MP Materials spikes 30% after inking $500 million rare-earth deal with Apple
The tech giant is doubling down on US manufacturing with a $500 million commitment to MP.
This comes just after the rare-earth miner announced a major deal with the Pentagon.
The move: MP Materials surged as much as 30% on Tuesday. Shares hit a high of $62.87
The stock is up 290% year-to-date.
The chart:
Why: On Tuesday, MP Materials announced a $500 million partnership with one of the tech sector's biggest names, supplying Apple with rare-earth magnets from its US mine.
As the owner of the only operational rare-earth mine in the US, MP Materials is in a unique position in a highly important supply chain.
"Magnet shipments are expected to begin in 2027 and ramp up to support hundreds of millions of Apple devices," the company said. "MP Materials and Apple will also innovate together to accelerate technological advancements in magnet production, as well as end-of-life recovery."
It's the latest rally for MP Materials stock in just the last week. On July 10, shares surged on news that the US Department of Defense agreed to purchase $400 million of its preferred shares, making it the company's largest shareholder.
Now, its partnership with Apple has cemented its role as a supplier to the private sector.
"Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States," stated Apple CEO Tim Cook.
Why it means: MP Materials has gone from being a little-known mining company to the center of a highly important supply chain in very little time.
In less than a month, it's announced major deals with both public and private sector clients.
Now, as the company teams up with Apple to create a rare-earth recycling line in Mountain Pass, California, it is well-positioned to establish itself as the tech sector's primary supplier of an essential component, one that companies need to keep building popular electronics, including smartphones, energy systems, and robotic devices.
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