MP Materials
MPQ1 2025(MP Q4 FY2024)Estimated3.5% AI
AI Revenue %
3.5%
AI Fair Value
$156.1M
AI Revenue (Q)
$2.1M
Total Revenue (Q)
$61.0M
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
FY2024 total revenue was $203.9M, all from Materials segment. Magnetics segment (Independence Facility) began production of magnetic precursor products in December 2024 but generated $0 revenue in FY2024. The company expects Magnetics revenue from NdPr metal sales to a single US customer (GM) starting Q1 2025, and NdFeB permanent magnet manufacturing by end of 2025. Key end markets cited: xEVs, wind turbines, drones, defense systems, robotics. No AI-specific disclosure. Revenue declined from $253.4M in FY2023 to $203.9M due to lower rare earth prices. Maintaining 3.5% — the growing data center buildout increases demand for NdPr magnets in cooling systems, but EVs remain the dominant demand driver. The company's move toward magnets (Magnetics segment) positions it closer to AI hardware supply chains but this has not yet generated revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Materials segment revenue $203,855 thousand; Magnetics segment revenue $0; Total revenue $203,855 thousand
10-K FY2024, Note 20 Segment Reporting
The Magnetics segment operates the Independence Facility, where the Company began production of magnetic precursor products in December 2024 and anticipates manufacturing neodymium-iron-boron (NdFeB) permanent magnets by the end of 2025
10-K FY2024, Item 1 Business
AI Products Identified (Ring 1)
NdPr oxide and metalRare earth concentrate (indirect)Magnetic precursor products (production started Dec 2024, no revenue yet)
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 AI roboticsRare earths for autonomous vehicle motors
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix