12:52 PM EDT, 07/15/2025 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

MP Materials ( MP ) shares rose 23% in recent Tuesday trading after the company signed a $500 million long-term agreement with Apple ( AAPL ) .

Under the deal, MP Materials ( MP ) will supply Apple ( AAPL ) with rare earth magnets produced at its Fort Worth, Texas, facility using recycled feedstock processed at its Mountain Pass site in California.

Magnet shipments are expected to begin in 2027.

To support the agreement, MP Materials ( MP ) plans to expand the capacity of its Fort Worth magnetics facility.

Apple ( AAPL ) shares rose 1%.

Price: 59.69, Change: +11.17, Percent Change: +23.01