The US government has finalized a multibillion-dollar investment deal with rare earth miner MP Materials, making the Pentagon the largest shareholder in the company. This strategic move aims to bolster domestic production of critical minerals and reduce dependence on China, thereby challenging its dominance in the rare earth market. Following the announcement, shares of MP Materials surged by over 50%. The collaboration, described as transformative, is expected to enhance the US supply chain for rare earth magnets essential for various technologies, including defense applications. Other Australian rare earth stocks have also seen significant spikes in their value amid this development.