The iPhone maker is committing $500 million to buying rare-earth magnets from the company’s flagship facility in Texas, which Apple is helping to build out.

In 2025, the U.S. Department of Defense (DoD) agreed to buy $400 million of preferred stock in MP Materials. This investment supports the expansion of its processing capacity and the construction of a second magnet manufacturing facility in the U.S. to supply key components to military weapons systems.

MP Materials shares are trading lower in after-hours Wednesday after the company announced a proposed public offering.

Shares of MP Materials declined after the of rare earth metals company said it had commenced a $500 million underwritten public offering of its common stock. The stock was off by 5.8% at $55.15 in post-market trading Wednesday. Shares, which reached an all-time high of $62.87 on Tuesday, finished the market session up less than 1% at $58.55

MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.

Shares of rare-earth miner MP Materials have rocketed to record highs in almost no time in a story that include the Defense Department and Apple.

Johnson & Johnson (JNJ) shares tick higher in pre-market trading after the company raised its full-year earnings and sales guidance, though looming pharmaceutical tariffs from President Trump remain a key risk for the sector.