MP Materials

MP Materials Corp. is America's only fully integrated rare earth producer, owning and operating the Mountain Pass mine in California - the only active rare earth mine and processing facility in the United States. Founded in 2017 when co-founders James Litinsky and Michael Rosenthal acquired the Mountain Pass site out of bankruptcy for $20.5 million, the company has since rebuilt the entire domestic rare earth supply chain from scratch. Its core focus is Neodymium-Praseodymium (NdPr), the critical rare earth material used to manufacture high-strength permanent magnets that power traction motors in electric vehicles, wind turbines, robotics, drones, and defense systems. MP went public in November 2020 via a SPAC merger with Fortress Value Acquisition Corporation, raising $545 million.

Beyond mining and refining at Mountain Pass, MP Materials has now expanded into magnet manufacturing at "Independence," its state-of-the-art facility in Fort Worth, Texas - completing the full vertical integration of the rare earth supply chain on U.S. soil. In January 2025, the Fort Worth plant commenced NdPr metal production, marking the first time NdFeB magnets have been refined domestically, breaking decades of dependence on Chinese processing. The company operates with closed-loop water recycling and industry-leading safety practices, positioning itself as a model for responsible domestic industrial production. Key commercial partnerships include a long-term magnet supply agreement with General Motors (signed 2021) for EV motors, and a supply chain agreement with Japanese trading house Sumitomo Corporation (2023).

MP Materials is of profound strategic importance to the US energy and defense supply chain. China has historically controlled over 85% of global rare earth processing, creating a critical national security vulnerability. MP Materials directly addresses this chokepoint - and has rapidly attracted the attention of the highest levels of government and industry. In July 2025, the U.S. Department of Defense agreed to become the company's largest shareholder via a $400 million preferred stock purchase. That same month, Apple announced a $500 million investment in MP Materials, reflecting the company's central role in securing domestic supply chains for critical technologies. MP also signed an agreement with Saudi Arabia's Ma'aden to help establish a rare earth supply chain in the Middle East, further expanding its geopolitical reach.