MP Materials and DoD form $900M+ public-private partnership for rare earth magnet supply chain

MP Materials Corp. / DE

DoD invests $400M in Series A Preferred Stock (7% PIK dividend) with up to $350M additional equity and a $150M loan for samarium separation.
10-year price floor on NdPr at $110/kg and 10-year offtake for all magnets from the new 10X Facility; 10X Facility targets $140M+ annual EBITDA.
Company secured $1B+ committed debt financing from JPMorgan and Goldman Sachs for the 10X Facility and other projects.
Company will use up to $600M of existing cash; share buyback terminated; Shenghe offtake agreement ended (expires Jan 2026, not renewed).
DoD receives warrant for 11.2M shares at $30.03; convertible preferred initially represents ~15% of outstanding common stock.

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