The July 2025 DoD package rewired MP. Convertible preferred made the department the largest as-converted holder. A ten-year $110/kg NdPr floor with upside share, a backstop on 10X magnet output, a $150m HREE-separation loan. Apple followed with $500m of recycled-magnet offtake from 2027.

Northlake, Texas is the 7,000 tpa magnet campus, commissioning around 2028. Fort Worth Independence is already making metal. The Mountain Pass HREE circuit hit mechanical completion on the first train in May 2026. Concentrate no longer goes to China.

Pulse is high because the government bid is inside the cap table. Valuation is the other side of that coin — $11B for a company still ramping oxide. The tape is execution on heavies and 10X, not another partnership press release.