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United States

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.

Stage

• MP Materials: Mature. Mountain Pass has mined and concentrated continuously since 2018 and separated NdPr since 2023; the Independence magnet line started in December 2025 and is still ramping.
• MP Materials — 10X (Northlake, TX): Developing. A funded 10,000 t/yr magnet campus, with the site selected in February 2026 and commissioning targeted for 2028.
• Ma'aden + MP Materials + US DoW refinery JV: Early stage. A binding term sheet only, with no location, capacity or investment decision.

Listing

NYSE: MP
Investor relations
Saudi Exchange: 1211 · NYSE: MP

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.

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.

Latest reports

Across these reports

Across Q3 2025 to Q2 2026, NdPr oxide sales volume roughly doubled (525 t to 1,006 t per quarter) and quarterly revenue rose from US$53.6M to US$108.5M, while REO concentrate output eased and cash and short-term investments fell from US$1.83B to US$1.45B as capex rose. Independence began magnet production in December 2025 as targeted, 10X broke ground with commissioning still set for 2028, and heavy rare earth commissioning began around the stated mid-2026 date.

Stated dates

Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

1. narrower than claimed · Digest issue 009 · 18 October 2026

   Thirteen machines in Pohang, and a starting point the annual report doesn’t carry

   The claim — that 10,000 metric tons a year positions the company as the largest producer of rare earth permanent magnets outside China — is narrower than it reads, on 3 counts.

   Today. The 10-K gives 660 metric tons a year, and no filing reports any magnet tonnage produced or shipped. Outside China the atlas carries larger sintered plants already operating: Noveon at San Marcos, e-VAC at Sumter and Neo Performance Materials at Narva, each about 2,000 metric tons a year nameplate, and Shin-Etsu at approximately 3,400 metric tons a year across Japan and Vietnam, as reported by Benchmark Mineral Intelligence rather than by the company.

   At target. Of the 10,000, the sintered part is 6,000, and the atlas covers sintered magnets only. That is below 2 announced plans: MP Materials’ approximately 10,000 metric tons a year across Independence and the 10X campus, and Vulcan Elements’ 10,000 metric tons a year at Benson, North Carolina. Neither total is built yet either, so at target this is one plan against another. The claim compares a plan with producers.

   Date. The release gives no commissioning date for the 10,000 metric tons, where earlier releases said the end of 2026.

2. narrower than claimed · Digest issue 006 · 28 September 2026

   Japan has been building its way out of this since 2011, and the heavy half is eleven months old

   “China's near monopoly” is the framing every version of this story uses, and on the light elements it is simply true. On the heavies it is narrower than it sounds — and then, looked at closely, narrower again in the other direction.

   From this atlas: Lynas is the only company separating heavy rare earths at commercial scale outside China, and it got there recently — it first separated dysprosium and terbium oxides in Malaysia in 2025, and its heavy separation expansion is still under construction at up to 5,000 t/yr of heavy rare earth feedstock. How much dysprosium and terbium that actually yields is not public: Lynas reports heavy rare earths as a group and has never broken the two out. The others are smaller or not yet running. MP Materials' heavy circuit at Mountain Pass is 200 t/yr of Dy and Tb, nameplate, under construction. Solvay's dysprosium and terbium line at La Rochelle is under construction on a €15–20 million approval with no tonnage published. Neo's line at Silmet in Estonia, commissioned in April 2026, is a small-scale demonstration.

   And the fifteen-year framing needs the same discipline. For fourteen of those years this was a light-element arrangement, because NdPr from Mount Weld was what Lynas had to sell. Sojitz's first heavy rare-earth import from Lynas was 30 October 2025 — two months before China began squeezing Japan on dysprosium. Japan's heavy alternative is therefore not a hardened fifteen-year position. It is single-sourced and about eleven months old. Better than having nothing, which is what everybody else has. Nothing like enough.

3. narrower than claimed · Digest issue 006 · 28 September 2026

   About a third of what, exactly?

   Two claims, and they land differently.

   The capacity comparison is narrower than stated. From this atlas, on JL MAG's own filings: 40,000 t/yr of sintered NdFeB across all sites with the build completed at the end of 2025, 38,000 t/yr in service through FY2025 at above 90 percent utilization, and FY2025 output of 34,400 t of blanks against 25,300 t of finished magnets. Ten thousand metric tons is a third of one of those and two fifths of the other. The atlas profile for JL MAG already carries a note saying capacity and output are conflated in secondary coverage; this is that note happening in real time.

   But the MP figure itself stands, and we should say so. Bloomberg puts Northlake at bringing MP "to about 10,000 tons a year" — company total, not the plant alone. That is right. Issue 004 was built on correcting a version of this exact number elsewhere, so a clean bill here is worth printing: the error is in the denominator, not the numerator.

   On the dates: the article says both "by 2028" and "by next year" for the same 60,000 t target. The filing says end of 2027. Use the filing.

4. narrower than claimed · Digest issue 006 · 28 September 2026

   Competitively selected, jointly

   Two claims in one release, and both are narrower than they read.

   "Competitively selects" and "multiple-award, shared with Noveon" are not contradictory, but only one of them is in the announcement. A reader of Vulcan's release alone would take this as a sole selection; the structure is recoverable only from the contracting record, and Noveon is not named anywhere in the release. Noveon has published nothing at all — its newsroom carries no Army, SkyFoundry or drone-motor item — so the second awardee is silent about its own award. We attribute the structure to SOFX's reading rather than asserting it, and would rather print a correction than a claim we have not opened the file on.

   And the release calls Benson "the largest rare earth magnet factory outside of China." From this atlas: Benson is 10,000 t/yr, announced, under construction, against a Durham pilot line of about 10 t/yr. Noveon — the other awardee — has carried 10,000 t/yr at San Marcos as a stated ambition since 2022, also announced, against roughly 2,000 t/yr of nameplate today. MP Materials' company magnet total lands at about the same figure and is also unbuilt. Three claims to one number, none of them producing. The superlative is a claim about a factory that does not yet exist, made in the same document that omits the award's structure.

5. it stands · Digest issue 005 · 21 September 2026

   Lynas is now committed to sending 75 percent of its medium and heavy rare earths to Japan

   Largest non-Chinese heavy rare-earth producer: it stands, and the bar is lower than the phrase makes it sound. On our atlas, MP Materials' heavy circuit is 200 t/yr nameplate and under construction, and Solvay's Dy and Tb line at La Rochelle is under construction with no tonnage published. Lynas is the only one separating heavies at scale today.

   Against China the number is small, and how small is not public: Lynas reports heavy rare earths as a group and does not break out dysprosium and terbium, so the size of what has been committed is known only inside the company. Three quarters of it now goes to one country. Being the largest non-Chinese producer of something is a statement about how little of it exists outside China.

6. narrower than claimed · Digest issue 004 · 14 September 2026

   USA Rare Earth breaks ground at Blacksburg — and the 10,000 figure is not this plant

   The company did not claim a 10,000-ton plant; the coverage did. What the company claimed, and what is worth testing, is scale. Against our own atlas: MP Materials’ 10X campus at Northlake is an estimated 7,000 t/yr and under construction. So Blacksburg at 6,400 t/yr is the second largest single American magnet plant announced, not the largest, and the 10,000 that makes it look biggest is a two-site total of exactly the kind MP also publishes.

7. narrower than claimed · Digest issue 003 · 7 September 2026

   USA Rare Earth completes the Serra Verde combination

   The release describes the combined company as “one of the only fully integrated rare earth and permanent magnet platforms outside Asia,” and that phrasing is careful enough to survive. The looser version of it — that this is the first American magnet maker to own its own ore — does not. MP Materials has run Mountain Pass alongside the Independence magnet plant at Fort Worth since early 2025, which is the same structure, domestically, and earlier.

   A second claim in the same release does stand: Pela Ema as “the only ionic clay rare earth mine in commercial production outside of Asia.” Brazil has several ionic-clay projects — Caldeira, Colossus, Aclara’s — and not one of them is in commercial production. That part is true and it is the more interesting part, because ionic clay is where the heavies are and bastnaesite is not.

8. it stands · Digest issue 003 · 7 September 2026

   Lynas confirms it was in takeover talks

   It stands, and it is worth seeing exactly how narrow the gate is, because every word in it is load-bearing. MP Materials mines, separates NdPr and makes magnets — but its heavy circuit at Mountain Pass is 200 t/yr nameplate and under construction. Solvay separates NdPr and is building a heavy line at La Rochelle — but it does not mine. Neo separates at Silmet, runs a small-scale heavy line there and now makes magnets at Narva — but it does not mine either.

   So “integrated” and “operating” are what make the sentence true, and both of them expire the moment Mountain Pass commissions its heavy circuit.

9. it stands · Digest issue 001 · 24 August 2026

   Iluka's numbers are in the slide deck and not in the announcement

   Nobody claims a record here, but 750 t/yr of separated dysprosium and terbium invites one, so here is the comparison. On our own atlas: MP Materials’ heavy circuit at Mountain Pass is 200 t/yr nameplate, under construction. Solvay’s heavy line at La Rochelle is under construction with no tonnage published. Neo’s heavy line at Silmet is small-scale, commissioned in April 2026, with no tonnage published. Lynas separates dysprosium and terbium today, at commercial scale, but publishes no tonnage for either.

   So the 750 figure is the largest stated heavy rare-earth line outside China that I can find. It is also a design number in a slide deck for a plant that is 60 percent built, which is a different class of fact from what comes out of a running plant — even when the running plant does not publish it.

Sources

1. Q4 and Full Year 2025 results — MP Materials (2026-02)
2. FY2025 Form 10-K — MP Materials / SEC (2026-02)
3. 10X campus site selection — MP Materials (2026-02-26)
4. US magnet production restored (Independence) — MP Materials (2025-01-22)
5. Department of Defense partnership — MP Materials (2025-07-10)
6. Ma'aden refinery joint venture — MP Materials (2025-11-19)
7. CFO comments on GM delivery timeline, Jefferies fireside chat (secondary account, not a transcript) — MarketBeat (2026-09-12)

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