MP Materials’ stock was up more than 30% so far this year as the rare-earth miner posted record output, moved deeper into magnet manufacturing and added two powerful backers: Apple and the Pentagon.
The company said it produced its first neodymium-iron-boron magnets on commercial equipment in the fourth quarter at its Independence facility in Fort Worth, Texas, a milestone in its shift from mining to full-scale magnet manufacturing. MP Materials also reported 2025 revenue of $224 million, up 10%, even as it posted a net loss of $85.8 million, wider than the $65.4 million loss in 2024. Earnings per share came in at $0.05 in the fourth quarter, compared with a loss of $0.14 a year earlier.
For investors, the headline numbers were only part of the story. MP Materials said it produced a record 2,599 metric tons of neodymium-praseodymium oxide in 2025, up 101% from a year earlier, and a record 50,692 metric tons of rare-earth oxides in concentrate, up 12%. Those volumes matter because neodymium-praseodymium oxide feeds the magnets used in electric vehicles, wind turbines and defense systems, and the company is trying to move further down that supply chain.
The company’s Mountain Pass mine in San Bernardino County, California, remains the only operating large-scale rare-earth mine in the U.S. That makes its output strategically important at a time when China dominates the processing of rare-earth magnets. MP Materials’ push into magnets is meant to change that dependence, and this year it got a major boost from Washington and Cupertino.
In July 2025, MP Materials announced a $500 million long-term agreement with Apple, and Apple made a $200 million prepayment to fund the expansion of the Fort Worth facility. Separately, the Department of Defense invested $400 million in convertible preferred stock in MP Materials in 2025, becoming its largest shareholder with a 15% stake.
The Pentagon’s involvement was framed as a national-security move designed to reduce military dependence on rare-earth magnets supplied by China. It also established a $110 per kilogram floor price for NdPr oxide, a safeguard meant to protect against market manipulation and price crashes. That support gives MP Materials a stronger cushion as it tries to convert high-profile backing into a durable manufacturing business.
The tension for investors is that the company is still losing money while racing to build an industry the U.S. largely does not have. MP Materials has shown it can scale output and attract committed buyers, but the next test is whether its magnet push can turn those milestones into profits before the market loses patience.
