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The stock performance of U.S. rare earth giant MP Materials (MP) in 2025 was nothing short of spectacular. According to data from S&P Global Market Intelligence, its stock price surged over 500% by mid-October of that year. Although it subsequently retraced some gains, it still closed the year with an astonishing 223.8% increase. Carrying this momentum into 2026, the stock had risen another 13% year-to-date at the time of writing.
In 2025, driven by strong federal government support and unprecedented commercial partnerships, MP Materials established itself as a national leader in the rare earth industry. All signs point to 2026 potentially being another pivotal year for the company.
The rare earth sector’s surge in 2025 was triggered by a series of actions from the Trump administration aimed at securing the critical minerals supply chain and reducing import dependence. Rare earth elements are indispensable for various industries including electronics, semiconductors, defense, aerospace, robotics, and renewable energy. The global supply chain has long been dominated by China. In 2024, approximately 80% of U.S. rare earth demand relied on imports.
In July 2025, the market was rocked by major news: the U.S. Department of Defense, renamed the “Department of War” by President Trump, acquired a 15% equity stake in MP Materials, becoming its largest shareholder. MP Materials owns and operates the largest rare earth mine in the United States – the Mountain Pass Mine in California.
Under this public-private partnership agreement, MP Materials will construct a rare earth magnet manufacturing facility named the “10X Facility,” with a designed annual production capacity expected to reach 10,000 metric tons. In exchange, the Department of Defense committed to purchasing all magnets produced at the facility over the next 10 years and set a floor price of $110 per kilogram for MP Materials’ key rare earth compounds. Additionally, the Department of Defense also formed a joint venture with MP Materials in Saudi Arabia to co-develop rare earth refineries.
Another milestone partnership that year was MP Materials’ $50 billion agreement with tech giant Apple to produce rare earth magnets made from recycled materials for Apple devices.
Despite the influx of orders and the soaring stock price, MP Materials is making substantial investments to expand its refining and magnet production capacity. The year 2026 is crucial for the company, as its heavy rare earth separation facility at Mountain Pass is expected to commence operations. This is a key step towards achieving its goal of producing 10,000 metric tons of magnets annually.
As MP Materials deepens its transformation from mining ore to manufacturing magnets, gradually evolving into a U.S. rare earth industry giant with a fully integrated supply chain, its stock may potentially continue to deliver significant returns in the coming years.
