MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.

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

MP Materials shares remain in focus after soaring 20% yesterday on news that Apple plans to invest $500 million in the rare earths firm, news that came just days after the Department of Defense took a stake in the company.

Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones

MP Materials (MP) has made significant announcements recently, including the completion of a follow-on equity offering of nearly $650 million and new high-profile partnerships with Apple and the Department of Defense.

After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.

The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.