MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

We recently published Lackluster Tuesday? Not for These 10 Stocks on Sky High. MP Materials Corp. (NYSE:MP) is one of Tuesday’s top performers. MP Materials rallied for a second day on Tuesday to hit a new all-time high after clinching a $500-million deal with technology giant Apple Inc.

Apple said on Tuesday it would invest $500 million into rare earths mine operator MP Materials, as the iPhone maker seeks to localize its mineral supply chain. The investment is part of a broader push to bring the production of its coveted iPhones to the United States and boost U.

The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.

Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones domestically.