MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon.

US-based rare earth producer MP Materials has entered into a definitive, long-term agreement with tech giant Apple to supply US-manufactured, sustainable rare earth magnets. These magnets will be produced using 100% recycled materials in a significant step in both companies' commitment to sustainable and domestic supply chains.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

EXCLUSIVE: Apple is expected to announce a $500 million commitment to MP Materials — the only rare earth mine currently operating in the United States, according to multiple sources familiar with the deal.

MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.