MP Materials

Built World

Q1 2026 revenue +49% on record NdPr output; Independence magnet factory on track for H2 2026 commercial sales; suing USA Rare Earth over trade secrets

The United States imports roughly 80% of its rare earth elements and relies on China for over 90% of processing—materials essential to electric vehicles, wind turbines, and precision weapons. China's April 2025 export controls on seven heavy rare earths remain in force, with a broader set of restrictions due to expire in November 2026.

Updated May 31

Force in Play

U.S. DOD 15% stakeholder, operates Mountain Pass mine

China controls 70% of rare earth mining and 90% of refining—the 17 obscure elements that power everything from F-35 fighter jets to iPhones. In April 2025, Beijing weaponized that dominance. When Trump announced Liberation Day tariffs, China retaliated by restricting exports of seven rare earth elements. By October, it expanded controls to twelve elements and invoked the foreign direct product rule, the same tool America used to choke China's chip industry. It claims jurisdiction over any product globally that touches Chinese rare earth technology.

Updated May 19