MP Materials
MPQ3 2023(MP Q2 FY2023)Estimated2.5% AI
AI Revenue %
2.5%
AI Fair Value
$98.6M
AI Revenue (Q)
$1.6M
Total Revenue (Q)
$64.0M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2023 revenue was $64.0M (concentrate $64.0M, other $0.023M). Revenue declined significantly from Q1 due to lower rare earth prices. Still all concentrate to China via Shenghe. No separated NdPr sales. No AI disclosure. Maintaining 2.5% AI estimate consistent with Q1 as AI infrastructure demand was growing but rare earth concentrate sales provide no visibility into end-market allocation.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $64,001 thousand for Q2 2023; Six-month total $159,667 thousand
10-Q Q2 FY2023, Note 14 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