The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.

Apple has committed $500 million to buying recycled rare earth magnets from MP Materials, a mining company with a major manufacturing hub in far north Fort Worth.

Apple is expected to announce a $500 million commitment to MP Materials, the operator of the only U.S. rare earths mine, Fox Business reported on Tuesday, citing multiple sources familiar with the deal.

On Thursday, the United States Department of Defense (DOD) entered a major deal with MP Materials. The DOD agreed to buy $400 million of MP Materials newly created preferred shares stock. The move will make the U.S. military the company’s largest stakeholder. In the hours after the deal, the company’s stock surged more than 50%.

Business Wire / MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”) announced today the pricing of an

In 2025, the U.S. Department of Defense (DoD) agreed to buy $400 million of preferred stock in MP Materials. This investment supports the expansion of its processing capacity and the construction of a second magnet manufacturing facility in the U.S. to supply key components to military weapons systems.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

MP Materials, operating the only U.S. rare earths mine, has secured a $500 million deal with Apple to produce magnets for iPhones and other tech products. This follows the U.S. Defense Department's $400 million investment in MP,