MP Materials Corp. / DE

Overview

MP Materials Corp. is a U.S. rare-earth materials producer and supply-chain company. Its operations include the Mountain Pass mine and processing facility in California and Independence, a rare-earth metal, alloy and magnet manufacturing facility in Texas. Its products include rare-earth materials and magnetic precursors, including NdFeB permanent magnets, which it began manufacturing at Independence in December 2025. The company describes its mission as restoring the full rare-earth supply chain in the United States.[1][2]

MP Materials identifies itself as the Western Hemisphere’s largest rare-earth-materials producer and says its products serve sectors including electric vehicles, wind energy, electronics and defense. Founded in 2017 to revive Mountain Pass, the company reported 998 employees as of December 31, 2025. Revenue was $224.4 million for fiscal 2025; for the six months ended June 30, 2026, it reported $199.1 million.[3]+5 [1]+8

Products & services

MP Materials’ products include rare-earth concentrate from Mountain Pass and separated rare-earth materials, including neodymium-praseodymium (NdPr) oxide, cerium, lanthanum, and SEG+—a mixed heavy rare-earth product.[10] The company also produces NdPr metal by electrowinning NdPr oxide and NdFeB alloy flake by strip casting for use as magnet feedstock.[11]

Its magnet manufacturing process converts NdFeB alloy flake into powder through hydrogen decrepitation and jet milling, then presses and sinters the powder into magnet blocks; subsequent steps include precision machining and optional grain-boundary diffusion and surface finishing. The company reported trial production of automotive-grade sintered NdFeB magnets and manufacturing on industrial-scale equipment, but did not provide quantified magnet-grade or performance specifications.[12]

The company’s filings classify revenue among rare-earth concentrate, NdPr oxide and metal, magnetic precursor products, and other revenue; they do not state these categories as percentages of total revenue.[13] In its GM supply agreement, the identified magnetic precursor product is NdPr metal; the company also anticipated beginning finished-magnet sales to GM during 2026.[14] [10]+4

Geographic presence

MP Materials’ headquarters are in Las Vegas, Nevada. Its Mountain Pass Rare Earth Mine and Processing Facility is near Mountain Pass in San Bernardino County, California, about 50 miles southwest of Las Vegas. The company’s Fort Worth, Texas, facility, Independence, manufactures rare-earth metals, alloys and magnets; it also serves as the Magnetics segment’s business and engineering headquarters.[3]+2

Sales of NdPr oxide and metal are primarily to customers in Japan, South Korea and broader Asia. Historically, rare-earth concentrate was primarily sold to a distributor for further distribution to a single customer in China. The latest available annual report covers the year ended December 31, 2025; it does not disclose revenue shares by country or region or geographic employee distribution.[17]+2 [3]+7

Business segments

MP Materials reports two segments: **Materials**, which mines and processes rare earths at Mountain Pass and produces refined rare-earth products and concentrate; and **Magnetics**, which produces magnetic precursor products at its Fort Worth facility and began manufacturing NdFeB permanent magnets in December 2025.[3][21]

In FY2025, Materials generated $157.6 million of revenue and Magnetics $66.9 million, approximately 70% and 30% of consolidated revenue, respectively.[22] In the first half of 2026, reported segment revenues were $167.8 million for Materials and $37.6 million for Magnetics—approximately 82% and 18% of their combined segment revenue for the period.[23][24] [3]+4

Company history

Mountain Pass began producing rare earths in 1952. After successive changes in ownership, Molycorp acquired the mine in 2008; its operations entered cold-idle status in 2015. MP Materials was founded by James H. Litinsky and Michael Rosenthal and acquired Mountain Pass from the Molycorp estate in July 2017, with Rosenthal managing the site after the acquisition.[25]+2

MP Materials agreed to merge with Fortress Value Acquisition Corp. in 2020; the deal closed in November, and the company began trading on the NYSE as MP.[28][29] In 2023, it began producing refined rare earths at Mountain Pass and shipped neodymium-praseodymium (NdPr) oxide.[30][31] It expanded into downstream manufacturing with commercial NdPr metal production and trial magnet production at its Fort Worth facility in late 2024. In 2025, it announced a Department of Defense partnership to expand U.S. rare-earth magnet production and related processing; in 2026, it selected Northlake, Texas, for its planned 10X magnet manufacturing campus.[32]+2 [25]+16

Sources

• MP Materials Corp. / DE — Full financial report (2026 Q 2)
  6 citations

  [1][8][12][14][23][24]
• mpmaterials.com[2]
• MP Materials Corp. / DE — Full financial report (2025 Y)
  13 citations

  [3][10][11][13][15][16][17][18][19][22][25][26][27]
• mpmaterials.com[4]
• s25.q4cdn.com[5]
• MP Materials Corp. / DE — Press release (2025 Y)
  3 citations

  [6][7][21]
• www.sec.gov[9]
• investors.mpmaterials.com[20]
• mpmaterials.com[28]
• mpmaterials.com[29]
• mpmaterials.com[30]
• mpmaterials.com[31]
• investors.mpmaterials.com[32]
• mpmaterials.com[33]
• mpmaterials.com[34]