same stage, the same state and the surrounding policy.

• Mountain PassThe mine: location, resource, permits and history
• US magnet manufacturersHow Independence and 10X compare with other plants
• Energy FuelsThe only other US company with commercial separation
• USA Rare EarthThe closest mine-to-magnet competitor
• The Pentagon deal explainedEquity, price floor and offtake in detail
• Ownership mapWho owns what in US rare earths