MP Materials
MPQ3 2025(MP Q2 FY2025)Estimated4.5% AI
AI Revenue %
4.5%
AI Fair Value
$208.4M
AI Revenue (Q)
$3.6M
Total Revenue (Q)
$79.9M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 revenue was $57.4M (Materials $37.5M, Magnetics $19.9M). Magnetics revenue surged to $19.9M (35% of total). Apple long-term agreement first mentioned in risk factors — Apple is a major buyer of NdPr magnets for device speakers, haptic engines, and potentially for AI-powered devices and data center hardware. The Apple deal signals growing non-EV demand for MP's magnet products. AI infrastructure demand for rare earth magnets continued growing with hyperscaler data center expansion. Increasing to 4.5% to reflect: (1) growing Magnetics segment with potential Apple AI device exposure, (2) continued expansion of AI data center infrastructure driving NdPr magnet demand. Still no direct AI disclosure from the company.
Analyzed by claude-opus-4-6
Quoted Figures
Materials segment revenue $37,532 thousand; Magnetics segment revenue $19,861 thousand; Total revenue $57,393 thousand
10-Q Q2 FY2025, Note 20 Segment Reporting
risks related to the Company's long-term agreement with Apple Inc. (NASDAQ: AAPL) and the Company's ability to meet the obligations thereunder
10-Q Q2 FY2025, Forward-Looking Statements
AI Products Identified (Ring 1)
NdPr oxide and metalMagnetic precursor products (NdPr metal)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 Apple AI devicesRare earths for AI robotics actuators
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix