MP Materials vs USA Rare Earth legal battle; vertical integration duel

MP sues USAR for magnet tech theft; China blacklists both. USAR finalizes $1.6B CHIPS Act + $1.5B PIPE, acquires Serra Verde, appoints new CEO. MP lands $400M DoD equity + $1B bank financing with $110/kg floor. New: MP swarms drone sector with dedicated magnet campus near Independence, targeting drone market—concrete downstream expansion. Offtake analysis shows risk-transfer shift. Recent MP earnings preview highlights production records and premium valuation.