MP Materials has launched its MP Magnetics segment, marking a significant move into rare earth magnet manufacturing with its facility in Fort Worth, TX. This facility, which began construction in February 2022, is the first fully integrated rare earth metal and magnet manufacturing operation in the U.S., and it converts NdPr oxide into magnets and precursor products while also supporting magnet recycling.
In 2025, MP Materials reported $66.9 million in revenues from the Magnetics segment, accounting for roughly 30% of total company revenues. The company generated $5.2 million in sales during Q1 2025, with later quarterly revenues reaching $19.9 million, $21.9 million, and $19.9 million in subsequent quarters. Notably, it entered a long-term supply agreement with General Motors in April 2022 and another with Apple in July 2025 for magnet supply and recycling capabilities.
MP Materials plans to expand its annual production capacity to 10,000 MTs of magnets by constructing a second facility, the 10X Facility, expected to begin commissioning in 2028. This expansion aims to enhance its role as a key supplier for defense and commercial markets, reinforcing domestic supply-chain resilience.
