Apple has signed a $500 million agreement with MP Materials to secure a long-term U.S. supply of rare-earth magnets used in iPhones, Macs and other devices. The deal includes a $200 million pre-payment from Apple and calls for magnets to be produced from recycled material at MP’s Fort Worth, Texas facility, with deliveries scheduled to begin in 2027. Apple said the partnership, part of its $500 billion four-year U.S. investment commitment, will strengthen domestic manufacturing and reduce exposure to overseas supply shocks. The transaction deepens ties between MP Materials and Washington. Last week the Pentagon agreed to take an equity stake of roughly $400 million in MP, making the government the miner’s largest shareholder and establishing a price floor for rare-earths as the United States races to counter China’s dominance in the sector. By lining up with a Defense-backed supplier, Apple becomes one of the first major technology companies to lock in magnets that are both U.S.-sourced and free of Chinese material. Investors welcomed the news: MP shares surged as much as 26 % to a record high near $58, while Apple gained about 1 %. Less than 24 hours later MP unveiled a $500 million public stock offering—its second major capital raise in as many days—to fund expansion of the Fort Worth “10X Facility” and other growth projects; the offering is being led by J.P. Morgan and Goldman Sachs with a price range of $54.50 to $56.