February 26, 2026 — MP Materials Corp. today announced it has selected a 120acre site in Northlake, Texas, to develop “10X,” the company’s planned large-scale rare earth magnet manufacturing campus. Located less than 10 miles from its Independence facility in Fort Worth, the new campus will cement North Texas as the center of gravity for the United States’ rare earth magnet supply chain, says the company.
10X will significantly expand MP’s U.S. magnetics manufacturing platform which already encompasses mining and refining, metallization and alloying, sintering, finished magnet production and closedloop recycling. Once operational, the new campus is expected to contribute to the company’s total production capacity of approximately 10,000 metric tons of NdFeB rare earth magnets per year, dramatically advancing the nation’s ability to produce these strategic components domestically.
MP expects to invest more than $1.25 billion in the project and create more than 1,500 direct manufacturing and engineering jobs at the site. The company anticipates breaking ground imminently. Engineering and equipment procurement is well underway, with commissioning set to commence in 2028.
The project is enabled by the State of Texas, Denton County, and the City of Northlake, which have approved a comprehensive incentive package totaling roughly $200 million over more than a decade, including grants, abatements and exemptions. The package includes more than $66 million in grants from the Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund (TSIF), dedicated to the development of advanced manufacturing in the state.
10X is a cornerstone of MP’s previously announced public-private partnership with the U.S. Department of War, which was established in July 2025 to accelerate U.S. rare earth magnet independence. The partnership provides longterm demand certainty to support the rapid buildout of domestic magnet manufacturing capacity, while keeping the 10X facility wholly owned and operated by MP Materials. Key to the plans is that rare earth magnets underpin technologies central to economic resilience and national security including drones, robotics, AI data centers, electrification and advanced semiconductor fabrication.
“10X is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible,” said James Litinsky, CEO of MP Materials. We are advancing key objectives under our public-private partnership with the Department of War and accelerating America’s rare earth and magnet independence with an uncompromising focus on speed, execution, and delivery.”
Magnet capabilities growing rapidly
MP Materials’ Independence facility began commercial metal production in 2024, followed in 2025 by first alloy flake and finished magnet production on commercial equipment, restoring end-to-end production capabilities in the United States for the first time in decades. The experience, technical talent, and supplier ecosystem developed through Independence form the foundation for 10X and give MP a significant advantage in scaling advanced magnet manufacturing in the U.S.
10X will incorporate next-generation NdFeB magnet manufacturing technologies including an MPdeveloped Grain Boundary Diffusion process and other innovations that significantly reduce or eliminate heavy rare earth requirements entirely while maintaining high coercivity and thermal stability. The light and heavy rare earth raw materials necessary to support 10X will be sourced from MP’s processing facility in Mountain Pass, California. Scrap from Texas magnet production will be reintegrated into the company’s shortloop and longloop recycling circuits in Texas and California, tightening circularity and cost performance across the platform.
MP’s commercial relationships include longterm commitments from some of America’s most important and technologically sophisticated endusers of rare earth magnets. These include a longterm magnet supply agreement with General Motors and collaboration with Apple to build an innovative rare earth recycling and magnet production system. They also reflect broad confidence among leading industrial and consumertechnology manufacturers in the strength and reliability of a fully integrated U.S. production platform, says the company.
2025 year-end results & China disengagement
Also on February 26, the company reported its full year results for 2025. “2025 was a transformational year for MP Materials,” said Litinsky. “Our landmark partnership with the U.S. Department of War, together with our agreement with Apple to deliver scaled recycling and magnetics capabilities, anchors a durable platform to accelerate growth and extend our vertically integrated advantage.”
“Operationally, we executed with discipline across the business — doubling NdPr oxide production at Mountain Pass and producing our first magnets on commercial-scale equipment at Independence. In 2026, we expect to break ground on our 10X magnetics facility in Northlake, ramp magnet production for General Motors and deliver continued growth in NdPr output. We are rapidly scaling every dimension of our platform to establish enduring American leadership in rare earth magnetics.”
“To align with the terms of the agreements with the United States Department of War signed in July 2025, and in further support of our domestic supply chain objectives, we ceased all sales of our products to China, which resulted in no revenue recognized from rare earth concentrate during the quarter, driving the 14% decline in consolidated revenue year-over-year to $52.7 million. The decline in revenue was partially offset by $19.9 million of magnetic precursor products sales with no comparable revenue in the prior year period, coupled with an $8.3 million increase in NdPr oxide and metal sales driven by higher NdPr Production Volume as a result of ramping production of separated products over the last twelve months.”
Performance highlights of the year included:
- producing a record 2,599 metric tons of NdPr oxide, a 101% increase year-over-year;
- selling a record 1,994 metric tons1 of NdPr oxide in 2025, a 75% increase year-over-year;
- producing a record 50,692 metric tons of REO in concentrate in 2025, a 12% increase year-over-year;
- generating fourth quarter net income of $9.4 million and adjusted profitability of $39.2 million.
For more info, see www.mpmaterials.com.
