MP Materials Corp. (MP) stock continued its impressive rally, surging 5.27% in after-hours trading on Wednesday. This comes on the heels of a 20% gain during the regular trading session, which saw the stock close at a record high of $58.22. The recent surge has pushed MP Materials' stock up by an astounding 91% over the past month.

The catalyst for this remarkable 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.

This deal follows closely 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. The company, the largest producer of rare earths in the Western Hemisphere, mines rare-earth materials in California and produces magnets in Texas. These materials are crucial for various applications, including smartphones, computers, and defense equipment. The recycling venture represents a new direction for MP Materials, potentially reducing reliance on foreign suppliers and easing pressure on mining operations.