MP Materials shares are trading lower in after-hours Wednesday after the company announced a proposed public offering.

Apple has committed $500 million to buying recycled rare earth magnets from MP Materials, a mining company with a major manufacturing hub in far north Fort Worth.

MP Materials' stock surged 50% after a transformative Department of Defense deal. Click here to find out why I rate MP stock as a hold at current prices.

James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.

(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.

The deal, announced on Tuesday, guarantees Apple a steady flow of rare earths and magnets free from China, the world's largest producer.

MP Materials will build a new rare earth magnet plant in a multibillion-dollar deal with the Department of Defense as the U.S. looks to cut foreign dependency for the critical input, sending the company's shares up 49% in morning trade.

MP Materials stock jumped 18% after Apple signed a $500 million deal with the company to build a rare-earth magnet factory in Texas.