Apple backs rare earths with $500M bet

Apple invests $500M in U.S. rare earth magnet supply chain, partnering with MP Materials for strategic tech and defense support.

Apple has committed half a billion dollars to help launch a U.S. rare earth magnet supply chain, teaming up with MP Materials in a landmark deal.

Apple will become the first commercial buyer from MP’s new Texas facility when it opens in 2025, with magnets used in speakers, haptics and cooling systems.

The move follows a separate $400 million Pentagon deal, positioning MP Materials as a strategic supplier for both consumer tech and U.S. defence.

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