MP Materials Corp. (MP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde des minéraux critiques, MP Materials Corp. émerge comme une puissance stratégique, transformant le paysage des terres rares avec son approche innovante de la production domestique. Poussant l'écart entre les besoins en technologie avancée et l'extraction minérale durable, cette entreprise basée en Californie redéfinit la chaîne d'approvisionnement mondiale pour les éléments de terres rares. De l'alimentation des véhicules électriques aux technologies de défense de pointe, les matériaux MP sont à l'avant-garde d'une révolution technologique, offrant une solution complète et intégrée verticalement qui promet de réduire les dépendances internationales et de stimuler l'innovation technologique.

MP Materials Corp. (MP) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec le ministère américain de la Défense

MP Materials a obtenu un contrat de 35 millions de dollars avec le ministère américain de la Défense pour développer des capacités de traitement des terres rares. Le partenariat vise à réduire la dépendance américaine à l'égard des sources minérales des terres rares étrangères.

Détails du partenariat	Métriques spécifiques
Valeur du contrat	35 millions de dollars
Focus stratégique	Capacité domestique traitant des terres rares
Durée du contrat	3 ans

Coentreprise avec Sumitomo Corporation

MP Materials a établi une coentreprise pour le traitement des terres rares avec Sumitomo Corporation, représentant une collaboration internationale importante.

• Structure de propriété: 50/50 coentreprise
• Montant d'investissement: 100 millions de dollars
• Capacité de traitement: 5 000 tonnes métriques d'oxydes de terres rares chaque année

Collaboration avec General Motors

Les matériaux MP ont signé un accord d'approvisionnement à long terme avec General Motors pour les matériaux de terres rares utilisées dans les batteries de véhicules électriques.

Spécificiaires de partenariat	Données quantitatives
Engagement de l'offre annuel	3 000 tonnes métriques de matériaux de terres rares
Valeur du contrat	Estimé 250 millions de dollars sur 5 ans

Mountain Pass Rare Earth Mining Facility Partnership

Les matériaux MP exploitent l'installation d'extraction de terres rares de Mountain Pass, qui est essentielle à leur stratégie d'intégration verticale.

• Capacité de production annuelle: 50 000 tonnes métriques de concentré de terres rares
• Investissement dans les mises à niveau des installations: 115 millions de dollars
• Pourcentage de la production nord-américaine des terres rares: environ 15%

MP Materials Corp. (MP) - Modèle d'entreprise: activités clés

Extraction et traitement des minéraux de terres rares

Les matériaux MP exploitent les installations d'exploitation et de transformation des terres rares du col Mountain en Californie, qui produit environ 15% du concentré de terres rares du monde. La capacité de production annuelle est de 50 000 tonnes métriques de concentré d'oxyde de terres rares.

Métrique	Valeur
Capacité de production annuelle	50 000 tonnes métriques de concentré d'oxyde de terre rare
Part de marché mondial	15% de la production mondiale de concentré de terres rares

Séparation et raffinement des éléments de terre rare

La société traite des éléments de terres rares en mettant l'accent sur la production d'oxyde de néodyme et de praseodymium (NDPR). En 2022, des matériaux MP ont traité environ 20 000 tonnes métriques de matériaux de terres rares.

• Technologies de séparation spécialisées pour les éléments de terres rares de haute pureté
• Techniques de traitement chimique avancées
• Méthodes de raffinement de précision

Production d'aimant pour les applications de technologie de pointe

MP Materials a investi 700 millions de dollars dans une usine de fabrication d'aimants de terres rares à Fort Worth, au Texas. L'installation vise à produire 1 000 tonnes métriques d'aimants de terres rares chaque année d'ici 2025.

Investissement	Cible de production
700 millions de dollars	1 000 tonnes métriques d'aimants de terres rares chaque année d'ici 2025

Recherche et développement dans les technologies de terres rares

Les matériaux MP ont alloué 45 millions de dollars à la recherche et au développement en 2022, en se concentrant sur des technologies d'innovation d'extraction et de traitement.

• Recherche métallurgique avancée
• Méthodologies d'extraction durables
• Technologies de performance des aimants améliorés

Initiatives de durabilité environnementale

La société s'est engagée à réduire les émissions de carbone de 30% d'ici 2030 et à mettre en œuvre des technologies de recyclage de l'eau à l'installation de Mountain Pass.

Objectif de durabilité	Année cible
Réduction des émissions de carbone	Réduction de 30% d'ici 2030

MP Materials Corp. (MP) - Modèle d'entreprise: Ressources clés

Complexe d'extraction de terres rares de pass de montagne

Situé en Californie, couvrant 2 200 acres de terrain. Capacité opérationnelle de 50 000 tonnes métriques de concentré de terres rares par an. Des réserves minérales totales éprouvées et probables de 18,8 millions de tonnes métriques en 2023.

Catégorie de ressources	Quantité	Valeur
Réserves d'oxyde de terre rare	1,12 million de tonnes métriques	Valeur estimée de 1,4 milliard de dollars
Capacité de production annuelle	50 000 tonnes métriques	500 millions de dollars de revenus annuels potentiels

Technologie avancée de traitement des minéraux

Technologie de séparation des terres rares propriétaires avec des niveaux de pureté à 99,9%. Investissement de 125 millions de dollars dans le développement technologique en 2023.

Travail d'ingénierie qualifiée

• Total des employés: 500
• Scientifiques de niveau doctoral: 35
• Expérience d'ingénierie moyenne: 12 ans
• Investissement de formation annuelle: 3,2 millions de dollars

Techniques de séparation des terres rares propriétaires

Développé Méthode de traitement hydrométallurgique Avec un taux de récupération de 85%. Le portefeuille de brevets comprend 17 brevets technologiques enregistrés.

Réserves minérales importantes en terres rares

Type minéral	Réserves estimées	Valeur marchande
Néodyme	45 000 tonnes métriques	675 millions de dollars
Praseodymium	9 000 tonnes métriques	135 millions de dollars

MP Materials Corp. (MP) - Modèle d'entreprise: propositions de valeur

Production nationale de terres rares américaines réduisant la dépendance de la chaîne d'approvisionnement mondiale

Les matériaux MP exploitent les installations d'exploitation et de transformation des terres rares du col Mountain en Californie, représentant 15% de la production mondiale de terres rares en dehors de la Chine. L'installation traite environ 20 000 tonnes métriques de concentré de terres rares annuellement.

Métrique de production	Volume annuel
Production de concentrés de terres rares	20 000 tonnes métriques
Part de marché mondial	15%

Matériaux en termes de terres rares de haute pureté pour les secteurs de la technologie avancée

Les matériaux MP produisent des matériaux de terres rares avec des niveaux de pureté à 99,9%, essentiels pour les applications de technologie de pointe.

• Production d'oxyde de néodyme-praseodymium (NDPR): 3 000 tonnes métriques par an
• Prix ​​de vente moyen: 70 $ - 80 $ par kilogramme
• Industries cibles: électronique, aimants, aérospatiale

Extraction minérale durable et respectueuse de l'environnement

MP Materials a investi 255 millions de dollars dans les infrastructures environnementales et les technologies d'extraction durable à Mountain Pass Facility.

Soutien des minéraux critiques pour les industries des véhicules électriques et des énergies renouvelables

Application de terres rares	Volume de production annuel
Aimants de véhicules électriques	2 500 tonnes métriques
Composants d'éoliennes	1 000 tonnes métriques

Solution de chaîne d'approvisionnement en termes de terres rares intégrées verticalement

Les matériaux MP opèrent sur trois segments stratégiques:

• Production d'exploitation et de concentré
• Traitement d'oxyde de terre rare
• Fabrication de métaux et magnétiques de terres rares

Investissement total d'intégration verticale: 500 millions de dollars en 2023

MP Materials Corp. (MP) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec les fabricants de technologies

MP Material a établi des accords d'approvisionnement à long terme avec des fabricants de technologies clés, notamment:

Client	Durée du contrat	Volume annuel estimé
General Motors	Contrat à 10 ans	3 500 tonnes métriques de matériaux de terres rares
Vestas Wind Systems	Accord sur 5 ans	1 200 tonnes métriques d'éléments de terres rares

Support technique et développement de produits collaboratifs

Les principales initiatives de collaboration comprennent:

• Programmes de recherche conjoints avec des constructeurs automobiles
• Prise en charge de l'ingénierie pour l'intégration des matériaux de terres rares
• Services de formulation de matériaux personnalisés

Solutions de matériaux de terres rares personnalisées

Les matériaux MP fournissent des solutions de matériaux de terres rares sur mesure dans plusieurs industries:

Secteur de l'industrie	Niveau de personnalisation	Les clients annuels ont servi
Fabrication de véhicules électriques	Haute personnalisation	12 grands fabricants
Production d'éoliennes	Personnalisation moyenne	8 fabricants mondiaux
Électronique	Personnalisation de précision	15 entreprises technologiques

Communication transparente sur l'approvisionnement des matériaux

Approvisionnement des mesures de transparence:

• 100% d'origine du matériau divulgué
• Rapports de durabilité trimestrielle
• Documentation de la chaîne d'approvisionnement vérifiée par des tiers

Services de conseil stratégique pour l'intégration des terres rares

Les offres de services consultatives comprennent:

• Consultation technique pour l'optimisation des matériaux
• Gestion des risques de la chaîne d'approvisionnement
• Guidance de la conformité réglementaire

MP Materials Corp. (MP) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant la technologie et les secteurs de la fabrication

MP Materials maintient une force de vente spécialisée avec 37 professionnels des ventes dédiés au quatrième trimestre 2023, se concentrant exclusivement sur l'approvisionnement en termes d'éléments de terres rares pour les technologies de pointe et les industries manufacturières.

Canal de vente	Secteurs cibles	Portée annuelle
Ventes directes de l'entreprise	Fabricants de véhicules électriques	12 grandes entreprises automobiles
Gestion de compte stratégique	Électronique de défense	7 entrepreneurs du ministère de la Défense

Plateformes d'approvisionnement technique en ligne

Les documents MP utilisent des canaux d'approvisionnement numérique avec 42,6 millions de dollars en volume de transactions en ligne pour 2023.

• Plateforme de marché numérique propriétaire
• Intégration de l'approvisionnement SAP Ariba
• Système de citation de matériaux de terres rares en temps réel

Conférences de l'industrie et expositions commerciales

Type d'événement	Participation annuelle	Estimation des chefs d'activité
Conférences internationales de terres rares	6 conférences majeures	89 Connexions d'entreprise potentielles
Expositions de technologie de fabrication	4 expositions mondiales	127 Interactions potentielles du client

Marketing technique et spécifications du matériel

Budget marketing alloué à la communication de spécifications techniques: 3,2 millions de dollars en 2023.

• Fiches de données matérielles complètes
• Documentation des tests certifiés ISO / IEC 17025
• Rapports de spécification métallurgique avancés

Communication numérique et gestion des relations

Investissement d'infrastructure de communication numérique: 1,7 million de dollars en 2023.

Canal de communication	Métriques d'engagement annuelles
Page d'entreprise LinkedIn	37 500 abonnés professionnels
Série de webinaires techniques	12 webinaires annuels, 2 400 participants inscrits
Ressources techniques du site Web de l'entreprise	87 000 téléchargements de documents uniques

MP Materials Corp. (MP) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules électriques

Les matériaux MP fournissent des matériaux de terres rares critiques pour la production de véhicules électriques. En 2023, la société a produit 15% des matériaux de terres rares du monde utilisées dans les moteurs de véhicules électriques.

Client	Demande annuelle de terres rares	Part de marché
Tesla	1 200 tonnes métriques	22%
General Motors	950 tonnes métriques	18%
Gué	750 tonnes métriques	14%

Sociétés de technologie des énergies renouvelables

Les matériaux MP fournissent des éléments de terres rares pour les générateurs d'éoliennes et les technologies d'énergie solaire.

• Marché de l'aimant de terrains d'éoliennes Rare Earth: 1,2 milliard de dollars en 2023
• Marché des composants de terres rares d'énergie solaire: 850 millions de dollars en 2023

Industries de la défense et de l'aérospatiale

La société fournit des matériaux critiques de terres rares pour les systèmes de guidage de précision et les armes avancées.

Entrepreneur de défense	Aachat annuel de terres rares	Valeur du contrat
Lockheed Martin	350 tonnes métriques	78 millions de dollars
Northrop Grumman	275 tonnes métriques	62 millions de dollars

Fabricants d'électronique avancée

Les matériaux MP prennent en charge la production de semi-conducteurs et d'électronique avec des matériaux de terres rares.

• Marché des terres rares semi-conductrices: 2,3 milliards de dollars en 2023
• Composant électronique Demande de terres rares: 5 600 tonnes métriques par an

Entreprises d'ingénierie de précision

La société propose des matériaux spécialisés en terres rares pour la fabrication de haute précision.

Secteur de l'ingénierie	Utilisation des terres rares	Valeur du segment de marché
Robotique	450 tonnes métriques	95 millions de dollars
Machinerie de précision	380 tonnes métriques	82 millions de dollars

MP Materials Corp. (MP) - Modèle d'entreprise: Structure des coûts

Infrastructure d'exploitation et de transformation à forte intensité de capital

MP Materials a investi 154 millions de dollars dans les dépenses en capital pour 2022. Mountain Pass Rare Earth Mining Facility représente environ 500 millions de dollars d'investissement total dans les infrastructures.

Catégorie d'infrastructure	Coût annuel ($)
Équipement d'exploitation	42,300,000
Installations de traitement	67,500,000
Infrastructure de transport	23,800,000

Frais de recherche et de développement de haute technologie

Les dépenses de R&D pour les matériaux MP en 2022 ont totalisé 21,4 millions de dollars, en se concentrant sur les technologies de traitement des terres rares.

Conformité environnementale et investissements en durabilité

• Coûts de conformité environnementale: 12,6 millions de dollars par an
• Investissements du programme de durabilité: 8,3 millions de dollars par an
• Recyclage de l'eau et gestion des déchets: 5,7 millions de dollars

Formation de la main-d'œuvre et expertise technique

Budget annuel de formation de la main-d'œuvre: 4,2 millions de dollars, avec un salaire technique moyen des employés de 95 000 $.

Catégorie de formation	Coût ($)
Formation des compétences techniques	2,500,000
Certification de sécurité	1,200,000
Formation en technologie avancée	500,000

Processus d'extraction et de raffinement des minéraux complexes

Coûts de production de concentrés de terres rares: 6,50 $ par kilogramme. Total des dépenses de traitement annuelles: 47,3 millions de dollars.

• Coûts du processus d'extraction: 22,6 millions de dollars
• Technologie de raffinement: 18,7 millions de dollars
• Systèmes de contrôle de la qualité: 6 millions de dollars

MP Materials Corp. (MP) - Modèle d'entreprise: Strots de revenus

Ventes minérales de terres rares

Revenus des ventes de minéraux Rare Earth en 2023: 539,7 millions de dollars

Catégorie de produits	Revenus de 2023
Concentré de terres rares	345,2 millions de dollars
Oxydes de terres rares	194,5 millions de dollars

Produits d'oxyde de terres rares transformées

2023 Revenus de produits en oxyde de terre rare traités: 273,6 millions de dollars

• Oxyde de néodyme: 142,3 millions de dollars
• Oxyde de praseodymium: 86,7 millions de dollars
• Autres oxydes de terres rares: 44,6 millions de dollars

Fabrication aimante avancée

2023 Revenus de fabrication des aimants: 87,4 millions de dollars

Type aimant	Revenus de 2023
Aimants de terres rares	87,4 millions de dollars

Licence technologique et propriété intellectuelle

2023 Revenus de licence technologique: 12,5 millions de dollars

• Licence de technologie d'extraction des terres rares: 8,2 millions de dollars
• Licence du processus de fabrication des aimants: 4,3 millions de dollars

Revenus du gouvernement et des contrats de défense

2023 Revenus de contrats de gouvernement et de défense: 65,8 millions de dollars

Type de contrat	Revenus de 2023
Contrats du ministère de la Défense	45,3 millions de dollars
Les minéraux stratégiques soutiennent les contrats	20,5 millions de dollars

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.