Las Vegas-based MP Materials (NYSE: MP) plans to develop a large-scale rare earth magnet manufacturing campus north of Fort Worth with a $1.25 billion investment that will create over 1,500 manufacturing and engineering jobs. The project will “dramatically expand domestic manufacturing capacity,” the company said, while “strengthening America’s supply chain independence.”

The 120-acre site in Northlake is being acquired from Dallas-based Hillwood. It lies within Hillwood’s massive AllianceTexas development and was selected following a national site evaluation process led by Dallas-based CBRE. The site is fewer than 10 miles from MP’s existing Independence rare earth magnet facility in Fort Worth.

MP plans to break ground on the new facility “imminently” and said engineering and equipment procurement is “well underway,” with 10X slated for commissioning in 2028. The new campus “will cement North Texas as the center of gravity for the United States’ rare earth magnet supply chain,” the company added.

Hillwood Chairman Ross Perot Jr. and MP Materials co-founder and CEO James Litinsky, seen at the 2022 groundbreaking for MP’s rare earth magnet factory at AllianceTexas in Fort Worth. [Photo: MP Materials]

James Litinsky, co-founder, chairman, and CEO of MP Materials, said 10X “is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible.”

“We’re advancing key objectives under our public-private partnership with the Department of War and accelerating America’s rare earth and magnet independence with an uncompromising focus on speed, execution, and delivery,” Litinsky added in a statement.

Expanding MP’s rare earth magnetics manufacturing

The company said 10X will “significantly expand” its fully integrated U.S. rare earth magnetics manufacturing platform, which already encompasses mining and refining, metallization, and alloying, sintering, finished magnet production, and closed‑loop recycling.

When it’s up and running, 10X is expected to contribute to the company’s total production capacity of around 10,000 metric tons of NdFeB rare earth magnets per year—”dramatically advancing the nation’s ability to produce these strategic components domestically.”

All things led to North Texas—including $200M in incentives

MP Materials said its decision to expand in North Texas reflects the region’s “world‑class workforce and deep manufacturing expertise,” both of which it called critical to scaling a complex and globally competitive rare earth magnetics capability in the U.S.

The company had economic incentives for selecting the Northlake site, too. The state of Texas, Denton County, and the city of Northlake have approved a comprehensive incentive package totaling roughly $200 million over more than a decade, including grants, abatements and exemptions. More than $66 million in grants from the Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund (TSIF) are part of that package, the company noted.

According to Texas Governer Greg Abbott, the TEF grant of $12,880,500 was extended to MP Materials for the development of the campus’ corporate operations. A TSIF grant of $53,457,500 was also extended for the manufacturing facility on the new campus that’s expected to scale the company’s capacity to produce neodymium-iron-boron (NdFeB) magnets, which are a critical component for semiconductor manufacturing.

According to local public records and published reports, Denton County commissioners approved a 10‑year tax abatement covering 50% of MP’s real and personal property taxes, capped at $9.3 million, while the town of Northlake voted unanimously in January on a 10‑year, 50% property‑tax abatement within a special financing district and a Chapter 380 agreement that adds a construction sales‑tax rebate and up to $1 million in job‑creation grants.

MP Materials has also gotten big boosts from the private sector for its rare earth magnet platform. Last July, Apple struck a $500 million deal to buy rare earth magnets from the company—with the magnets to be developed from 100% recycled materials at MP Materials’ flagship manufacturing plant in Fort Worth.

Commercial support from leading American companies also includes a long‑term magnet supply agreement between MP and General Motors.

Advances Department of Defense partnership

MP Materials called 10X “a cornerstone” of its previously announced public-private partnership with the U.S. Department of Defense, which was established in July 2025 to accelerate U.S. rare earth magnet independence.

That DoD partnership “provides long‑term demand certainty to support the rapid build‑out of domestic magnet manufacturing capacity,” the company said, while keeping the 10X facility wholly owned and operated by MP Materials.

The magnets to be produced at 10X will underpin technologies that are key to both economic resilience and national security, MP said—including drones, robotics, AI data centers, electrification, and advanced semiconductor fabrication.

Production began at Fort Worth plant in 2024

MP Materials’ nearby Independence facility in Fort Worth began commercial metal production in 2024, followed in 2025 by first alloy flake and finished magnet production on commercial equipment, MP said—noting that the moves restored end-to-end production capabilities in the U.S. “for the first time in decades.”

The company said experience, technical talent, and the supplier ecosystem developed at the Independence plant “form the foundation” for 10X,  giving MP “a significant advantage” in scaling advanced magnet manufacturing in the U.S.

Details of what 10X will roll out

MP said the 10X facility will incorporate next-generation NdFeB magnet manufacturing technologies, including an MP‑developed Grain Boundary Diffusion (GBD) process and other innovations that “significantly reduce or eliminate” heavy rare earth requirements entirely while maintaining high coercivity and thermal stability.

The light and heavy rare earth raw materials needed at 10X will be sourced from MP’s processing facility in Mountain Pass, California, the company said. Scrap from Texas magnet production will be reintegrated into MP’s short‑loop and long‑loop recycling circuits in Texas and California, tightening circularity and cost performance across the platform.

Project lauded by stakeholders, political leaders

“Hardworking Texans will advance America’s semiconductor manufacturing independence,” Texas Governor Greg Abbott said, adding that the 10X campus “will dramatically expand domestic manufacturing of rare earth magnets to reduce reliance on foreign supply chains.”

“This expansion in North Texas reflects the strength of our skilled and growing workforce and our advanced manufacturing expertise,” the governor added in a statement. “Working together with innovative industry partners, Texas will accelerate America’s leadership for decades to come.”

Senator John Cornyn called the project “great news for Texas,” adding that he looks forward to seeing how the expansion “will bolster Texas’ economy, create opportunities for innovation, and strengthen our national security.”

Senator Ted Cruz stressed the project’s geopolitical urgency.

“The Chinese Communist Party represents the most acute national security threat to the United States, yet we remain dependent on the CCP for critical minerals,” Cruz said in a statement. “MP Materials is building the infrastructure needed to undo that dependence and bolster American national security. The expansion of MP Materials’ rare earth manufacturing facility in Northlake…will advance these goals while creating high-quality jobs in the Lone Star State.”

Hillwood Chairman Ross Perot Jr. welcomed the key addition within his company’s AllianceTexas footprint.

“AllianceTexas continues to attract advanced manufacturing that creates jobs, diversifies our economy, and strengthens America’s supply chain,” he said. “MP Materials has been a strong partner, and this competitive project demonstrates how city, county, and state leaders work together to secure significant new investment in North Texas.”

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