MP Materials Corp.’s stock skyrocketed in early trading Thursday, after the rare-earth producer said it inked a public-private partnership with the U.S. Defense Department to boost domestic magnet production and to reduce dependence on foreign sources.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

Apple's $500 million investment in MP Materials is making headlines across the U.S. tech and defense sectors. In a bold move to boost American-made rare earth production, Apple is partnering with MP Materials—backed by a $400 million Pentagon deal—to reduce dependence on China.