Reaching a multi-billion-dollar agreement with the US Department of Defense, US rare earth concept stocks have all surged.

On Thursday, MP Materials' stock price surged, rising over 60% at one point and currently up over 45%. On the news front, the company reached a deal worth billions of dollars with the U.S. Department of Defense to build a new rare earth permanent magnet factory, in order to accelerate the construction of the U.S. rare earth permanent magnet supply chain. In response to this news, rare earth concept stocks in the U.S. soared across the board, with USA Rare Earth rising over 13% and Energy Fuels up over 15%.