DoD Backs MP Materials: Building a U.S. Rare-Earth Magnet Supply Chain by 2028

Deal Overview & Key Components MP Materials entered a landmark public-private partnership with the U.S. Department of Defense (DoD) in mid-2025 to build out a domestic rare-earth magnet supply chain. JPMorgan acted as exclusive financial advisor and lead left arranger on $1 billion of committed financing. Under the agreement, the DoD invested $400 million in …

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