MP Materials

Vertically integrated: mining, concentration and solvent-extraction separation at Mountain Pass, California, plus metal, alloy flake and sintered NdFeB magnet manufacturing at Independence in Fort Worth, Texas. The company describes Mountain Pass as the only rare earth mining and processing site of scale in North America.

At a glance

Founded: 2017 — Acquired the Mountain Pass mine out of the Molycorp bankruptcy in July 2017; became a public company in November 2020 through a merger with Fortress Value Acquisition Corp.
Headquarters: Las Vegas, Nevada, United States
Ownership: Listed, NYSE: MP. The July 2025 Department of Defense transaction release states that the preferred stock and warrant represent, in the aggregate, 15% of the company's issued and outstanding shares on a fully converted and exercised basis, and that the department is positioned to become the company's largest shareholder. That is the as-converted figure from the announcement; no current registered holding is asserted here.
Revenue: USD 224.4 million
Reported, FY2025, calendar year ended 31 December 2025.
Source

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Rare earth oxides in concentrate, Mountain Pass (actual production, not nameplate)	50,692 t in calendar 2025	Operating	Feb 2026
NdPr oxide, Mountain Pass (actual production)	2,599 t in calendar 2025	Operating	Feb 2026
Sintered NdFeB magnets, Independence, Fort Worth, Texas — initial design capacity	approximately 1,000 t/yr	Operating	Jan 2025
Sintered NdFeB magnets, Independence — expansion commitment	a projected 3,000 t/yr	Announced	Feb 2026
Sintered NdFeB magnets, 10X campus, Northlake, Texas	an estimated 7,000 t/yr, bringing company magnet capacity to approximately 10,000 t/yr	Under construction	Feb 2026
Heavy rare earth separation circuit, Mountain Pass — dysprosium and terbium oxide	nameplate 200 t/yr Dy and Tb	Under construction	Nov 2025

Narrative

MP Materials owns Mountain Pass in California and the Independence magnet plant in Fort Worth, Texas, which began making NdFeB magnets in December 2025. In 2025 it produced 50,692 metric tons of rare earth oxides in concentrate and 2,599 metric tons of NdPr oxide, and reported revenue of $224.4 million. Announced projects include a heavy rare earth separation circuit at Mountain Pass, a magnet campus called 10X at Northlake, Texas, and a refinery joint venture with Ma'aden in Saudi Arabia. A July 2025 partnership with the U.S. Department of Defense includes, in the release's words, a ten-year agreement establishing a price floor commitment of $110 per kilogram for MP Materials' NdPr products stockpiled or sold.

Where public sources disagree

The 10X campus capacity is stated two ways. The FY2025 Form 10-K gives an estimated 7,000 t/yr for 10X with Independence expanding to a projected 3,000 t/yr. The Department of Defense partnership release states that total US magnet manufacturing capacity will reach an estimated 10,000 metric tons once 10X is completed and begins commissioning in 2028, which is consistent with those two figures summed. Some trade press has reported 10,000 t/yr as 10X's own standalone capacity, which neither company document says.
Independence is described at approximately 1,000 t/yr initial design capacity in the January 2025 release and at a projected 3,000 t/yr in the FY2025 Form 10-K. These are sequential rather than contradictory, but both figures circulate as current.
The heavy rare earth circuit was targeted for mid-2026 commissioning; the Q2 2026 release does not state that commissioning was completed.
On 18 September 2026 the Dallas Business Journal reported that MP Materials delivered its first magnets to General Motors from the Fort Worth plant. MP Materials published no press release or announcement of its own; its most recent investor news item remains the Second Quarter 2026 results of 6 August 2026. In its own public comment the same day the company said it is “producing magnets for the traction motors in General Motors vehicles,” which is narrower than the reported delivery. Six days earlier, at a Jefferies fireside chat on 12 September 2026, CFO Ryan Corbett said the company was “targeting the start of commercial magnet deliveries to General Motors at the end of the year.” The January 2025 release that announced restored magnet production had put first deliveries “on track for year-end,” meaning year-end 2025. No tonnage, output or run-rate figure for Independence has been published in connection with any of this.

Sources

Q4 and Full Year 2025 results — MP Materials (2026-02)
FY2025 Form 10-K — MP Materials / SEC (2026-02)
10X campus site selection — MP Materials (2026-02-26)
US magnet production restored (Independence) — MP Materials (2025-01-22)
Department of Defense partnership — MP Materials (2025-07-10)
Ma'aden refinery joint venture — MP Materials (2025-11-19)
CFO comments on GM delivery timeline, Jefferies fireside chat (secondary account, not a transcript) — MarketBeat (2026-09-12)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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