Market cap
$8.21B
at current price
MP Materials Corp. · Class A · Las Vegas, Nevada
America's rare earth mine, backed by Washington.
MP owns Mountain Pass, the only scaled US rare earth mine, and is building magnet factories. A Department of War deal sets a $110/kg price floor for its NdPr and fully contracts its new 10X magnet plant. NdPr output rose 41% last quarter, but the company is still losing money while it spends $500–600M on capex this year.
Last close · Oct 9, 2026
$46.14
52-week range
$38–100
closing low / high
Price / sales
~20×
on $416M trailing revenue
Revenue TTM
NdPr floor
$110/kg
price protection from the Department of War
Next earnings
Early Nov
Q3 2026 · date not yet announced
Price, last 12 months
Daily closes with the 50-day average. The stock fell by more than half from its high near $100.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
1.99
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with GAAP gross margin on the right axis. Since mid-2025 revenue includes price-protection income from the Department of War ($17.6M in Q2 2026); reported product revenue was $108.5M. MP gives no revenue guidance, so there is no guidance bar.
RevenueGross margin (right axis)Guidance
Q2 2026
$126M
incl. $17.6M price protection
NdPr produced
840 t
+41% YoY · Q3 to exceed 1,000 t
NdPr sold
1,006 t
+127% YoY
Q3 NdPr price
high $90s/kg
market ~$110; floor tops up the gap
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
Government backing
The Department of War price floor of $110/kg and a fully contracted 10X magnet plant reduce commodity-price risk.
Tailwind
Volume ramp
NdPr sales topped 1,000 t for the second straight quarter and production should exceed 1,000 t in Q3.
Watch
Heavy capex
2026 capex is guided at $500–600M, including the $80M 10X site. Free cash flow was −$223M in Q2.
Risk
Still unprofitable
Operating losses continue while magnet plants are built; the magnetics segment's revenue fell 17% during the transition.
Calendar
Early Nov 2026
Q3 2026 earnings
Management expects NdPr production above 1,000 t and realized prices in the high $90s/kg.
Late 2026
NdPr run-rate target
Targeted year-end production run rate.
2027–2028
10X magnet plant
Vertical construction has started; output is fully contracted.