MP Materials’ Magnetics revenue poised to surge as NdPr demand grows

US rare-earth producer MP Materials Corp. (NYSE: MP) is shifting from primarily mining and processing rare earths to a more vertically integrated business with magnet manufacturing. The company began producing NdFeB permanent magnets at its Independence facility in Fort Worth in December 2025, adding a downstream business to its Mountain Pass mining and materials operations.

Visible Alpha consensus estimates show Magnetics revenue to rise to $75 million in 2026 from $67 million in 2025, before reaching $208 million by 2027. The division is expected to overtake Materials as MP Materials’ largest revenue driver by 2029, generating an estimated $886 million compared with $692 million for Materials. Magnetics is forecast to account for about 17% of group revenue in 2026, with that share rising to 71% by 2030 as the business scales.

The downstream Magnetics business could allow MP Materials to capture more value from its rare-earth production while giving it greater exposure to US demand for domestically produced permanent magnets.

NdPr (neodymium-praseodymium), produced within the Materials business, is a key input for NdFeB magnets used in EVs, wind-turbine generators, robotics, drones and electronic devices.

Visible Alpha consensus shows NdPr revenue to rise 230% year-on-year to $380 million in 2026, driven by higher sales volumes and realized prices. NdPr sales volume is expected to increase 106% to 4,100 tons, while the average realized price is projected to rise 63% to $93,928 per ton.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.