The long-term bull case for the stock rests on the idea that U.S. administrations will aim for rare earth material independence from China, and MP Materials, a company that operates the only rare earth and processing facility, at Mountain Pass in California, , will be a key part of the process.

However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.

MP Materials Corp (NYSE:MP) shares are rising Tuesday after the company signed a long-term agreement to supply Apple Inc (NASDAQ:AAPL).

The U.S. Department of Defense is collaborating with rare earth companies to secure a diverse American supply of critical minerals. This follows a major deal with MP Materials, positioning the Pentagon as a leading shareholder and providing financial backing to bolster national mineral procurement efforts.

MP Materials announces a public-private partnership with the US Department of Defense to accelerate the build-out of an end-to-end US rare earth magnet supply chain.

MP Materials Corp (NYSE: MP) shares surged on Thursday after the U.S. government announced a strategic investment to strengthen the domestic rare earth supply chain.

The Defense Department last week agreed to buy a direct equity stake in MP Materials, the only rare earth miner in the U.S.