MP Materials
MPQ1 2024(MP Q4 FY2023)Estimated3% AI
AI Revenue %
3%
AI Fair Value
$122.6M
AI Revenue (Q)
$1.6M
Total Revenue (Q)
$52.5M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
FY2023 total revenue was $253.4M (concentrate $252.5M, NdPr oxide/metal $0.695M, other $0.282M). NdPr oxide and metal sales commenced in Q4 2023 — a significant milestone as separated NdPr products are the key rare earth input for permanent magnets used in AI-adjacent applications (data center cooling, robotics, autonomous vehicles). However, the $0.695M in NdPr sales was de minimis. The AI share of rare earth demand grew through 2023 with the massive data center buildout, but rare earth permanent magnet demand remained dominated by EVs and wind. Bumping to 3% to reflect: (1) growing AI infrastructure demand for NdPr magnets, (2) company's strategic pivot toward higher-value separated products that serve AI supply chain more directly.
Analyzed by claude-opus-4-6
Quoted Figures
Rare earth concentrate $252,468 thousand; NdPr oxide and metal $695 thousand; Other rare earth products $282 thousand; Total revenue $253,445 thousand
10-K FY2023, Note 15 Revenue Recognition
AI Products Identified (Ring 1)
NdPr oxide and metal (Q4 2023 initial sales)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 cooling fansRare earths for AI server/robotics componentsNdFeB magnets for autonomous vehicle motors
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix