Shares of MP Materials Corp. (MP) surged almost 41% in Thursday’s pre-market trading session after the company entered into a multi-billion-dollar deal with the U.S. Department of Defense. In a filing with the U.

(Reuters) -MP Materials said on Thursday it has entered into a public-private partnership with the U.S. Department of Defense to build-out domestic rare earth magnet supply chain and reduce foreign dependency, sending shares up 30% in premarket trading.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.