MP Materials
MPQ4 2024(MP Q3 FY2024)Estimated3.5% AI
AI Revenue %
3.5%
AI Fair Value
$151.7M
AI Revenue (Q)
$7.4M
Total Revenue (Q)
$212.2M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2024 revenue was $62.9M (concentrate $43.1M, NdPr oxide/metal $19.2M, other $0.695M). NdPr oxide/metal surged to $19.2M (30% of revenue) — the highest quarterly NdPr revenue to date. The company retroactively established two segments: Materials and Magnetics (starting Q4 2024). Magnetics segment had $0 revenue in Q3 2024 but was ramping the Independence Facility. AI infrastructure buildout was in full swing with massive data center construction. Increasing estimate to 3.5% to reflect: (1) growing NdPr oxide/metal share of revenue, which is closer to AI end-markets than bulk concentrate, (2) accelerating AI data center buildout driving incremental NdPr magnet demand for cooling systems and server components. Still no direct AI disclosure from the company.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $43,053 thousand; NdPr oxide and metal $19,179 thousand; Other revenue $695 thousand; Total revenue $62,927 thousand
10-Q Q3 FY2024, Note 14 Revenue Recognition
Materials segment revenue $62,927 thousand; Magnetics segment revenue $0
10-Q Q3 FY2024, Segment Reporting (retroactive recast)
AI Products Identified (Ring 1)
NdPr oxide and metalRare 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 coolingRare earths for AI robotics servomotorsNdFeB magnets for autonomous vehicles
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix