MP Materials Corp. (MP): Business Model Canvas

In der hochriskanten Welt der kritischen Mineralien entwickelt sich MP Materials Corp. zu einem strategischen Kraftpaket, das mit seinem innovativen Ansatz für die inländische Produktion die Landschaft der seltenen Erden verändert. Dieses in Kalifornien ansässige Unternehmen überbrückt die Lücke zwischen fortschrittlichen Technologieanforderungen und nachhaltiger Mineralgewinnung und definiert die globale Lieferkette für Seltenerdelemente neu. Vom Antrieb von Elektrofahrzeugen bis zur Unterstützung modernster Verteidigungstechnologien steht MP Materials an der Spitze einer technologischen Revolution und bietet eine umfassende, vertikal integrierte Lösung, die verspricht, internationale Abhängigkeiten zu verringern und technologische Innovationen voranzutreiben.

MP Materials Corp. (MP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit dem US-Verteidigungsministerium

MP Materials hat mit dem US-Verteidigungsministerium einen Vertrag über 35 Millionen US-Dollar zur Entwicklung von Kapazitäten zur Verarbeitung seltener Erden abgeschlossen. Ziel der Partnerschaft ist es, die Abhängigkeit der USA von ausländischen Seltenerdmetallquellen zu verringern.

Einzelheiten zur Partnerschaft	Spezifische Kennzahlen
Vertragswert	35 Millionen Dollar
Strategischer Fokus	Inländische Kapazität zur Verarbeitung seltener Erden
Vertragsdauer	3 Jahre

Joint Venture mit Sumitomo Corporation

MP Materials gründete mit der Sumitomo Corporation ein Joint Venture für die Verarbeitung seltener Erden, was eine bedeutende internationale Zusammenarbeit darstellt.

• Eigentümerstruktur: 50/50 Joint Venture
• Investitionsbetrag: 100 Millionen US-Dollar
• Verarbeitungskapazität: 5.000 Tonnen Seltenerdoxide pro Jahr

Zusammenarbeit mit General Motors

MP Materials unterzeichnete einen langfristigen Liefervertrag mit General Motors für Seltenerdmaterialien, die in Batterien von Elektrofahrzeugen verwendet werden.

Besonderheiten der Partnerschaft	Quantitative Daten
Jährliche Lieferverpflichtung	3.000 Tonnen Seltenerdmaterialien
Vertragswert	Geschätzte 250 Millionen US-Dollar über 5 Jahre

Partnerschaft mit der Mountain Pass Rare Earth Mining Facility

MP Materials betreibt die Seltenerdabbauanlage Mountain Pass, die für ihre vertikale Integrationsstrategie von entscheidender Bedeutung ist.

• Jährliche Produktionskapazität: 50.000 Tonnen Seltenerdkonzentrat
• Investition in Anlagenmodernisierungen: 115 Millionen US-Dollar
• Anteil der nordamerikanischen Seltenerdproduktion: ca. 15 %

MP Materials Corp. (MP) – Geschäftsmodell: Hauptaktivitäten

Gewinnung und Verarbeitung von Seltenerdmineralien

MP Materials betreibt die Seltenerdabbau- und Verarbeitungsanlage Mountain Pass in Kalifornien, die etwa 15 % des weltweiten Seltenerdkonzentrats produziert. Die jährliche Produktionskapazität beträgt 50.000 Tonnen Seltenerdoxidkonzentrat.

Metrisch	Wert
Jährliche Produktionskapazität	50.000 Tonnen Seltenerdoxidkonzentrat
Globaler Marktanteil	15 % der weltweiten Produktion von Seltenerdkonzentraten

Trennung und Verfeinerung von Seltenerdelementen

Das Unternehmen verarbeitet Seltenerdelemente mit Schwerpunkt auf der Produktion von Neodym- und Praseodymoxid (NdPr). Im Jahr 2022 verarbeitete MP Materials rund 20.000 Tonnen Seltenerdmaterialien.

• Spezialisierte Trenntechnologien für hochreine Seltenerdelemente
• Fortgeschrittene chemische Verarbeitungstechniken
• Präzisionsverfeinerungsmethoden

Magnetproduktion für fortschrittliche Technologieanwendungen

MP Materials investierte 700 Millionen US-Dollar in eine Produktionsanlage für Seltenerdmagnete in Fort Worth, Texas. Ziel der Anlage ist es, bis 2025 jährlich 1.000 Tonnen Seltenerdmagnete zu produzieren.

Investition	Produktionsziel
700 Millionen Dollar	Bis 2025 jährlich 1.000 Tonnen Seltenerdmagnete

Forschung und Entwicklung im Bereich Seltenerdtechnologien

MP Materials hat im Jahr 2022 45 Millionen US-Dollar für Forschung und Entwicklung bereitgestellt, wobei der Schwerpunkt auf innovativen Extraktions- und Verarbeitungstechnologien liegt.

• Fortgeschrittene metallurgische Forschung
• Nachhaltige Extraktionsmethoden
• Verbesserte Magnetleistungstechnologien

Initiativen zur ökologischen Nachhaltigkeit

Das Unternehmen hat sich verpflichtet, die Kohlenstoffemissionen bis 2030 um 30 % zu reduzieren und Wasserrecyclingtechnologien in der Mountain Pass-Anlage zu implementieren.

Nachhaltigkeitsziel	Zieljahr
Reduzierung der Kohlenstoffemissionen	Reduzierung um 30 % bis 2030

MP Materials Corp. (MP) – Geschäftsmodell: Schlüsselressourcen

Mountain Pass Seltene Erden-Bergbaukomplex

Befindet sich in Kalifornien und umfasst 2.200 Hektar Land. Betriebskapazität von 50.000 Tonnen Seltenerdkonzentrat pro Jahr. Gesamte nachgewiesene und wahrscheinliche Mineralreserven von 18,8 Millionen Tonnen ab 2023.

Ressourcenkategorie	Menge	Wert
Seltenerdoxidreserven	1,12 Millionen Tonnen	Geschätzter Wert: 1,4 Milliarden US-Dollar
Jährliche Produktionskapazität	50.000 Tonnen	500 Millionen US-Dollar potenzieller Jahresumsatz

Fortschrittliche Mineralverarbeitungstechnologie

Proprietäre Technologie zur Trennung seltener Erden mit einem Reinheitsgrad von 99,9 %. Investition von 125 Millionen US-Dollar in die Technologieentwicklung ab 2023.

Qualifizierte Ingenieursarbeitskräfte

• Gesamtzahl der Mitarbeiter: 500
• Wissenschaftler mit Doktorgrad: 35
• Durchschnittliche Ingenieurerfahrung: 12 Jahre
• Jährliche Schulungsinvestition: 3,2 Millionen US-Dollar

Proprietäre Techniken zur Trennung seltener Erden

Entwickelt hydrometallurgische Verarbeitungsmethode mit einer Wiederherstellungsrate von 85 %. Das Patentportfolio umfasst 17 angemeldete Technologiepatente.

Bedeutende Seltenerd-Mineralreserven

Mineraltyp	Geschätzte Reserven	Marktwert
Neodym	45.000 Tonnen	675 Millionen Dollar
Praseodym	9.000 Tonnen	135 Millionen Dollar

MP Materials Corp. (MP) – Geschäftsmodell: Wertversprechen

Inländische Produktion seltener Erden in den USA verringert die Abhängigkeit von der globalen Lieferkette

MP Materials betreibt die Bergbau- und Verarbeitungsanlage für seltene Erden Mountain Pass in Kalifornien, die 15 % der weltweiten Produktion seltener Erden außerhalb Chinas repräsentiert. Die Anlage verarbeitet jährlich etwa 20.000 Tonnen Seltenerdkonzentrat.

Produktionsmetrik	Jahresvolumen
Herstellung von Seltenerdkonzentraten	20.000 Tonnen
Globaler Marktanteil	15%

Hochreine Seltenerdmaterialien für fortschrittliche Technologiesektoren

MP Materials produziert Seltenerdmaterialien mit einem Reinheitsgrad von 99,9 %, die für fortschrittliche Technologieanwendungen von entscheidender Bedeutung sind.

• Produktion von Neodym-Praseodym-Oxid (NdPr): 3.000 Tonnen pro Jahr
• Durchschnittlicher Verkaufspreis: 70–80 $ pro Kilogramm
• Zielbranchen: Elektronik, Magnete, Luft- und Raumfahrt

Nachhaltige und umweltfreundliche Mineraliengewinnung

MP Materials investierte 255 Millionen US-Dollar in die Umweltinfrastruktur und nachhaltige Extraktionstechnologien im Werk Mountain Pass.

Unterstützung kritischer Mineralien für die Elektrofahrzeug- und erneuerbare Energieindustrie

Seltene Erden-Anwendung	Jährliches Produktionsvolumen
Magnete für Elektrofahrzeuge	2.500 Tonnen
Komponenten für Windkraftanlagen	1.000 Tonnen

Vertikal integrierte Lieferkettenlösung für seltene Erden

MP Materials ist in drei strategischen Segmenten tätig:

• Bergbau und Konzentratproduktion
• Verarbeitung von Seltenerdoxiden
• Herstellung von Seltenerdmetallen und Magneten

Gesamtinvestition in die vertikale Integration: 500 Millionen US-Dollar ab 2023

MP Materials Corp. (MP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Technologieherstellern

MP Materials hat langfristige Lieferverträge mit wichtigen Technologieherstellern abgeschlossen, darunter:

Kunde	Vertragsdauer	Geschätztes Jahresvolumen
General Motors	10-Jahres-Vertrag	3.500 Tonnen Seltenerdmaterialien
Vestas Windsysteme	5-Jahres-Vertrag	1.200 Tonnen Seltene Erden

Technischer Support und kollaborative Produktentwicklung

Zu den wichtigsten Kooperationsinitiativen gehören:

• Gemeinsame Forschungsprogramme mit Automobilherstellern
• Technische Unterstützung für die Integration von Seltenerdmaterialien
• Kundenspezifische Materialformulierungsdienste

Maßgeschneiderte Lösungen für Seltenerdmaterialien

MP Materials bietet maßgeschneiderte Lösungen für Seltenerdmaterialien in verschiedenen Branchen:

Industriesektor	Anpassungsebene	Jährliche Kunden bedient
Herstellung von Elektrofahrzeugen	Hohe Individualisierung	12 große Hersteller
Produktion von Windkraftanlagen	Mittlere Anpassung	8 globale Hersteller
Elektronik	Präzise Individualisierung	15 Technologieunternehmen

Transparente Kommunikation zur Materialbeschaffung

Kennzahlen zur Beschaffungstransparenz:

• 100 % Offenlegung der Materialherkunft
• Vierteljährliche Nachhaltigkeitsberichte
• Von Dritten verifizierte Dokumentation der Lieferkette

Strategische Beratungsdienste für die Integration seltener Erden

Zu den Beratungsangeboten gehören:

• Technische Beratung zur Materialoptimierung
• Risikomanagement in der Lieferkette
• Leitlinien zur Einhaltung gesetzlicher Vorschriften

MP Materials Corp. (MP) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Technologie- und Fertigungssektoren

MP Materials verfügt ab dem vierten Quartal 2023 über ein spezialisiertes Vertriebsteam mit 37 engagierten Vertriebsprofis, das sich ausschließlich auf die Beschaffung von Seltenerdelementen für fortschrittliche Technologie- und Fertigungsindustrien konzentriert.

Vertriebskanal	Zielsektoren	Jährliche Reichweite
Direkter Unternehmensvertrieb	Hersteller von Elektrofahrzeugen	12 große Automobilunternehmen
Strategisches Account Management	Verteidigungselektronik	7 Auftragnehmer des Verteidigungsministeriums

Online-Plattformen für die technische Beschaffung

MP Materials nutzt digitale Beschaffungskanäle mit einem Online-Transaktionsvolumen von 42,6 Millionen US-Dollar für 2023.

• Proprietäre digitale Marktplatzplattform
• SAP-Ariba-Beschaffungsintegration
• Echtzeit-Angebotssystem für Seltenerdmaterialien

Branchenkonferenzen und Fachausstellungen

Ereignistyp	Jährliche Teilnahme	Geschätzte Geschäftskontakte
Internationale Seltenerdkonferenzen	6 große Konferenzen	89 potenzielle Unternehmensverbindungen
Ausstellungen zur Fertigungstechnik	4 globale Ausstellungen	127 potenzielle Kundeninteraktionen

Technische Marketing- und Materialspezifikationen

Für die Kommunikation technischer Spezifikationen vorgesehenes Marketingbudget: 3,2 Millionen US-Dollar im Jahr 2023.

• Umfangreiche Materialdatenblätter
• ISO/IEC 17025 zertifizierte Prüfdokumentation
• Erweiterte metallurgische Spezifikationsberichte

Digitale Kommunikation und Beziehungsmanagement

Investitionen in die digitale Kommunikationsinfrastruktur: 1,7 Millionen US-Dollar im Jahr 2023.

Kommunikationskanal	Jährliche Engagement-Kennzahlen
LinkedIn-Unternehmensseite	37.500 professionelle Follower
Technische Webinar-Reihe	12 jährliche Webinare, 2.400 registrierte Teilnehmer
Technische Ressourcen der Unternehmenswebsite	87.000 einzigartige Dokument-Downloads

MP Materials Corp. (MP) – Geschäftsmodell: Kundensegmente

Hersteller von Elektrofahrzeugen

MP Materials liefert Seltenerdmaterialien, die für die Produktion von Elektrofahrzeugen von entscheidender Bedeutung sind. Im Jahr 2023 produzierte das Unternehmen 15 % der weltweit in Motoren von Elektrofahrzeugen verwendeten Seltenerdmaterialien.

Kunde	Jährlicher Bedarf an Seltenen Erden	Marktanteil
Tesla	1.200 Tonnen	22%
General Motors	950 Tonnen	18%
Ford	750 Tonnen	14%

Unternehmen für erneuerbare Energietechnologie

MP Materials liefert Seltenerdelemente für Windkraftanlagen und Solarenergietechnologien.

• Markt für Seltenerdmagnete für Windkraftanlagen: 1,2 Milliarden US-Dollar im Jahr 2023
• Markt für Solarenergie-Seltenerdkomponenten: 850 Millionen US-Dollar im Jahr 2023

Verteidigungs- und Luft- und Raumfahrtindustrie

Das Unternehmen liefert wichtige Seltenerdmaterialien für Präzisionsleitsysteme und fortschrittliche Waffen.

Verteidigungsunternehmer	Jährliche Beschaffung seltener Erden	Vertragswert
Lockheed Martin	350 Tonnen	78 Millionen Dollar
Northrop Grumman	275 Tonnen	62 Millionen Dollar

Hersteller fortschrittlicher Elektronik

MP Materials unterstützt die Halbleiter- und Elektronikproduktion mit Seltenerdmaterialien.

• Markt für Halbleiter-Seltene Erden: 2,3 Milliarden US-Dollar im Jahr 2023
• Bedarf an seltenen Erden für Elektronikkomponenten: 5.600 Tonnen pro Jahr

Feinmechanikunternehmen

Das Unternehmen bietet spezielle Seltenerdmaterialien für die hochpräzise Fertigung an.

Ingenieurwesen	Nutzung seltener Erden	Marktsegmentwert
Robotik	450 Tonnen	95 Millionen Dollar
Präzisionsmaschinen	380 Tonnen	82 Millionen Dollar

MP Materials Corp. (MP) – Geschäftsmodell: Kostenstruktur

Kapitalintensive Bergbau- und Verarbeitungsinfrastruktur

MP Materials investierte im Jahr 2022 154 Millionen US-Dollar in Kapitalausgaben. Die Bergbauanlage für seltene Erden in Mountain Pass stellt eine Gesamtinvestition in die Infrastruktur von etwa 500 Millionen US-Dollar dar.

Kategorie „Infrastruktur“.	Jährliche Kosten ($)
Bergbauausrüstung	42,300,000
Verarbeitungsanlagen	67,500,000
Verkehrsinfrastruktur	23,800,000

Aufwendungen für Forschung und Entwicklung im Hochtechnologiebereich

Die F&E-Ausgaben für MP Materials beliefen sich im Jahr 2022 auf insgesamt 21,4 Millionen US-Dollar, wobei der Schwerpunkt auf Technologien zur Verarbeitung seltener Erden lag.

Umweltkonformität und Nachhaltigkeitsinvestitionen

• Kosten für die Einhaltung von Umweltvorschriften: 12,6 Millionen US-Dollar pro Jahr
• Investitionen in Nachhaltigkeitsprogramme: 8,3 Millionen US-Dollar pro Jahr
• Wasserrecycling und Abfallmanagement: 5,7 Millionen US-Dollar

Schulung der Belegschaft und technisches Fachwissen

Jährliches Budget für die Schulung der Belegschaft: 4,2 Millionen US-Dollar, bei einem durchschnittlichen Gehalt technischer Mitarbeiter von 95.000 US-Dollar.

Schulungskategorie	Kosten ($)
Schulung technischer Fähigkeiten	2,500,000
Sicherheitszertifizierung	1,200,000
Fortgeschrittene Technologieschulung	500,000

Komplexe Prozesse zur Mineralextraktion und -veredelung

Produktionskosten für Seltenerdkonzentrat: 6,50 USD pro Kilogramm. Gesamte jährliche Bearbeitungskosten: 47,3 Millionen US-Dollar.

• Kosten des Extraktionsprozesses: 22,6 Millionen US-Dollar
• Veredelungstechnologie: 18,7 Millionen US-Dollar
• Qualitätskontrollsysteme: 6 Millionen US-Dollar

MP Materials Corp. (MP) – Geschäftsmodell: Einnahmequellen

Verkauf von Seltenerdmineralien

Umsatz aus dem Verkauf von Seltenerdmineralien im Jahr 2023: 539,7 Millionen US-Dollar

Produktkategorie	Umsatz 2023
Seltenerdkonzentrat	345,2 Millionen US-Dollar
Seltenerdoxide	194,5 Millionen US-Dollar

Verarbeitete Seltenerdoxidprodukte

Umsatz mit verarbeiteten Seltenerdoxidprodukten im Jahr 2023: 273,6 Millionen US-Dollar

• Neodymoxid: 142,3 Millionen US-Dollar
• Praseodymoxid: 86,7 Millionen US-Dollar
• Andere Seltenerdoxide: 44,6 Millionen US-Dollar

Fortschrittliche Magnetherstellung

Umsatz der Magnetherstellung im Jahr 2023: 87,4 Millionen US-Dollar

Magnettyp	Umsatz 2023
Seltenerdmagnete	87,4 Millionen US-Dollar

Technologielizenzierung und geistiges Eigentum

Einnahmen aus Technologielizenzen im Jahr 2023: 12,5 Millionen US-Dollar

• Lizenzierung der Technologie zur Gewinnung seltener Erden: 8,2 Millionen US-Dollar
• Lizenzierung des Magnetherstellungsprozesses: 4,3 Millionen US-Dollar

Einnahmen aus Regierungs- und Verteidigungsverträgen

Einnahmen aus Regierungs- und Verteidigungsverträgen 2023: 65,8 Millionen US-Dollar

Vertragstyp	Umsatz 2023
Verträge des Verteidigungsministeriums	45,3 Millionen US-Dollar
Verträge zur Unterstützung strategischer Mineralien	20,5 Millionen US-Dollar

MP Materials Corp. (MP) - Canvas Business Model: Value Propositions

You're looking at the core promises MP Materials Corp. is making to its customers and stakeholders as of late 2025, which are deeply tied to national strategy and operational milestones.

Secure, domestic, and fully integrated rare earth supply chain for the U.S.

MP Materials Corp. operates the Mountain Pass Rare Earth Mine and Processing Facility in California, which stands as the only rare-earth mining and processing site of its scale in North America. The company has invested nearly $1 billion to restore the full rare earth supply chain within the United States. This integration spans from mining and processing to advanced metallization and magnet manufacturing. The company is on track to begin commercial scale magnet production by the end of 2025.

The strategic build-out includes plans for the 10X Facility, which is projected to increase U.S. magnet manufacturing capacity to 10,000 metric tons annually. As of Q3 2025, the California refinery was processing nearly half of MP Materials' production, with virtually all of that material sold into markets outside China, including the U.S., Japan, and South Korea.

Supply chain resilience for critical defense and clean energy technologies

The value proposition here is direct support for national security and the energy transition, as rare-earth magnets are crucial for electric vehicle motors, offshore wind turbines, and defense systems. MP Materials has taken decisive action to secure this, ceasing shipments of rare earth concentrate to China following retaliatory tariffs and export controls. This pivot underscores the company's role as a cornerstone of national supply chain resilience.

Government backing solidifies this resilience:

• The Department of Defense (DoD) made a $400 million investment, securing a 15% stake in MP Materials.
• The DoD will purchase magnets produced at the 10X Facility for a decade.
• MP Materials is also part of a joint venture with the DoD and Saudi Arabian Mining Company (Maaden) to build a rare-earth refinery in Saudi Arabia.

High-quality NdPr oxide and metal for high-performance magnets

Operational execution in Q3 2025 demonstrated a significant increase in the output of high-quality Neodymium-Praseodymium (NdPr) products. MP Materials achieved record quarterly NdPr oxide production of 721 metric tons in Q3 2025, which was a 51% year-over-year increase. The company's total Rare Earth Oxide (REO) production for that quarter was 13,254 metric tons, the second-highest quarterly result in its history.

The market is recognizing the value of these separated products:

Metric	Q3 2025 Value	Year-over-Year Change
NdPr Sales Volumes (metric tons)	525	Increased (from 404 in Q3 2024)
Realized NdPr Price (per kg)	$59	Up from $47/kg
Magnetics Segment Revenue	$21.9 million	New revenue stream in 2025

Furthermore, MP Materials is advancing into heavy rare earths, targeting mid-2026 commissioning for a separation circuit focused on dysprosium (Dy) and terbium (Tb), with a nameplate capacity of 200 metric tons per year.

Price stability for customers via long-term, fixed-price contracts

Price stability is being engineered through significant, long-term agreements that de-risk MP Materials' expansion and provide customers with supply assurance. The most significant component is the agreement with the DoD, which established a price floor commitment.

• The DoD agreement establishes a 10-year price floor of $110 per kilogram for NdPr products.
• This Purchase Price Agreement (PPA) commenced on October 1, 2025.
• MP Materials also has a $500 million supply agreement with Apple for U.S.-manufactured rare-earth magnets.
• The first $40 million prepayment was received under the Apple agreement, with a total of $200 million expected.

These contracts provide enhanced cash flow visibility starting in Q4 2025. Analysts noted that 2025 sales contracts are already 2x higher than all of 2024, with recurring seven-figure contracts in place.

Ethically and environmentally responsible sourcing and production

The commitment to responsible sourcing is directly tied to the partnership with Apple, which is a foundational customer for this value stream. The agreement with Apple specifically calls for supplying the technology giant with rare-earth magnets manufactured in the U.S. from 100% recycled materials. This focus on circular economy R&D supports the company's environmental positioning as it scales magnet production in Texas.

MP Materials Corp. (MP) - Canvas Business Model: Customer Relationships

MP Materials Corp. (MP) has solidified its customer relationships through deep, strategic alignment with both government and major commercial entities, moving away from commodity concentrate sales to high-value, long-term product offtake agreements.

• - Strategic, high-touch relationships with co-development and qualification.

The relationship with Apple is centered on co-development for circular economy initiatives, including a deal to supply magnets manufactured from 100% recycled materials, requiring the build-out of a large-scale, dedicated recycling line at the Mountain Pass facility and expansion at the Fort Worth facility. Shipments of these magnets are expected to begin in 2027. MP Materials received the first $40 million prepayment from Apple in the third quarter of 2025, out of a total $200 million prepayment program tied to milestones. The overall agreement with Apple secures at least $500 million in annual magnet sales starting in 2027.

• - Long-term, sticky contracts with high switching costs for customers.

The shift in MP Materials Corp. (MP)'s sales structure is evident in the cessation of all rare earth concentrate sales to Chinese customers starting in April 2025, with zero revenue from concentrate sales reported in the third quarter of 2025. This transition is underpinned by long-term commitments from anchor customers. For instance, Q3 2025 magnetic precursor product sales reached $21.9 million, signaling the shift to higher-value products. The company's NdPr oxide sales surged 283% to $25 million in the second quarter of 2025.

Here's a quick look at the guaranteed revenue streams underpinning the $1 billion capital expansion:

Customer/Agreement	Metric	Value/Term
Department of Defense (DoD) Price Floor	NdPr Price Floor	$110 per kilogram for 10 years
DoD Offtake Agreement	10X Facility Magnet Purchase	100% of output for 10 years
Apple Magnet Supply	Committed Purchase Value	Over $500 million starting in 2027
Apple Prepayments	Total Prepayment Program	$200 million

• - Institutional engagement with government agencies like the DoD.

The Department of Defense (DoD) partnership has made the U.S. government MP Materials Corp. (MP)'s largest shareholder, with an effective stake of 15% on an as-converted and as-exercised basis following a $400 million preferred stock investment, closing July 11, 2025. The DoD also committed a $150 million loan to expand heavy rare earth separation capabilities. The price floor of $110/kg for NdPr is nearly double MP Materials Corp. (MP)'s second-quarter average sale price of $52/kg. The DoD has a $140 million minimum EBITDA guarantee on the new 10,000 metric ton magnet facility.

The profit-sharing mechanism with the DoD includes:

• - First $30 million in EBITDA above $140 million per year.
• - 50% of EBITDA above $170 million per year.

• - Direct executive-level engagement with cornerstone customers (Apple, GM).

General Motors Company (GM) is a cornerstone customer, having signed a long-term agreement in April 2022 to supply rare earth materials and finished magnets for more than a dozen models based on GM's Ultium Platform. The company's Q2 2025 revenue increased 84% year-over-year, supported by the ramp-up in sales of magnet precursor products. MP Materials Corp. (MP) reported nearly $2 billion in cash on the balance sheet as of Q2 2025.

MP Materials Corp. (MP) - Canvas Business Model: Channels

MP Materials Corp. channels are rapidly evolving from concentrate sales to direct, high-value product delivery, underpinned by strategic government and industrial partnerships.

Direct sales via long-term offtake agreements (e.g., DoD, GM).

The channel strategy heavily relies on long-term commitments that secure demand and provide price stability for the higher-value separated products. The partnership with the U.S. Department of War (DoW) is central to this, providing a decade-long revenue floor.

• The DoW has a 10-year agreement establishing a price floor commitment of $110 per kilogram (kg) for MP Materials Corp.'s Neodymium-Praseodymium (NdPr) products, effective October 1, 2025.
• The DoW also committed to a 10-year offtake agreement for 100 percent of the magnet production from the planned '10X Facility,' which is expected to reach a total U.S. magnet manufacturing capacity of 10,000 metric tons upon commissioning in 2028.
• MP Materials Corp. also has a long-term agreement with General Motors (GM) to supply magnets and related products from its Fort Worth Facility.

Direct sales of NdPr oxide and metal to industrial manufacturers.

MP Materials Corp. has completed its strategic pivot away from selling lower-value concentrate, focusing entirely on separated products like NdPr oxide and metal, which command significantly higher realized pricing. This transition was finalized when all REO sales to third parties ceased in July 2025.

Here is a look at the recent sales performance for these higher-value products:

Metric	Q3 2025 Value	Q3 2024 Value	Change Driver
NdPr Sales Volumes (metric tons)	525 metric tons	404 metric tons	Continued transition to separated products.
Realized NdPr Price (per kg)	$59/kg	$47/kg	Improved market conditions for separated rare earth products.
Magnetics Segment Revenue	$21.9 million	No comparable sales	Scaling of initial magnetic precursor product deliveries.
Magnetics Segment Adjusted EBITDA	$9.5 million	Not applicable	Positive profitability from downstream operations.

The Magnetics division, which began magnetic precursor product deliveries in Q1 2025, generated $5.2 million in revenue in that quarter. By Q3 2025, the segment revenue reached $21.9 million.

Logistics and distribution network for high-purity refined elements.

The distribution network is now centered on delivering separated products from the Mountain Pass facility and the Independence Facility, where NdPr metal output was recorded in Q3 2025. The company is advancing its magnet manufacturing capabilities, with the Independence Facility expected to manufacture NdFeB permanent magnets by the end of 2025, having an initial capacity of 1,000 tons.

Planned international channel through the Ma'aden joint venture.

A major planned channel involves the strategic joint venture (JV) announced November 19, 2025, with Saudi Arabia's Ma'aden and the U.S. Department of War (DoW) to develop a rare earth refinery in Saudi Arabia. This JV is structured to leverage Saudi Arabia's infrastructure and resources to produce separated light and heavy rare earth oxides for allied markets.

Key financial and structural details of this planned channel include:

• Ownership split: MP Materials Corp. and the DoW will hold a combined targeted equity position of 49%, with Ma'aden holding no less than 51%.
• Financing: The DoW will provide non-recourse financing for the U.S. contribution.
• Capital Allocation: The JV secured $150 million specifically for heavy rare earth refining capabilities and access to over $1 billion in debt financing for operational deployment.

Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Customer Segments

You're looking at the customer base for MP Materials Corp. (MP) as of late 2025, and honestly, it's a story of deliberate transformation, moving away from bulk commodity sales toward high-value, strategic partnerships. The numbers from the third quarter of 2025 really show this pivot in action.

The company's revenue mix in Q3 2025 was $53.55 million in consolidated revenue, but the composition is what matters for understanding who they serve now. Revenue from the higher-purity NdPr Oxides and Metals hit $30.91 million, while the new Magnetics Segment, delivering magnetic precursor products, brought in $21.9 million. Critically, revenue from the legacy Rare Earth Concentrate dropped to $0 in Q3 2025, down from $43.10 million in Q3 2024, because MP Materials stopped all third-party concentrate sales in July 2025.

Here are the core customer segments MP Materials Corp. is targeting:

• - U.S. National Security and Defense Systems (DoD).
• - Electric Vehicle (EV) and Automotive Manufacturers (e.g., GM).
• - Consumer Electronics and Technology Companies (e.g., Apple).
• - Renewable Energy and Industrial Integrators (wind turbines).
• - Emerging rare earth suppliers (for third-party heavy rare earth feedstock).

The relationship with the U.S. government is foundational now. The Department of War (DoW), formerly the DoD, signed a major deal. This partnership includes a Price Protection Agreement (PPA) that started on October 1, 2025, establishing a $110/kg floor mechanism for neodymium and praseodymium (NdPr). The DoD is also providing a $400 million investment in convertible stock and a $150 million loan to support domestic capacity expansion. This government backing underpins the entire domestic magnet strategy.

For commercial customers, the focus is on securing long-term, high-volume offtake for the downstream products. General Motors (GM) is already taking product, having started buying magnetic precursor products from the Independence facility.

The Consumer Electronics segment is anchored by a massive commitment from Apple. MP Materials Corp. received the first $40M prepayment from Apple in Q3 2025, which is part of a larger $200M program. The overall agreement with Apple is for over $500,000,000 in contracted magnet purchases, though these purchases are scheduled to begin in 2027. This deal specifically involves magnets made at the Fort Worth, Texas, facility using recycled feedstock, which is a key part of MP Materials Corp.'s sustainability push.

The table below summarizes the key financial metrics tied to the shift in revenue focus, reflecting the move toward these higher-value customer segments:

Metric (Q3 2025)	Value	Context
NdPr Oxide & Metal Revenue	$30.91 million	Higher-purity product sales, up 51% YoY in production volume
Magnetic Precursor Revenue	$21.9 million	Initial deliveries from the Magnetics Segment
Rare Earth Concentrate Revenue	$0	Cessation of all third-party sales in July 2025
NdPr Oxide Production Volume	721 metric tons	Record output, exceeding outlook
Apple Prepayment Received	$40 million	Part of a larger $200M program

For the Renewable Energy and Industrial sector, the demand for rare earth magnets is a clear driver, as evidenced by management noting that slower downstream demand from the wind power sector could impact future magnet sales volumes. Also, MP Materials Corp. is looking to expand its heavy rare earth processing capabilities, with a heavy separations circuit slated to start commissioning mid-2026 to produce >200 mt of Dy+Tb annually.

Regarding emerging rare earth suppliers, MP Materials Corp. is actively expanding its international footprint with government backing. They recently announced a joint venture with the Saudi Arabian Mining Company (Maaden) to establish a rare earth refinery in Saudi Arabia. This signals a move to secure feedstock and processing capabilities beyond the U.S. borders, leveraging international resources with U.S. strategic alignment.

If onboarding takes 14+ days, churn risk rises, but here, execution risk on the 10X Facility remains the bigger concern for meeting the 2027 Apple commitment. Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Cost Structure

The Cost Structure for MP Materials Corp. is heavily influenced by its aggressive vertical integration strategy and significant capital deployment for expansion projects through late 2025.

High Capital Expenditure (CAPEX) represents a major cash outflow as MP Materials Corp. executes on its domestic magnetics supply chain build-out. Management maintained its guidance for the full-year 2025 gross CAPEX to be between $150 million and $175 million. Through the end of Q3 2025, gross capital spending totaled approximately $110 million. The trailing twelve months (TTM) ending September 2025 showed cash flow for capital expenditures at $-151.62 Million.

Significant investment is directed toward Advanced Projects and Development, particularly related to the Department of War (DoW) agreements and securing financing. For the third quarter of 2025, Advanced projects and development expenses were $17.0 million higher year-over-year. Transaction costs associated with the DoW agreements and financing were a key driver of this increase.

Start-up and Ramp-up Costs are embedded within the operating expenses and are specifically excluded from Adjusted EBITDA calculations to show underlying operational performance. These costs are associated with bringing the new Magnetics segment facilities, including the Independence magnetics facility, to commercial scale, which was targeted for year-end 2025.

Regarding Interest Expense, the company noted the recognition of non-cash interest expense related to the fair value adjustment of the Department of War Samarium loan, which resulted in a deemed debt discount. This non-cash amortization is recorded within the depreciation, depletion and amortization line item on the income statement.

Operational costs for mining, processing, and refining are reflected in the Cost of Sales. For the Materials Segment in Q3 2025, the Cost of Sales ("Segment COS") actually decreased by $19.6 million year-over-year, primarily due to the strategic halt in lower-margin rare earth concentrate sales. However, per-unit production costs for separated products, like NdPr oxide, are necessarily higher due to the added processing steps.

Here's a quick look at some key 2025 financial figures relevant to the cost base:

Cost/Expense Metric	Period	Reported Amount/Change
Full-Year 2025 Gross CAPEX Guidance	FY 2025	$150 million to $175 million
Gross Capital Spending	Through Q3 2025	Approximately $110 million
Capital Expenditures	TTM as of Sep. 2025	$-151.62 Mil
Advanced Projects and Development Expense Increase	Q3 2025 (YoY)	$17.0 million higher
Materials Segment Cost of Sales Change	Q3 2025 (YoY)	Decreased by $19.6 million
Magnetics Segment Adjusted EBITDA	Q3 2025	$9.5 million

The shift in product mix directly impacts the Cost of Sales structure. The Magnetics segment, while having start-up costs, generated $21.9 million in revenue in Q3 2025, with an Adjusted EBITDA of $9.5 million, offsetting some of the Materials segment's margin pressures.

MP Materials Corp. (MP) - Canvas Business Model: Revenue Streams

You're looking at MP Materials Corp.'s revenue streams as of late 2025, which clearly shows a company in a significant strategic pivot, trading short-term concentrate sales for long-term, higher-value domestic integration. The numbers from the third quarter of 2025 tell this story quite clearly.

The Total Consolidated Revenue for Q3 2025 was reported at $53.6 million. This figure reflects the deliberate shift away from the legacy business model, so you see a 15% year-over-year decline primarily because MP Materials ceased all external rare earth oxide (REO) concentrate sales to China in July 2025.

Here's how the revenue broke down across the two main operating segments for that quarter:

Revenue Stream Component	Q3 2025 Revenue Amount
Materials Segment (NdPr Oxide & Other)	$31.6 million
Magnetics Segment (Precursor Products)	$21.9 million
Total Consolidated Revenue	$53.6 million

The Materials Segment revenue came in at $31.6 million. This amount is entirely from sales of refined Neodymium-Praseodymium (NdPr) Oxide and metal, as the no-revenue recognition from concentrate sales was the main driver for the segment's 50% year-over-year revenue drop. Still, NdPr oxide and metal sales increased by 61% year-over-year, showing the transition to higher-value products is taking hold.

The Magnetics Segment is the emerging revenue driver. For Q3 2025, this segment generated $21.9 million from sales of magnetic precursor products. Honestly, this is a strong start, especially since there was no comparable revenue in the prior year period, and it delivered a positive Adjusted EBITDA of $9.5 million.

A crucial element underpinning future stability is the Long-term Offtake Revenue component, secured through government partnership. The Purchase Price Agreement (PPA) with the Department of War (DoW), which is the Department of Defense (DoD) for our purposes, officially commenced on October 1, 2025. This agreement provides a 10-year commitment establishing a price floor of $110 per kilogram for MP Materials' NdPr products, giving you guaranteed sales volume and price protection against non-market forces.

Regarding the final stage of integration, you should note the guidance on finished magnets. While MP Materials achieved record NdPr oxide production of 721 metric tons in Q3 2025, and management confirmed first commercial output from the Independence facility is expected by the defintely end of 2025, the actual revenue from finished NdFeB permanent magnets is projected to commence in the second half of 2026. So, for the end of 2025, the revenue stream is still focused on precursors and separated oxides, not the final magnet product itself.

You can see the strategic focus in these key metrics:

• NdPr Oxide Production (Q3 2025): 721 metric tons
• NdPr Sales Volume (Q3 2025): 525 metric tons
• NdPr Realized Price (Q3 2025): $59 per kg (year-over-year increase from $47/kg)
• DoD PPA NdPr Price Floor: $110 per kg

Finance: draft 13-week cash view by Friday.