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 said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

Pentagon buys 15% of MP Materials in $400 million rare earth deal. Stock jumps 50% as US fights China's grip on vital magnets for F-35 jets and EVs.

MP Materials shares remain in focus after soaring 20% yesterday on news that Apple plans to invest $500 million in the rare earths firm, news that came just days after the Department of Defense took a stake in the company.

MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earth magnets and help loosen China's grip on the materials used to build weapons, electric vehicles and many electronics.

The partnership between MP Materials and DOD includes the construction of the 10X magnet manufacturing facility.

Deal will make the US Department of Defense the largest shareholder in MP, the sole domestic producer of rare earth elements.

Apple and MP Materials unveiled a $500 million deal to bolster the iPhone maker’s domestic supply chain for rare‑earth magnets.

MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence on Chinese supplies.