MP Materials has a large amount of cash at hand and strong demand for rare earth magnets, with new partnerships announced. Read why I'm rating MP stock a buy.

The iPhone maker is committing $500 million to buying rare-earth magnets from the company’s flagship facility in Texas, which Apple is helping to build out.

Shares of MP Materials gained 20%, closing at $58.22, a record closing high. Apple stock rose 0.2%, while the S&P 500 and Dow Jones Industrial Average fell 0.4% and 1%, respective

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

In a decisive action to bolster the U.S. supply chain for rare earth magnets—essential elements for fighter jets, missiles, and electric vehicles—the

MP Materials Corp. (NYSE: MP) ("MP Materials" or the "Company") today announced that it has commenced a $500 million underwritten public offering (the "Offering") of its common stock. All shares of common stock to be sold in the Offering will be offered by the Company.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.

Shares of rare-earth miner MP Materials have rocketed to record highs in almost no time in a story that include the Defense Department and Apple.