However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.

In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the

Interior Secretary Doug Burgum said in April the Trump administration was considering equity investments in critical mineral producers to compete with China.

Tech giant Apple (NASDAQ: AAPL) has struck a $500 million deal with Pentagon-backed MP Materials (NYSE: MP), the United States’ only producer of rare earth elements, as part of a larger effort to secure domestic supply chains for smartphones and electric vehicles.

MP Materials (MP) shares are trading nearly 50% higher today after the Defense Department announced a massive investment in the Las Vegas-based rare earth miner. The Pentagon has agreed to load up on $400 million worth of MP’s preferred stock – positioning itself as the company’s largest shareholder,

Following a $500 million deal with Apple Inc (NASDAQ: AAPL) to provide rare earth materials, MP Materials Corp (NYSE: MP) stock is trending on Wednesday.

MP Materials, operating the only U.S. rare earths mine, has secured a $500 million deal with Apple to produce magnets for iPhones and other tech products. This follows the U.S. Defense Department's $400 million investment in MP,

An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.

According to the agreement, the Department of Defense will purchase $400 million of a newly created series of preferred stock that's convertible into shares of the MP Materials common stock as well as a warrant permitting the Department of Defense to acquire additional shares of common stock.