Following a $500 million deal with Apple Inc (NASDAQ: AAPL) to provide rare earth materials, MP Materials Corp (NYSE: MP) stock is trending on Wednesday.

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 (MP) shares are trading nearly 50% higher today after the Defense Department announced a massive investment in the Las Vegas-based rare earth miner. The Pentagon has agreed to load up on $400 million worth of MP’s preferred stock – positioning itself as the company’s largest shareholder,

The deal, announced on Tuesday, guarantees Apple a steady flow of rare earths and magnets free from China, the world's largest producer.

The Defense Department on Thursday became the largest shareholder in MP Materials, which owns the only rare earth mine in the U.S., amid a surge in demand for rare earths mined in the U.S. as China has curbed its rare earth exports amid a trade war with the U.S.

Interior Secretary Doug Burgum said in April the Trump administration was considering equity investments in critical mineral producers to compete with China.

An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.

According to the agreement, the Department of Defense will purchase $400 million of a newly created series of preferred stock that's convertible into shares of the MP Materials common stock as well as a warrant permitting the Department of Defense to acquire additional shares of common stock.