MP Materials' Magnetics Segment: Can It Unlock the Next Growth Phase?

MP Materials MP is advancing its strategy to move beyond rare earth mining and processing into higher-value magnet manufacturing. During the second quarter of 2026, MP Materials delivered magnets to General Motors GM for in-vehicle qualification testing. MP expects to begin commercial shipments of magnets in the fourth quarter, followed by a steady production ramp. The Magnetics segment represents the downstream magnet manufacturing and related operations of MP Materials. It includes the Independence Facility, where the company produces and sells magnetic precursor products and started manufacturing neodymium-iron-boron (NdFeB) permanent magnets in December 2025.