Shares of MP Materials (NYSE: MP), the only rare earth producer in the United States, surged to an all-time high on Friday following better-than-expected quarterly results. The Las Vegas-based miner saw its stock rise as much as 10.45% during early trading to $78.50 before closing at $75.99, bringing its market capitalization to $13.46 billion. Driven by U.S. policies promoting self-sufficiency in critical minerals, MP Materials’ stock has more than quadrupled in 2025.
In the second fiscal quarter, MP Materials achieved a record high in neodymium-praseodymium (NdPr) production, which surged 119% year-over-year to 597 metric tons. NdPr is a crucial material for manufacturing permanent magnets used in electric vehicle motors, wind turbines, and electronics. Meanwhile, rare earth oxide (REO) production reached 13,145 tons, up 45% year-over-year, marking the second-highest output in the company’s history. NdPr sales more than tripled to 443 tons, with the company forecasting a 10%-20% sequential production increase in the third quarter.
Boosted by higher output of separated products and initial sales of magnetic precursor materials, revenue climbed 84% to $57.4 million. The magnetics segment contributed $19.9 million in revenue, with adjusted EBITDA reaching $8.1 million, reflecting improved profitability in the materials division. Despite an adjusted net loss of $21.4 million ($0.13 per share), the results still outperformed analysts’ expectations of a $0.19 per-share loss.
In July, MP Materials signed an agreement with the U.S. Department of Defense (DoD), setting a price floor of $110 per kilogram for NdPr—roughly double the current market price in China. The deal could make the Pentagon MP’s largest shareholder while providing long-term revenue security. This move aligns with U.S. efforts to localize critical mineral supply chains and counter China’s dominance in the rare earth market.
Shortly after, MP announced a $500 million rare earth magnet supply agreement with Apple. The tech giant will purchase custom magnets from MP’s Texas facility and provide upfront funding to support expansion plans. The partnership is part of Apple’s broader commitment to invest over $500 billion in the U.S. over the next four years.
Analysts at TD Cowen noted that strong upstream and magnet production drove EBITDA 40% above expectations, suggesting MP could achieve its annual REO production target of 60,000 tons a year ahead of schedule. DA Davidson highlighted that profitability in the magnetics business, combined with financial backing from the government and Apple, positions the company for robust growth.
