MP Materials rare earth production expansion

MP Materials is expanding its rare earth production, aiming to increase magnet output tenfold by 2028. The company, one of the only large-scale producers of rare-earth permanent magnets in the U.S., is backed by Apple and the Pentagon. It recently began producing neodymium-iron-boron magnets, growing revenue by 10% in 2025, despite not yet being profitable.

This narrative impacts the rare earth and technology sectors. MP Materials' expansion could help diversify the global supply of critical minerals, reducing dependence on China. This benefits companies seeking secure, non-Chinese sources for rare earths, particularly those in the tech industry, like Apple. However, MP Materials' profitability remains a concern.

Next, watch for MP Materials' Q1 2026 earnings (expected May 15) and updates on Project Vault. Earnings will provide insight into the company's financial health and progress towards profitability. Project Vault, a U.S. initiative to secure domestic rare earth supply, could further boost MP Materials' prospects if the company plays a significant role.