MP Materials
MPQ2 2025(MP Q1 FY2025)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$181.6M
AI Revenue (Q)
$1.9M
Total Revenue (Q)
$48.7M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 revenue was $60.8M (Materials $55.6M, Magnetics $5.2M). First Magnetics segment revenue: $5.2M from NdPr metal sales to GM. The Magnetics segment now generates revenue from magnetic precursor products (NdPr metal) sold to GM for use in EV traction motors — not directly AI-related. However, the broader AI infrastructure buildout continued driving incremental demand for NdPr permanent magnets in data center cooling fans, AI server hard drives, and robotics actuators. Increasing to 4% to reflect: (1) the growing AI data center infrastructure cycle driving NdPr demand, (2) early-stage positioning of MP's magnetics capabilities toward future AI/robotics applications. The company still provides zero AI-specific revenue disclosure.
Analyzed by claude-opus-4-6
Quoted Figures
Materials segment revenue $55,619 thousand; Magnetics segment revenue $5,191 thousand; Total revenue $60,810 thousand
10-Q Q1 FY2025, Note 20 Segment Reporting
The first sales of magnetic precursor products, including NdPr metal, were recognized during the first quarter of 2025, to a single customer in the U.S.
10-Q Q1 FY2025, Note 20 Segment Reporting
AI Products Identified (Ring 1)
NdPr oxide and metalMagnetic precursor products (NdPr metal to GM)Rare earth concentrate (indirect)
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 coolingNdFeB magnets for AI roboticsRare earths for autonomous vehicle motors
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix