3 Rare Earth Stocks to Watch in 2026

MP Materials, The Metals Company, and USA Rare Earth are positioning themselves to capitalize on the growing demand for critical minerals.

Jan. 29, 2026 at 9:39am

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This article highlights three rare earth mining companies - MP Materials, The Metals Company (TMC), and USA Rare Earth - that are making moves to bolster domestic supply chains for critical minerals in the United States. MP Materials operates the only large-scale rare earth production facility outside of China, while TMC aims to extract polymetallic nodules from the seafloor and USA Rare Earth is building a facility to produce specialized rare earth magnets.

Why it matters

Rare earth elements are critical for a wide range of high-tech applications, from electric vehicles to consumer electronics. As tensions between the U.S. and China continue, there is a growing focus on reducing American reliance on Chinese rare earth exports. These three companies are positioning themselves to capitalize on the push for more domestic mining and processing of these vital materials.

The details

MP Materials owns and operates the Mountain Pass Rare Earth Mine and Processing facility in California, which is one of only two large-scale light rare-earth production facilities outside China. The company produces refined rare-earth oxides, specifically Neodymium-Praseodymium (NdPr) oxide, a key ingredient in powerful magnets. MP Materials recently ceased all sales of its products to China to align with U.S. national security objectives and is expanding its U.S. magnet manufacturing capacity. The Metals Company (TMC) is taking a different approach, aiming to extract polymetallic nodules from the seafloor that contain high concentrations of nickel, copper, cobalt, and manganese. TMC submitted the world's first application for a commercial recovery permit to the National Oceanic and Atmospheric Administration (NOAA) under the U.S. Seabed Mining Code. USA Rare Earth is building a facility in Stillwater, Oklahoma that will produce sintered Neodymium-Iron-Boron (neo) magnets. The company also acquired Less Common Metals, a U.K.-based manufacturer of specialized rare earth metals, to secure its feedstock. Additionally, USA Rare Earth has the Round Top Project in Texas, which is rich in heavy rare earth, gallium, and beryllium deposits.

  • In July 2025, MP Materials ceased all sales of its products to China.
  • In April 2025, TMC's subsidiary, TMC USA, submitted the world's first application for a commercial recovery permit to NOAA under the U.S. Seabed Mining Code.
  • On Jan. 21, 2026, NOAA finalized a rule that allows companies to submit a consolidated application for both exploration and commercial recovery permits.
  • On Jan. 25, 2026, the Trump administration announced a $1.6 billion strategic investment in USA Rare Earth.
  • USA Rare Earth's Oklahoma facility is on track for commercial-scale production in the first quarter of 2026.

The players

MP Materials

An American company that owns and operates the only rare-earth mining and processing site of scale in North America, producing refined rare-earth oxides.

The Metals Company (TMC)

A company aiming to extract polymetallic nodules from the seafloor that contain high concentrations of nickel, copper, cobalt, and manganese.

USA Rare Earth

A company building a facility in Stillwater, Oklahoma that will produce sintered Neodymium-Iron-Boron (neo) magnets, and also owns the Round Top Project in Texas, which is rich in heavy rare earth, gallium, and beryllium deposits.

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What they’re saying

“These rare-earth companies are a play on the domestic market for critical mineral mining and processing in the United States, as the U.S. seeks to reduce its dependence on China.”

— Courtney Carlsen, The Motley Fool Analyst

What’s next

TMC projects that it could receive permit approval by late 2026, with commercial production starting in 2029.

The takeaway

The rare earth mining companies featured in this article are positioning themselves to capitalize on the growing demand for critical minerals in the U.S. as the country seeks to reduce its reliance on Chinese exports. However, these are still early-stage companies with significant challenges ahead, so investors should approach them with caution as part of a diversified portfolio.