MP Materials
MPQ2 2023(MP Q1 FY2023)Estimated2.5% AI
AI Revenue %
2.5%
AI Fair Value
$95.3M
AI Revenue (Q)
$2.4M
Total Revenue (Q)
$95.7M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2023 revenue was $95.7M, virtually all from rare earth concentrate ($95.7M). No separated NdPr oxide/metal sales yet. No AI-specific disclosure. As AI infrastructure buildout accelerated in early 2023 (post-ChatGPT launch in late 2022), demand for permanent magnets in data center cooling systems and AI-related hardware began growing, but still represented a small share of total NdPr demand. Slight increase to 2.5% from 2% to reflect beginning of AI demand tailwind.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $95,666 thousand; Other rare earth products $34 thousand; Total revenue $95,700 thousand for Q1 2023
10-Q Q1 FY2023, Note Revenue Recognition
AI Products Identified (Ring 1)
Neodymium-praseodymium oxide (indirect, via concentrate)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
NdPr permanent magnets for data center cooling fansRare earths for AI server components
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix