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MP Materials
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Updated Nov 6, 2026
MP Materials Q3 2026: Revenue surges to $147.7M on NdPr ramp and $31.6M one-time HREE sale as 10X Facility construction accelerates
MP Materials delivered Q3 2026 revenue of $147.7 million — up from $53.6 million in Q3 2025 — driven by a 94% year-over-year increase in NdPr Sales Volume, higher NdPr market prices, and a $31.6 million one-time SEG+ sale to a U.S. aerospace and defense customer. The DoW Price Protection Agreement contributed $8.1 million of income in Q3 and $68.0 million year-to-date, materially de-risking NdPr commodity exposure. Capital deployment is accelerating — $420 million of capex spent in the nine months ended September 30, 2026, against full-year guidance of $500-600 million — anchored by the $80 million Northlake, Texas land purchase and construction commencement of the 10X Facility, which at full scale will produce 7,000 MTs of magnets per year.
Tone: bullishRevenue
$224.4M
MP 10-K · FY 2025
Employees
998
Revenue FY2024
$203.9M
Headquarters
Las Vegas, NV
Profile
MP 10-K Item 1 · Feb 26, 2026MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere, owning and operating the Mountain Pass Rare Earth Mine and Processing Facility in California — the only rare earth mining and processing site of scale in North America. The Company also operates the Independence Facility in Fort Worth, Texas, which manufactures rare earth metal, alloy, and NdFeB permanent magnets. Its operations span two segments: Materials (upstream and midstream) and Magnetics (downstream).
Read filing description ↓ Collapse description ↑
MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas ('Independence' or the 'Independence Facility'), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron ('NdFeB') permanent magnets in December 2025. The Company's operations are organized into two reportable segments: Materials and Magnetics. The Materials segment represents the upstream and midstream operations of the Company, which primarily consist of Mountain Pass, a fully integrated mining and refining facility producing refined rare earth oxides and related products. The Materials segment generates revenue primarily from sales of neodymium-praseodymium ('NdPr') oxide and metal, primarily sold to customers in Japan, South Korea, and broader Asia. The Magnetics segment represents the downstream magnet manufacturing and related operations of the Company, which currently consist of the Independence Facility, a fully integrated metal, alloy, and magnet manufacturing plant. The Magnetics segment began generating revenue from sales of magnetic precursor products to General Motors Company in the first quarter of 2025. On July 9, 2025, the Company entered into definitive agreements with the United States Department of War establishing a transformational public-private partnership to accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency.
Primary products
- rare earth concentrate
- NdPr oxide
- NdPr metal
- NdFeB alloy flake
- NdFeB permanent magnets
- cerium products
Business segments
End markets
Geographies
Named customers
“As the only scaled and vertically integrated source in North America for critical rare earths and magnet materials, with a processing footprint designed to operate with best-in-class sustainability and an industry-leading cost structure, the Company believes it is well-positioned to thrive as global manufacturers and the United States prioritize domestic manufacturing and secure supply chains.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Materials segment revenue declined 21% year-over-year due to the cessation of all product sales to China in July 2025, partially offset by higher NdPr oxide and metal revenues from higher volumes and realized prices, as well as price protection agreement income; the Magnetics segment contributed $66.9 million in its first year of substantial revenue.
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