Rare earth miner jumps 25% after securing multi-year agreement with Apple as tech giant shifts focus to American manufacturing
MP Materials (NYSE: MP) saw its stock rocket more than 25% on Tuesday after announcing a landmark deal with Apple Inc. (NASDAQ: AAPL). The rare earth materials producer revealed it had secured a multi-year agreement with the iPhone maker worth over $500 million to supply rare earth magnets—critical components used in Apple’s devices.
Apple said the move aligns with its broader $500 billion commitment to expanding its U.S. manufacturing footprint. Rare earth magnets play a vital role in consumer electronics, electric vehicles, and defense applications, making domestic access to these materials a national priority.
“Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,” Apple CEO Tim Cook said in a statement. He added that Apple remains committed to investing in American innovation and manufacturing.
The announcement comes as Apple faces mounting political pressure. President Trump has warned of potential 25% tariffs on iPhones made abroad unless the company repatriates its production. Apple shares edged up around 1% Tuesday, though they remain down more than 16% year-to-date amid ongoing trade tensions, a DOJ antitrust probe, and growing concerns about the company’s AI strategy.
MP Materials, which went public in 2020, has been on a tear. The stock is up 291% in 2025 and has doubled over the past month. Last week, the U.S. Department of Defense invested $400 million in MP’s preferred shares, making it the company’s largest shareholder. The funding is part of a government initiative to reduce reliance on foreign sources for rare earth materials and build a resilient, homegrown supply chain.
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