Shares of MP Materials (NYSE:MP) surged 8% in premarket trading Tuesday after reports emerged that Apple (NASDAQ:AAPL) is preparing to invest $500 million in the U.S.-based rare earths company. The arrangement would see MP Materials supply neodymium magnets—crucial components for many Apple products—from its Fort Worth,

Apple (AAPL) is set to commit $500 million to MP Materials (MP), the only rare earth mine currently operating in the U.S., Fox News Digital reported, citing sources.

However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.