New Delhi, July 10 -- MP Materials' stock rocketed over 50% on Thursday after sealing a huge deal with the Pentagon. The US Defense Department will become the company's biggest owner by buying $400 million of special stock, grabbing a 15% stake.This cash will help MP Materials build a new magnet factory called the "10X Facility" and upgrade its California mine. The government also promised to buy all magnets from the new plant for 10 years and set a minimum price for key materials.

Big banks JPMorgan and Goldman Sachs are chipping in $1 billion, too. This mega partnership aims to make America less reliant on other countries for super-important minerals.

Rare earth metals are hidden stars in gadgets and weapons. They make magnets inside ...