MP Materials Corp. / DE Business Summary

MP Materials Corp. (MP) operates a vertically integrated rare earth production model, generating revenue through two primary segments: Materials and Magnetics. The Materials segment centers on the Mountain Pass facility in California, which produces high-grade rare earth concentrate and separated oxides, specifically neodymium-praseodymium (NdPr) used in high-strength permanent magnets. Following a strategic pivot in 2025 that halted concentrate exports to China, the company now focuses on domestic separation and its Magnetics segment, which produces NdPr metal, alloys, and finished magnets at its Fort Worth, Texas, facility. MP Materials competes directly with global producers such as Lynas Rare Earths, China Northern Rare Earth Group, and Energy Fuels. As the only scaled, integrated rare earth mining and processing site in North America, the company serves as a critical Western alternative to Chinese supply chains for electric vehicle (EV) OEMs, wind turbine manufacturers, and defense contractors. The company was revitalized in 2017 by a consortium led by James Litinsky and Michael Rosenthal, who currently serve as Chairman & CEO and Chief Operating Officer, respectively. Litinsky brings a background in alternative investment management from JHL Capital Group and Fortress Investment Group, while Rosenthal previously specialized in global automotive and Chinese market investments at QVT Financial. The executive team is rounded out by CFO Ryan Corbett and CTO Zachary Lehman. Notable institutional backing includes the U.S. Department of Defense and Apple, the latter of which entered a $500 million magnet supply agreement in 2025. As of early 2026, Australian mining magnate Gina Rinehart’s Hancock Prospecting is the company's largest shareholder, holding an 8.4% stake, alongside a board that includes high-profile figures such as General (Ret.) Richard Myers, former Chairman of the Joint Chiefs of Staff.