Last Updated -
March 1, 2026
Explore the business model, global strategy, and market performance including insights into its position in China.
MP Materials is a U.S. rare earth materials company headquartered in Las Vegas, Nevada. It was founded in 2017 to restart the Mountain Pass mine and processing complex in San Bernardino County, California. Mountain Pass is the only rare earth mining and processing site of scale in North America and anchors MP’s upstream operations. MP Materials has traded on the New York Stock Exchange since 2020 under the ticker MP.
The company sells rare earth products used in permanent magnets, with neodymium-praseodymium (NdPr) as a core product line. Operations are organized into two segments: Materials (mining, refining, and oxide production at Mountain Pass) and Magnetics (downstream metal, alloy, and magnet manufacturing). The Magnetics segment is based at the Independence facility in Fort Worth, Texas, which produces magnetic precursor products and began NdFeB permanent magnet manufacturing in December 2025. MP reports Magnetics revenue tied to precursor product sales to General Motors starting in early 2025.
MP’s stated strategy focuses on an end-to-end U.S. supply chain from ore to finished magnets, supported by a July 2025 public-private partnership with the U.S. Department of Defense that includes commitments linked to a second U.S. magnet plant called 10X. In February 2026, MP selected Northlake, Texas for 10X, with Texas citing more than $1.25 billion in capital investment and more than 1,500 jobs tied to the campus. MP states that Independence reached commercial metal production in 2024, followed by first alloy flake and finished magnet production on commercial equipment in 2025.
MP Materials operates a rare earth supply chain built around Mountain Pass in California and a downstream Magnetics platform in Texas. The company’s stated plan follows a three-stage buildout from mining and concentrate production to separated oxides and then to metal, alloy, and NdFeB permanent magnets.
MP reports two operating segments: Materials and Magnetics. The Materials segment runs Mountain Pass and generates revenue primarily from NdPr oxide and NdPr metal, with customers mainly in Japan, South Korea, and broader Asia. The Magnetics segment operates the Independence facility in Fort Worth, Texas, producing magnetic precursor products and starting NdFeB magnet manufacturing in December 2025.
A key earnings stabilizer is a Price Protection Agreement that started on Oct 1, 2025. MP describes it as a $110 per kg price floor for NdPr products for ten years, with cash payments tied to benchmark pricing for qualifying sold or stockpiled NdPr output.
MP positions itself as the only rare earth mining and processing site of scale in North America, anchored by Mountain Pass and now paired with a U.S. downstream magnet platform. In its 10-K, MP highlights that rare earth mining, processing, and magnet manufacturing remain dominated by Chinese competitors. The filing also notes continued consolidation into two major rare earth groups in China, with control over quotas for concentrate production and refining, plus a dominant position in NdFeB magnets through vertically integrated infrastructure.
For the next scale step, MP selected Northlake, Texas for its planned 10X magnet manufacturing campus, backed by a $1.25 billion-plus company investment, a $200 million incentive package, and a 10-year Pentagon offtake commitment cited by the company.
China shaped MP Materials’ revenue mix until 2025. Mountain Pass concentrate was historically sold mainly to a single China-based customer under the Shenghe offtake structure, and Shenghe accounted for over 60% of consolidated revenue in Q1 2025.
After China imposed retaliatory trade measures, MP announced a halt to concentrate shipments in April 2025. In July 2025, MP ceased all sales of its products to China, began stockpiling unsold concentrate, and later let the Shenghe offtake agreement expire in January 2026.
Even after exiting China sales, China still drives the benchmark market. MP’s withdrawal tightened supply, since MP previously supplied an estimated 7% to 9% of China’s NdPr oxide output, and China NdPr prices jumped after the stop. China’s industry remains quota-driven and consolidated into two major groups, with export and import controls shaping global pricing and availability.
MP Materials is shifting from a concentrate seller into a U.S.-based producer of separated NdPr, metal and alloy, and NdFeB permanent magnets. The company’s 2025 results show the pivot in motion. MP produced 2,599 metric tons of NdPr oxide in 2025 and sold 1,994 metric tons, while Magnetics generated $66.9 million of revenue from magnetic precursor products.
A central near-term support is the U.S. Department of Defense partnership announced in July 2025. It includes a 10-year $110 per kilogram price floor for MP’s NdPr products that are sold or stockpiled, plus long-term offtake commitments tied to the planned 10X facility. MP began recognizing income from the price protection agreement starting October 1, 2025, which contributed to results in late 2025.
Over the next cycle, MP’s equity story centers on whether NdPr separation and Magnetics production scale in step with 10X construction milestones, while the DoD-linked price floor reduces downside in NdPr during periods of weak pricing.
This Company Profile was written by Dominik Diemer
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