MP Materials Corp. (MP) stock continued its impressive rally, surging 5.14% in pre-market trading on Wednesday. This follows a remarkable 20% gain during Tuesday's regular trading session, which saw the stock close at a record high of $58.22. The recent surge has propelled MP Materials' stock up by an astounding 91% over the past month.

The primary catalyst for this extraordinary ascent is a groundbreaking deal with tech giant Apple. On Tuesday, MP Materials announced that Apple has committed $500 million to purchase recycled rare-earth magnets from the company. This partnership involves expanding MP's flagship magnetics facility in Fort Worth, Texas, and developing a joint supply line to process recycled materials at MP's site in Mountain Pass, California. While shipments are expected to begin in 2027, Apple will make a prepayment of $200 million as part of the agreement.

Adding to the positive momentum, Canaccord Genuity raised its target price for MP Materials to $64 from $55, reflecting increased confidence in the company's growth prospects. This upgrade comes on the heels of another significant agreement MP Materials struck with the Department of Defense last week, which established a price floor for its products. As the largest producer of rare earths in the Western Hemisphere, MP Materials is strategically positioned to capitalize on the growing demand for these critical materials used in various applications, including smartphones, computers, and defense equipment.