MP Materials Corp. / DE (NYSE: MP)

MP Materials Corp. / DE is the largest producer of rare earth materials in the Western Hemisphere, specializing in the mining, processing, and manufacturing of critical rare earth elements essential for various high-tech industries. The company operates the Mountain Pass Rare Earth Mine and Processing Facility in California, the sole rare earth mining and processing site of scale in North America. Additionally, MP Materials owns and operates the Independence Facility in Fort Worth, Texas, where it produces magnetic precursor products and manufactures neodymium-iron-boron (NdFeB) permanent magnets. The company's operations are organized into two reportable segments: Materials and Magnetics.

MP Materials generates revenue through the sale of neodymium-praseodymium (NdPr) oxide and metal, primarily to customers in Japan, South Korea, and broader Asia. The Materials segment historically derived the majority of its revenue from sales of rare earth concentrate to a distributor in China. The Magnetics segment began generating revenue from sales of magnetic precursor products to General Motors Company (GM) in the U.S. in the first quarter of 2025. The company also entered into a long-term supply agreement with Apple Inc. for the development, manufacture, and supply of magnets from the Independence Facility, as well as the development and installation of scaled recycling capabilities at Mountain Pass.

• Materials: This segment represents the upstream and midstream operations of MP Materials, primarily consisting of the Mountain Pass facility. The segment produces refined rare earth oxides and related products, including NdPr oxide and metal, cerium and lanthanum products, and SEG+, a mixed heavy rare earth product. The Materials segment caters to customers in Japan, South Korea, and broader Asia, as well as other markets through distributors.

• Magnetics: This segment represents the downstream magnet manufacturing and related operations of MP Materials, currently consisting of the Independence Facility. The segment produces magnetic precursor products and NdFeB permanent magnets. The Magnetics segment caters to customers such as GM and Apple, as well as other potential customers for future magnet products.

MP Materials holds a significant position within the rare earth industry, being the only scaled and vertically integrated source in North America for critical rare earths and magnet materials. The company's competitive advantages include its low production costs, high environmental standards, and a processing footprint designed to operate with best-in-class sustainability. MP Materials is well-positioned to thrive as global manufacturers and the United States prioritize domestic manufacturing and secure supply chains. The company's strategic partnerships with the U.S. Department of War and key customers like GM and Apple further strengthen its position in the industry.

Specific customers of MP Materials include General Motors Company (GM) and Apple Inc. The company also sells its products to customers in Japan, South Korea, and broader Asia through distributors such as Sumitomo Corporation of Americas. MP Materials is pursuing additional sales opportunities for its future magnet products to other customers.