MP Materials stock rips 23% higher after $500 million Apple deal for rare earth magnets

People look at iPhones at the Apple Fifth Avenue store in New York City on May 23, 2025. Apple and miner MP Materials announced a $500 million deal Tuesday for rare earth magnets and the development of a recycling facility that will reinforce the iPhone maker's U.S. supply chain. MP Materials stock climbed 23%. Shares of Apple were marginally higher. As part of the agreement, Apple will buy rare earth magnets created at the company's facility in Fort Worth, Texas. Both companies will combine on a new rare earth recycling line in Mountain Pass, California. MP Materials plans to start shipping magnets in 2027. "American innovation drives everything we do at Apple, and we're proud to deepen our investment in the U.S. economy," said Apple CEO Tim Cook in a press release. "Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.".