SPAC King Chamath Palihapitiya Hails Rare Earth Play MP Materials As Stock Nears $100: One Of The Deals 'That Worked' - MP Materials (NYSE:MP)

Core Insights - Chamath Palihapitiya, known as the "SPAC King," highlighted MP Materials Corp. as its stock approaches $100, celebrating its successful journey post-merger [1][2] Company Overview - MP Materials Corp. is recognized as a significant player in the rare earth mining sector, particularly after its merger with Fortress Value Acquisition Corp., which was noted as one of the few successful SPAC deals [2][3] - The company is strategically important due to its connections with the U.S. Department of Defense, aimed at securing domestic rare earth supplies [2][4] Government and Corporate Partnerships - The U.S. Department of Defense has entered a public-private partnership with MP Materials, committing $400 million in preferred shares and establishing a 10-year price floor for products from its upcoming "10X Facility" [4] - Apple Inc. has also committed $500 million to purchase American-made rare earth magnets from MP Materials, further solidifying its market position [5] Stock Performance - MP Materials' stock surged 21.34% to $95.06 per share, with a remarkable 584.87% increase over the last five years, a 509.36% gain year-to-date, and 244.55% returns over the last six months [6]