{
  "commitment": {
    "id": "fin-us-dod-mp-2025-bank-financing",
    "eventId": "evt-us-dod-mp-2025",
    "relationships": [],
    "instrument": "loan",
    "valueRole": "private_financing",
    "capitalSource": "private",
    "amount": {
      "value": "1000000000",
      "currency": "USD",
      "qualifier": "at_least",
      "amountAsStated": "committed secured financing ... in an amount equal to, in the aggregate, at least $1,000,000,000 (the \"10X Facility Funding\")",
      "currencyBasis": "issuer_context"
    },
    "provider": "JPMorgan Chase Funding Inc. and Goldman Sachs Bank USA",
    "providerJurisdiction": null,
    "providerOrgIds": [
      "org-goldman-sachs-bank-usa",
      "org-jpmorgan-chase-funding"
    ],
    "legalAuthority": null,
    "programmeId": null,
    "recipient": "MP Materials Corp.",
    "recipientOrgIds": [
      "org-mp-materials"
    ],
    "project": null,
    "projectId": "prj-us-mp-10x-facility",
    "facility": "10X Facility",
    "locations": [],
    "stages": [],
    "stageAllocation": "not_stated",
    "materialIds": [],
    "materialAttribution": "not_stated",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "decided",
        "date": "2025-07-09",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": "A debt commitment letter, \"subject to customary terms and conditions\"; the filing does not describe an executed loan agreement."
      },
      {
        "status": "lapsed",
        "date": "2025-08-26",
        "sourceId": "src-mp-10q-2025-q3",
        "note": "\"The Commitment Letter expired undrawn on its own terms on August 26, 2025, as it was reduced on a dollar-for-dollar basis upon the Offering ... and the Company's execution of the Revolving Credit Facility.\""
      }
    ],
    "implementationStatusHistory": [
      {
        "status": "construction",
        "date": null,
        "sourceId": "src-mp-10q-2026-q2",
        "note": "Note 6 reports construction underway at the Northlake site purchased in April 2026. The actual construction start date is not stated. This is the linked physical project's status, independent of the bank commitment letter's expiry."
      }
    ],
    "terms": [
      {
        "kind": "other",
        "value": "650000000",
        "qualifier": "exact",
        "currency": "USD",
        "unit": null,
        "asStated": "$650,000,000 of which will ... be specifically allocated to the construction of the 10X Facility",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": null
      }
    ],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "facility",
          "status",
          "terms",
          "project"
        ],
        "evidence": "explicit",
        "locator": "Item 1.01, 10X Facility Funding",
        "note": null
      },
      {
        "sourceId": "src-mp-10q-2025-q3",
        "supports": [
          "status"
        ],
        "evidence": "explicit",
        "locator": "Note 3 (Public-Private Partnership), Commitment Letter for Facility Construction",
        "note": null
      },
      {
        "sourceId": "src-mp-q2-results-20260806",
        "supports": [
          "status"
        ],
        "evidence": "explicit",
        "locator": "CEO comments in second-quarter 2026 results",
        "note": "Reports accelerated construction at 10X. This corroborates the project's construction status; it does not date construction commencement or establish a financing draw."
      },
      {
        "sourceId": "src-mp-10q-2026-q2",
        "supports": [
          "status"
        ],
        "evidence": "explicit",
        "locator": "Note 1; Note 6, Property, Plant and Equipment; MD&A, Magnetics segment",
        "note": "Construction of the linked 10X Facility is underway. This does not revive or demonstrate a draw under the expired 2025 bank commitment letter."
      }
    ],
    "notes": "Private capital raised alongside the DoD package. Never part of a public-support figure. The filing says the $1,000,000,000 may be reduced dollar for dollar for certain equity or debt raises and certain unrestricted cash. The letter expired undrawn on 26 August 2025 (Form 10-Q for Q3 2025), after the company's public offering (net proceeds of $724.2 million, per its Form 10-K for 2025) and a revolving credit facility reduced it to nothing. Lifecycle review on 3 October 2026: the Q3 2025 filing still supports the letter's undrawn expiry; the Q2 2026 filing and 6 August results report construction at the linked 10X project. The subsequent equity offering and revolving credit facility are separate financing, not disbursements or repayment under this historical commitment.",
    "lifecycleReview": {
      "financialStatusCheckedAt": "2026-10-03",
      "implementationStatusCheckedAt": "2026-10-03"
    }
  },
  "event": {
    "id": "evt-us-dod-mp-2025",
    "date": "2025-07-10",
    "jurisdiction": "us",
    "titleEn": "DoD–MP Materials public-private partnership for rare earth magnet supply"
  },
  "parents": [],
  "children": [],
  "sources": [
    {
      "id": "src-dod-mp-transaction-agreement-2025",
      "title": "MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796d8k.htm",
      "language": "en",
      "datePublished": "2025-07-10",
      "dateAccessed": "2026-10-03",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "The binding disclosure of the DoD deal terms, filed with the SEC. Read in full 2026-08-12 (EDGAR returns 403 without a declared user agent). Confirms verbatim: the Transaction Agreement was entered into on 9 July 2025 (the 'Effective Date'); a commitment for a $150 million loan to support expansion of heavy rare earth separation, to be extended by DoD within 30 days following closing; a quarterly payment per kilogram of NdPr equal to the shortfall between $110 per kg and the benchmark quarterly average price; a 10-year offtake agreement for magnet production from the 10X Facility; and a warrant issued to DoD. Source type 'other' follows the convention used for src-mp-dod-2025 (company document rather than a government instrument), but this is the filed agreement disclosure rather than a press release. Note the event is dated 2025-07-10, the announcement date, while the agreement's effective date is 2025-07-09. Rebuilt 2026-08-12 after the record was lost to an accidental working-tree revert; re-verified against the filing. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    },
    {
      "id": "src-mp-10q-2025-q3",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended September 30, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136825000054/mp-20250930.htm",
      "language": "en",
      "datePublished": "2025-11-07",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding quarterly filing of the recipient, read in a browser on 2026-09-23 (EDGAR refuses automated clients without a contact header). States that the banks' Commitment Letter \"expired undrawn on its own terms on August 26, 2025, as it was reduced on a dollar-for-dollar basis upon the Offering ... and the Company's execution of the Revolving Credit Facility\", and that in August 2025 the Company issued the $150 million Samarium Project Loan note to the DoW. It supports financing facts it states directly and is attributed to the company, not to the government. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    },
    {
      "id": "src-mp-q2-results-20260806",
      "title": "MP Materials Reports Second Quarter 2026 Results",
      "publisher": "MP Materials Corp.",
      "url": "https://investors.mpmaterials.com/investor-news/news-details/2026/MP-Materials-Reports-Second-Quarter-2026-Results/default.aspx",
      "language": "en",
      "datePublished": "2026-08-06",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Full original company results release read on 3 October 2026. CEO comments report accelerated construction at the 10X magnet manufacturing facility. Qualification and production at Independence are separate from the 10X construction project. The release does not establish 10X's actual construction commencement date, operational status, or a draw under the expired bank commitment letter."
    },
    {
      "id": "src-mp-10q-2026-q2",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm",
      "language": "en",
      "datePublished": "2026-08-07",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding quarterly filing of the recipient, read in a browser on 2026-09-23. Note 12: \"In July 2025, the Company issued 400,000 shares ... to the DoW for cash consideration of $400.0 million.\" Note on debt: the Samarium Project Loan \"bears interest at a fixed rate of 5.38% per annum\". Note 3 and MD&A: the Price Protection Agreement commenced on October 1, 2025; PPA income of $59.9 million for the six months to June 30, 2026 and a PPA income receivable of $17.6 million ($51.0 million at December 31, 2025). The 10X Facility is in Northlake, Texas, on a 120-acre site bought in April 2026, where construction is \"currently underway\". It refers to the Department of Defense as the Department of War. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    }
  ]
}