MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

Apple's $500 million investment in MP Materials is making headlines across the U.S. tech and defense sectors. In a bold move to boost American-made rare earth production, Apple is partnering with MP Materials—backed by a $400 million Pentagon deal—to reduce dependence on China.

Shares of MP Materials are surging in early trading Tuesday after Apple said it would invest $500 million in the owner of the U.S.’s only operational rare earths mine.