The Department of Defense (DoD) has agreed to buy $400 million worth of preferred stock from MP Materials, the only operational rare earth mine in the United States located just outside Mountain Pass, California. The investment will help MP Materials build a second magnet manufacturing facility, with construction beginning in 2028. The investment would make the DoD the largest shareholder with around a 15% stake, eclipsing the previous lead shareholders; the current CEO James Litinsky (8.27%) and BlackRock Fund Advisors (8.27%). Additionally, JPMorgan and Goldman Sachs will provide $1 billion in financing for the second facility. As part of the deal, the DoD has ensured that “100% of the magnets made at the new facility, called 10x, are purchased by defense and commercial customers for…
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