MP Materials

MP Materials sold only rare earth concentrate to Shenghe for redistribution to Chinese refiners. No end-market disclosure is provided. NdPr (neodymium-praseodymium), the key rare earth for permanent magnets used in data center cooling fans, robotics servomotors, and EV traction motors in autonomous vehicles, constitutes roughly 15-20% of Mountain Pass ore value. However, the AI-specific share of NdPr downstream demand in 2022 was negligible — data center cooling fans and AI-related robotics represented a tiny fraction of the permanent magnet market, which was dominated by EVs, wind turbines, and consumer electronics. Conservatively estimating ~2% of total rare earth demand flowed to AI-adjacent applications (server cooling, AI-related robotics). No direct disclosure from the company.