Apple Inc. is preparing to announce a $500 million commitment to MP Materials, the sole rare earth mining operator in the United States, according to Fox Business sources. Neither Apple nor MP Materials immediately responded to requests for comment.

Shares of Las Vegas-based MP Materials surged 12.3% to $54.50 in pre-market trading following the report. This development comes just a week after the company secured a multi-billion dollar agreement with the U.S. government to boost domestic production of rare earth magnets—critical components for weapons systems, electric vehicles, and consumer electronics. The partnership aims to reduce China's dominance in this strategic sector.

Fox Business indicated the arrangement includes plans for Apple to source U.S.-manufactured rare earth magnets from MP Materials' Texas facility. While MP Materials currently produces mined and processed rare earth elements, the company expects to commence commercial magnet production at its Texas plant around year-end.

The collaboration reportedly involves constructing an additional magnet manufacturing facility in Fort Worth, Texas, alongside establishing a new recycling plant in Mountain Pass, California. Last week's Department of Defense agreement featured rare earth price floors designed to stimulate domestic mining and processing investments—a market historically constrained by China's low pricing strategy. The Pentagon's price guarantees for two commonly used rare earths approach nearly double current market levels.