MP Materials Stock Soars 44% On Rare Earth Magnet Deal With U.S. Defense Department

MP Materials a

48.60 EUR -3.95%

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(RTTNews) - MP Materials Corp. (MP) shares jumped 46.75 percent to $44.07 after announcing a major public-private partnership with the U.S. Department of Defense to expand domestic rare earth magnet production and reduce foreign reliance.

Shares opened at $48.10 and traded between $42.86 and $48.01 on heavy volume of over 60.9 million shares, far above the daily average. The stock is now near the top of its 52-week range of $10.02 to $48.01.

The multibillion-dollar initiative includes the construction of a second U.S.-based magnet manufacturing facility, expected to start commissioning in 2028, boosting capacity to 10,000 metric tons annually.