Strategic Materials
Policy Tracker
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—No tracked governmentJPMorgan Chase Funding Inc. and Goldman Sachs Bank USA

MP Materials Corp.

Private financingLoanPrivateLapsed

fin-us-dod-mp-2025-bank-financing

Reading this record

What the evidence says — and does not say

What kind of figure?
Private financingCommercial capital raised alongside public money.
What has happened legally?
LapsedThe commitment ended unused on its own terms, for example a commitment letter that expired undrawn.
Has money been paid?
Follow the payment evidenceThe current status records an ended instrument. It does not erase previous history or prove that no payment was ever made.
What does it link to?
Project attributionOne registered project is linked directly to this row. The link alone does not prove the amount was paid or that the project advanced.

This value role is not included in SMPT's public-recipient commitment totals. A ceiling, indication, private contribution or project cost is not an additional government award. A financial record alone never independently verifies construction, commissioning or production. Read SMPT's counting and evidence rules.

Amount

at leastUSD1 billion

As stated “committed secured financing ... in an amount equal to, in the aggregate, at least $1,000,000,000 (the "10X Facility Funding")”

USD 1,000,000,000 · At least · Currency read from the issuing government

This figure is a private financing, not money committed to a recipient. It is never added to commitments or to other roles.

Record

Provider
JPMorgan Chase Funding Inc. and Goldman Sachs Bank USAGoldman Sachs Bank USACommercial bankJPMorgan Chase Funding Inc.Commercial bank
Legal authority
Not stated
Programme
None named
Recipient
MP Materials Corp.MP Materials Corp.Company
Project
10X Facility capital stack →
Facility
10X Facility
Location
Not stated
Stages
Not statedNot stated
Materials
Not stated

Status

Financial and physical progress are separate histories. The last entry is current.

Financial

  1. Decided

    A debt commitment letter, "subject to customary terms and conditions"; the filing does not describe an executed loan agreement.

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

  2. Lapsedcurrent

    "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."

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

Implementation

  1. Constructioncurrent

    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.

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

Terms

Operative terms as the source words them.

TermFigureAs stated
Other termUSD 650,000,000“$650,000,000 of which will ... be specifically allocated to the construction of the 10X Facility”MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

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.

Evidence

Every populated field names the source that states it, how directly, and where.

  1. MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

    Fields supported
    Instrument · Value role · Capital source · Amount · Provider · Recipient · Facility · Status · Terms · Project
    Evidence level
    Explicit
    Location in document
    Item 1.01, 10X Facility Funding
    View source dossier →

  2. MP Materials Corp. Form 10-Q for the quarterly period ended September 30, 2025

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

    Fields supported
    Status
    Evidence level
    Explicit
    Location in document
    Note 3 (Public-Private Partnership), Commitment Letter for Facility Construction
    View source dossier →

  3. MP Materials Reports Second Quarter 2026 Results

    MP Materials Corp.

    Fields supported
    Status
    Evidence level
    Explicit
    Location in document
    CEO comments in second-quarter 2026 results
    Qualification
    Reports accelerated construction at 10X. This corroborates the project's construction status; it does not date construction commencement or establish a financing draw.
    View source dossier →

  4. MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026

    MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)

    Fields supported
    Status
    Evidence level
    Explicit
    Location in document
    Note 1; Note 6, Property, Plant and Equipment; MD&A, Magnetics segment
    Qualification
    Construction of the linked 10X Facility is underway. This does not revive or demonstrate a draw under the expired 2025 bank commitment letter.
    View source dossier →