MP Materials Selects Northlake, Texas, as the Site of “10X,” a New U.S. Rare Earth Magnet Manufacturing Campus

NORTHLAKE, Texas--(BUSINESS WIRE)--Feb 26, 2026--

MP Materials Corp. (NYSE: MP) today announced it has selected a 120‑acre site in Northlake, Texas, to develop “10X,” the company’s planned large-scale rare earth magnet manufacturing campus. Located less than 10 miles from MP’s existing Independence facility in Fort Worth, the new campus will cement North Texas as the center of gravity for the United States’ rare earth magnet supply chain.

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10X will significantly expand MP’s fully integrated U.S. rare earth magnetics manufacturing platform, which already encompasses mining and refining, metallization and alloying, sintering, finished magnet production, and closed‑loop recycling. Once operational, the new campus is expected to contribute to the company’s total production capacity of approximately 10,000 metric tons of NdFeB rare earth magnets per year, dramatically advancing the nation’s ability to produce these strategic components domestically.

MP expects to invest more than $1.25 billion in the project and create more than 1,500 direct manufacturing and engineering jobs at the site. The company anticipates breaking ground imminently. Engineering and equipment procurement is well underway, with commissioning set to commence in 2028.

The decision to expand in North Texas reflects the world‑class workforce and deep manufacturing expertise in the region, both of which are critical to scaling a complex and globally competitive rare earth magnetics capability in the U.S.

This project is enabled by the State of Texas, Denton County, and the City of Northlake, which have approved a comprehensive incentive package totaling roughly $200 million over more than a decade, including grants, abatements and exemptions. The package includes more than $66 million in grants from the Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund (TSIF), underscoring Texas’ leadership in next‑generation manufacturing.

The site to be acquired from Hillwood is within the AllianceTexas development and was selected following a national site evaluation process led by CBRE.

Advancing U.S. National and Economic Security Objectives Under Partnership with Department of War

10X is a cornerstone of MP’s previously announced public-private partnership with the U.S. Department of War (DoW), which was established in July 2025 to accelerate U.S. rare earth magnet independence. This partnership provides long‑term demand certainty to support the rapid build‑out of domestic magnet manufacturing capacity, while keeping the 10X facility wholly owned and operated by MP Materials. These magnets underpin technologies central to economic resilience and national security, including drones, robotics, AI data centers, electrification, and advanced semiconductor fabrication.

Building on MP Materials’ Strong Foundation and Proven Track Record

MP Materials’ Independence facility began commercial metal production in 2024, followed in 2025 by first alloy flake and finished magnet production on commercial equipment, restoring end-to-end production capabilities in the United States for the first time in decades. The experience, technical talent, and supplier ecosystem developed through Independence form the foundation for 10X and give MP a significant advantage in scaling advanced magnet manufacturing in the U.S.

10X will incorporate next-generation NdFeB magnet manufacturing technologies, including an MP‑developed Grain Boundary Diffusion (GBD) process and other innovations that significantly reduce or eliminate heavy rare earth requirements entirely while maintaining high coercivity and thermal stability. The light and heavy rare earth raw materials necessary to support 10X will be sourced from MP’s processing facility in Mountain Pass, California. Scrap from Texas magnet production will be reintegrated into MP’s short‑loop and long‑loop recycling circuits in Texas and California, tightening circularity and cost performance across the platform.

MP’s commercial relationships include long‑term commitments from some of America’s most important and technologically sophisticated end‑users of rare earth magnets, including a long‑term magnet supply agreement with General Motors and collaboration with Apple to build an innovative rare earth recycling and magnet production system—reflecting broad confidence among leading industrial and consumer‑technology manufacturers in the strength and reliability of a fully integrated U.S. production platform.

Strong Support for U.S. End-to-End Rare Earth Independence

James Litinsky, Founder, Chairman & CEO, MP Materials:

“10X is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible. We are advancing key objectives under our public-private partnership with the Department of War and accelerating America’s rare earth and magnet independence with an uncompromising focus on speed, execution, and delivery.”

Texas Governor Greg Abbott:

“Hardworking Texans will advance America’s semiconductor manufacturing independence. This Texas-sized investment by MP Materials in Northlake will create more than 1,500 corporate, manufacturing, and engineering jobs and dramatically expand domestic manufacturing of rare earth magnets to reduce reliance on foreign supply chains. This expansion in North Texas reflects the strength of our skilled and growing workforce and our advanced manufacturing expertise. Working together with innovative industry partners, Texas will accelerate America’s leadership for decades to come.”

U.S. Senator John Cornyn of Texas:

“MP Materials’ plan to build a new Magnet Manufacturing Campus in Northlake is great news for Texas. I look forward to seeing how this expansion will bolster Texas’ economy, create opportunities for innovation, and strengthen our national security.”

U.S. Senator Ted Cruz of Texas:

“The Chinese Communist Party represents the most acute national security threat to the United States, yet we remain dependent on the CCP for critical minerals. MP Materials is building the infrastructure needed to undo that dependence and bolster American national security. The expansion of MP Materials’ rare earth manufacturing facility in Northlake, Texas will advance these goals while creating high-quality jobs in the Lone Star State.”

Ross Perot Jr., Chairman, Hillwood:

“AllianceTexas continues to attract advanced manufacturing that creates jobs, diversifies our economy, and strengthens America’s supply chain. MP Materials has been a strong partner, and this competitive project demonstrates how city, county, and state leaders work together to secure significant new investment in North Texas.”

ABOUT MP MATERIALS

MP Materials (NYSE: MP) is America’s only fully integrated rare earth producer with capabilities spanning the entire supply chain—from mining and processing to advanced metallization and magnet manufacturing. We extract and refine materials from one of the world’s richest rare earth deposits in California and manufacture the world’s strongest and most efficient permanent magnets. Our products enable innovation across critical sectors of the modern economy, including transportation, energy, robotics, defense, and aerospace.

More information is available at https://mpmaterials.com/.

Join the MP Materials community on X, YouTube and LinkedIn.

FORWARD-LOOKING STATEMENTS

This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate, “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including statements related to the 10X facility, including the expected timing for construction and commissioning, investment amount, job creation, production capacity and incentives to be received from the State of Texas, Denton County, and the City of Northlake. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to (i) the timing and achievement of business milestones related to the 10X facility, including construction and commissioning of the 10X facility; (ii) the Company’s ability to meet the conditions necessary to obtain the incentives the State of Texas, Denton County, and the City of Northlake and (iii) those risk factors discussed in MP Materials’ filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.

MP Materials will invest more than $1.25 billion to develop the largest and most strategic U.S. rare earth magnet manufacturing asset in history

KYIV, Ukraine (AP) — Russia launched a barrage of 420 drones and 39 missiles at Ukraine overnight, President Volodymyr Zelenskyy said Thursday, hours before U.S. and Ukrainian envoys held more talks in Geneva on ending the war that is now in its fifth year.

The bombardment, which included 11 ballistic missiles, targeted critical infrastructure and residential areas across eight regions of Ukraine, Zelenskyy said. Dozens of people, including children, were injured, officials said, though authorities did not immediately publish a confirmed total.

Zelenskyy said late Wednesday he had spoken by phone with U.S. President Donald Trump and thanked him for his “efforts and engagement” in pursuing peace negotiations.

The U.S.-brokered talks between Moscow and Kyiv are continuing but are deadlocked on the issue of Ukrainian territory that Russia claims as its own.

Zelenskyy has pushed for a summit with Russia's President Vladimir Putin, saying a face-to-face meeting could be decisive in unlocking an agreement, but the Kremlin has rebuffed that proposal beyond inviting the Ukrainian president to Moscow, which Zelenskyy refused.

Trump representatives Steve Witkoff and Jared Kushner, who were also discussing nuclear negotiations with Iran in Geneva before turning to the war in Europe, met with Rustem Umerov, the head of Ukraine’s National Security and Defense Council. They also joined Trump’s call with Zelenskyy.

The envoys were to discuss economic support and the recovery of Ukraine, ways of attracting investment to the country and frameworks for long-term cooperation, Umerov said on X.

Also, the meeting would look at preparations for the next round of trilateral negotiations involving Russia and consider possible further exchanges of prisoners, according to Umerov.

Washington is looking to keep momentum in its yearlong push to stop the fighting and overcome deep enmity between the warring countries.

Ukrainian and European officials have accused Putin of feigning interest in peace negotiations, hoping to avoid punitive U.S. measures such as additional sanctions while pressing forward with the invasion.

On the streets of Kyiv, people expressed some skepticism about the negotiations and how far Ukrainian concessions should go in return for a peace deal.

“Of course we want peace, we really want it,” said Vitalina Yefimenko, 55, who lives in the southern Ukraine city of Mykolaiv, voicing concern that Russia would invade again in the future.

“But I think that even if something is given up, we will be next — the south. It’s very frightening. Should I leave for another country? I don’t want to,” she said.

Kyiv resident Roman Cheremisienov, 56, said he didn’t trust the Trump administration’s motives, alleging that “current U.S. policy is aimed not so much at achieving peace in Ukraine as at business interests” close to the American president.

Dariia Kuzmenko, a 33-year-old psychology consultant, said Ukraine must hold its nerve because Russia’s economy is suffering under international sanctions over its invasion.

“We need to keep up the pressure, keep defending our position, and our politicians must not give up or be afraid,” Kuzmenko said.

Russia returned 1,000 bodies of fallen soldiers to Ukraine, and got back 35 bodies of its fallen troops, Vladimir Medinsky, the head of the Russian delegation at previous talks with Ukraine, said Thursday. He did not say when the exchange happened.

Ukraine’s Coordination Headquarters for the Treatment of Prisoners of War later confirmed the return, though it referred to “bodies which, according to preliminary information provided by the Russian side, may belong to Ukrainian defenders.”

Russia struck gas infrastructure in the Poltava region and electrical substations in the Kyiv and Dnipropetrovsk regions, Zelenskyy said. Emergency crews responded in five other regions, as well as in the capital.

Ukraine’s air defenses shot down most of the Russian missiles, Zelenskyy said, crediting Western partners for timely delivery of additional air defense interceptors. Ukraine needs foreign help to sustain its fight against Russia’s bigger forces.

Ukrainian Foreign Minister Andrii Sybiha urged allied countries to provide more military aid.

“When the whole world demands Moscow to finally stop this senseless war, Putin bets on more terror, attacks and aggression,” Sybiha said in a post on the Ministry of Foreign Affairs website.

The Russian Defense Ministry said its air defenses shot down 17 Ukrainian drones overnight over a number of Russian regions, as well as the Black and Azov Seas.

Ukraine's domestically developed long-range drones have struck oil refineries, fuel depots and military logistics hubs deep inside Russia.

Meanwhile, Russia continued to push allegations of a purported plot by European nations to provide Kyiv with a nuclear bomb, without providing any evidence.

The Kremlin-controlled lower house of the Russian parliament on Thursday unanimously approved an address urging the United Nations and European lawmakers to prevent the alleged plan.

It followed a statement by the Russian foreign intelligence service on Tuesday alleging that France and the U.K. were planning to covertly transfer nuclear weapons or components of a “dirty bomb” device.

British and French officials said the claim was a lie.

Kamila Hrabchuk and Dan Bashakov in Kyiv, Ukraine, contributed to this story.

Follow AP’s coverage of the war in Ukraine at https://apnews.com/hub/russia-ukraine

Residential neighbourhood is seen from the broken window of a damaged apartment building hit by a Russian drone in Zaporizhzhia, Ukraine, Thursday, Feb. 26, 2026. (AP Photo/Kateryna Klochko)

Local residents walk a dog near a damaged apartment building hit by Russian drone in Zaporizhzhia, Ukraine, Thursday, Feb. 26, 2026. (AP Photo/Kateryna Klochko)