Insights and Analysis

Inside the MP Materials deal: A blueprint for U.S. Department of Defense development and support of critical capabilities

10 October 2025

The United States Capitol Building at sunset in Washington DC, USA.

The U.S. Department of Defense (DoD) has entered into a groundbreaking set of transactions with MP Materials, America's leading rare earth producer, to strengthen domestic supply chains and reduce reliance on foreign sources. This multibillion-dollar package combines equity investment, loans, price floors, and long-term offtake agreements in an unprecedented model of public-private collaboration. The deal leverages Title III of the Defense Production Act (DPA), alongside funding from DoD's Office of Strategic Capital (OSC) and the One Big Beautiful Bill Act (OBBBA). For contractors and suppliers of critical technologies, this transaction provides a blueprint for how to align with federal priorities and access transformative government support.

Read the full article here.

Authored by Michael Mason, Alexis Sainz, Lauren Olmsted, and Ashley Ruhe.