The rare earths producer aims to scale U.S. magnet production tenfold by 2028, leveraging government incentives and supply chain shifts.
MP Materials (NYSE:MP) plans to increase its U.S.-made magnet production tenfold by 2028, citing trade tensions and federal support for domestic rare earth supply chains. The Nevada-based firm is currently the only large-scale producer of rare-earth permanent magnets in the U.S.
Shares of MP Materials have surged 207% over the past year and 22.7% year-to-date, reflecting investor optimism about its role in reducing reliance on Chinese rare earth exports. Wedbush recently reiterated an Outperform rating with a $90 price target, highlighting the company’s unique position outside China.
The expansion aligns with broader U.S. efforts to onshore critical mineral production, though analysts note competing sectors like AI may offer higher upside with lower risk.