Apple has made a $500 million commitment to purchase recycled rare-earth magnets from MP Materials, the companies announced Tuesday.

Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant

Shares of the little-known mining company soared on Thursday on news that the Pentagon would become the largest shareholder.

MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.

On Thursday, the United States Department of Defense (DOD) entered a major deal with MP Materials. The DOD agreed to buy $400 million of MP Materials newly created preferred shares stock. The move will make the U.S. military the company’s largest stakeholder. In the hours after the deal, the company’s stock surged more than 50%.

An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.

Shares of rare-earth miner MP Materials have left Wall Street in the dust. One analyst is playing catch-up.

(Reuters) -MP Materials said on Thursday it has entered into a public-private partnership with the U.S. Department of Defense to build-out domestic rare earth magnet supply chain and reduce foreign dependency, sending shares up 30% in premarket trading.