MP Materials unveiled a multibillion-dollar deal with the U.S. government on Thursday to boost output of rare earth magnets and help loosen China's grip on the materials used to build weapons, electric vehicles and many electronics.

Shares of the mining company soared 50% in early trading at $45.10, while the S&P 500 and Dow Jones Industrial Average were flat and down 0.2%, respectively. The agreements includ

Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant