MP Materials to build new $1.25B magnet plant in Texas

Rendering of the 10X facility in Texas. Credit: MP Materials MP Materials (NYSE: MP) has selected a 120-acre site in Northlake, Texas, as the location of its proposed billion-dollar rare earth magnet manufacturing campus.The project — dubbed “10X” — represents a key pillar of MP’s public-private partnership with the US Department of War, which was established in July 2025 to accelerate America’s rare earth magnet independence.The US currently relies heavily on foreign supplies of magnets, which are essentia ...