Rare earth magnet producer MP Materials Corp. confirmed Thursday it selected a 120-acre site just north of Fort Worth city limits for its $1.25 billion manufacturing campus.
The plant, dubbed “10X” by the company, will make North Texas the center for the United States’ rare earth magnet supply chain and could employ as many as 1,500.
The company’s neodymium-iron-boron magnets are considered critical for the United States as the materials are used in products ranging from cell phones to electric vehicles to defense systems, including Lockheed’s Fort Worth-built F-35.
MP Materials has received substantial investments from the U.S. Department of Defense, as well as contracts with Apple, GM and Sumitomo.
MP Materials already has a plant in Fort Worth to make the products. The 10X plant in nearby Northlake will significantly boost production, aiming to increase total capacity to roughly 10,000 metric tons of rare earth magnets per year. That represents a massive scale-up from their current 1,000-ton capacity at the company’s campus off Independence Parkway in Fort Worth.
“10X is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible,” said James Litinsky, founder and CEO at MP Materials, in a news release.
This 10X project was bolstered by economic incentives from the state of Texas, Denton County and the city of Northlake, which approved about $200 million in grants, abatements and exemptions over the next decade.
The site to be acquired from Hillwood is within the AllianceTexas development and was selected following a national site evaluation process led by CBRE.
About 92% of the rare earth minerals come from China, according to a 2022 Department of Energy report. That has led federal officials to grow concerned about this key resource.
The existing 250,000-square-foot plant is also in Hillwood’s AllianceTexas development.
That plant opened with deals to supply magnets to blue chip companies GM and Sumitomo.
MP Materials was still under the radar until July, when it received a $400 million investment from the Department of Defense as part of federal efforts to shore up domestic supplies of key materials. At the same time, the company received a $500 million contract with Apple to supply the company with American-made rare earth magnets.
MP Materials officials said they expect to break ground soon on the plant and that engineering and equipment procurement is well underway. They hope to have the plant operational by 2028.
The new plant is part of a manufacturing resurgence that the AllianceTexas development has seen in recent years. Along with MP Materials’ first plant, the area landed a new manufacturing plant from Bell. The Fort Worth-based helicopter company is investing $632 million into the north Fort Worth factory to make MV-75 aircraft, the Army’s designated name for its Future Long Range Assault Aircraft, or FLRAA.
In 2025, AllianceTexas reported $12.9 billion in economic impact.
Bob Francis is business editor at the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.Disclosure: Hillwood has been a financial supporter of the Fort Worth Report. News decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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