MP Materials will supply Apple with magnets it produces at a Texas facility, expanding Apple’s U.S. supply chain at a time when President Trump has pressured Apple to do so.

MP Materials is a US producer that just last week secured backing from the Pentagon, and will now be working with the biggest name in consumer technology.

Apple has announced a $500 million investment in MP Materials, a rare earth mining company based in the US. With the deal, the two companies will partner on the development of a rare earth magnet recycling line in Mountain Pass, California, allowing Apple to use reprocessed electronics and scrap material to build its products.

As of 11:13 a.m. ET, shares of USA Rare Earth are up 25.4%. While USA Rare Earth didn't have anything to report today, one of its leading peers did. MP Materials announced a $500 million partnership with Apple that will see the companies collaborate on the production of recycled rare-earth magnets.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

MP Materials’ goal to become a national rare-earths “champion” that can go toe-to-toe with China was turbocharged by Pentagon investment. But its journey there highlights the hurdles American producers face.

A rare-earths producer, MP Materials is developing a rare-earth magnet production facility in Texas. MP Materials and Apple are partnering to produce rare-earth magnets. Rare-earth magnet production at the Texas facility is expected to start in 2027.

The Defense Department on Thursday became the largest shareholder in MP Materials, which owns the only rare earth mine in the U.S., amid a surge in demand for rare earths mined in the U.S. as China has curbed its rare earth exports amid a trade war with the U.S.