MP Materials
MPQ1 2023(MP Q4 FY2022)Estimated2% AI
AI Revenue %
2%
AI Fair Value
$80.0M
AI Revenue (Q)
$2.5M
Total Revenue (Q)
$124.4M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Full year FY2022: $527.5M total revenue, virtually all rare earth concentrate sold to Shenghe. $10.2M from other rare earth products (stockpile sales of rare earth fluoride). No separated NdPr oxide sales yet. No AI end-market disclosure. The company's products enter a broad rare earth supply chain with end markets in EVs, wind turbines, consumer electronics, defense, and a small share to data center/AI applications. Conservative 2% AI attribution based on industry-level NdPr demand analysis for AI-adjacent uses (data center cooling, AI robotics).
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $517,267 thousand; Other rare earth products $10,243 thousand; Total revenue $527,510 thousand
10-K FY2022, Note 4 Revenue Recognition
Key demand drivers for REE include clean-energy and transportation technologies, consumer and medical applications, critical defense systems, and essential industrial infrastructure
10-K FY2022, Item 7 MD&A
AI Products Identified (Ring 1)
Neodymium-praseodymium oxide (indirect, via concentrate sold to Shenghe)
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 robotics servomotors
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix