Fort Worth company owning the only rare earth magnet manufacturing plant in the U.S. is being courted to the tune of millions of dollars.

Apple has signed a $500 million deal with MP Materials to secure a long-term supply of rare earth magnets, a move aimed at reducing reliance on China and reinforcing its U.S. supply chain. The agreement marks a

MP Materials (NYSE:MP) saw its shares leap by as much as 32% in premarket trading after announcing a landmark agreement with the U.S. Department of Defense aimed at strengthening America’s rare earth supply chain and expanding domestic magnet production.

MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence on Chinese supplies.

Apple and MP Materials unveiled a $500 million deal to bolster the iPhone maker’s domestic supply chain for rare‑earth magnets.

The Defense Department will buy a 15% stake in MP Materials and fund the construction of a magnet-making facility, all with an eye toward breaking the U.S.' reliance on China for rare earths.

MP Materials partners with DoD to build a rare earth magnet supply chain, backed by $1.55 billion in funding and a long-term purchasing agreement.

MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.

MP Materials currently operates the world’s second-largest rare earth mine in Mountain Pass, California, where it extracts, refines, and separates rare earth materials. The Company is commissioning a magnetics facility in Texas, known as Independence , which anchors its downstream capabilities.