Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant

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 Department of Defense struck agreements with MP Materials to accelerate the build-out of the country’s rare earth magnet supply chain and reduce foreign dependency, the company announced Thursday.