{
  "commitment": {
    "id": "fin-us-dod-mp-2025-preferred-equity",
    "eventId": "evt-us-dod-mp-2025",
    "relationships": [],
    "instrument": "equity",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "400000000",
      "currency": "USD",
      "qualifier": "exact",
      "amountAsStated": "$400 million equity investment",
      "currencyBasis": "issuer_context"
    },
    "provider": "US Department of Defense",
    "providerJurisdiction": "us",
    "providerOrgIds": [
      "org-us-dod"
    ],
    "legalAuthority": "Defense Production Act Title III, 50 U.S.C. § 4531 et seq., \"as well as other authorities\"",
    "programmeId": null,
    "recipient": "MP Materials Corp.",
    "recipientOrgIds": [
      "org-mp-materials"
    ],
    "project": null,
    "projectId": null,
    "facility": null,
    "locations": [],
    "stages": [
      "separation",
      "processing",
      "component_manufacturing"
    ],
    "stageAllocation": "multi_stage_unallocated",
    "materialIds": [
      "rare-earth-elements",
      "ndfeb-magnets"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "contracted",
        "date": "2025-07-09",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": "Subscription Agreement entered into on the Effective Date; 400,000 shares of Series A Cumulative Perpetual Convertible Preferred Stock to be issued on the Closing Date, 11 July 2025."
      },
      {
        "status": "disbursed",
        "date": null,
        "sourceId": "src-mp-10q-2026-q2",
        "note": "\"In July 2025, the Company issued 400,000 shares of newly designated Series A Cumulative Perpetual Convertible Preferred Stock ... to the DoW for cash consideration of $400.0 million.\" The day is not stated in this note; the Form 8-K put the Closing Date at 11 July 2025."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [
      {
        "kind": "other",
        "value": "7",
        "qualifier": "exact",
        "currency": null,
        "unit": "% per year",
        "asStated": "Shares of Series A Preferred Stock accrue cumulative dividends at a rate of 7.0% per year ... payable solely in-kind",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": "Dividend rate on the preferred stock."
      },
      {
        "kind": "other",
        "value": "30.03",
        "qualifier": "exact",
        "currency": "USD",
        "unit": "per share",
        "asStated": "a warrant ... for a period of 10 years from the Closing Date for up to 11,201,659 shares of Common Stock, at an initial exercise price of $30.03 per share",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": "The warrant issued to DoD alongside the preferred stock; the warrant carries no separate purchase amount."
      }
    ],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "materials",
          "status",
          "terms"
        ],
        "evidence": "explicit",
        "locator": "Introductory paragraph; Item 1.01, Series A Preferred Stock and Warrant",
        "note": null
      },
      {
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "supports": [
          "legal_authority"
        ],
        "evidence": "ambiguous",
        "locator": "Item 8.01, risk factors",
        "note": "The company reports that it received assurances from DoD that it has authority under DPA Title III and other authorities; this is the recipient's account, not a government statement."
      },
      {
        "sourceId": "src-mp-dod-2025",
        "supports": [
          "stages"
        ],
        "evidence": "explicit",
        "locator": "Paragraph on use of proceeds",
        "note": "The recipient's stated intended use: \"to expand its existing rare earths separation and processing capabilities, as well as its magnet production capacity\"."
      },
      {
        "sourceId": "src-mp-10q-2026-q2",
        "supports": [
          "status"
        ],
        "evidence": "explicit",
        "locator": "Note 12, Redeemable Preferred Stock",
        "note": null
      }
    ],
    "notes": "DoD's convertible preferred stock and warrant together represent 15% of issued and outstanding common stock as of the Closing Date, on an as-converted and as-exercised basis (Form 8-K). Stage attribution is the recipient's stated intended use of proceeds."
  },
  "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-dod-2025",
      "title": "MP Materials announces transformational public-private partnership with the Department of Defense",
      "publisher": "MP Materials",
      "url": "https://mpmaterials.com/news/mp-materials-announces-transformational-public-private-partnership-with-the-department-of-defense-to-accelerate-u-s-rare-earth-magnet-independence/",
      "language": "en",
      "datePublished": "2025-07-10",
      "dateAccessed": "2026-06-13",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "Company press release setting out the DoD–MP Materials deal terms (preferred stock, warrant, loan, NdPr price floor, magnet offtake). Source type recorded as 'other' (company announcement)."
    },
    {
      "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."
    }
  ]
}