MP Materials
MPQ4 2023(MP Q3 FY2023)Estimated2.5% AI
AI Revenue %
2.5%
AI Fair Value
$100.9M
AI Revenue (Q)
$1.3M
Total Revenue (Q)
$52.5M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2023 revenue was $52.5M (concentrate $52.5M, other $0.044M). Continued price weakness in rare earth markets. Still all concentrate to China. No NdPr oxide/metal sales yet (those began in Q4 2023). No AI-specific disclosure. Maintaining 2.5% AI estimate. While AI infrastructure spending accelerated in 2023, MP's bulk concentrate product provides zero visibility into end-market AI allocation.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $52,472 thousand for Q3 2023; Nine-month total $212,139 thousand
10-Q Q3 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