Core Insights - China is tightening its control over rare earth element exports, prompting the U.S. and allies to enhance domestic supply efforts [1] - MP Materials has benefited from the scarcity of rare earth metals, with its stock surging over 300% this year [2][4] Company Overview - MP Materials operates the Mountain Pass mine in California, the only significant rare earth metal mine and processing facility in the U.S. [3] - The mine is rich in light earth metals, particularly neodymium-praseodymium (NdPr) oxide, essential for high-strength magnets [3] Recent Developments - The Pentagon has established a 10-year price floor of $110/kg for NdPr, nearly 40% above market levels, and invested $400 million in MP [5] - Apple has committed $500 million to expand MP's Texas magnet facility, with plans to receive U.S.-made recycled magnets starting in 2027 [6] Challenges - Despite partnerships and increasing output, MP Materials currently lacks the manufacturing capacity to meet U.S. market demands [9] - The Fort Worth Independence plant has a limited output of about 1,000 tons per year, and the second magnet factory is not expected to reach full capacity until 2028 or later [9]