As of 10:17 a.m. ET on Friday, shares of MP Materials stock had climbed 6.5%.

MP Materials (MP) shares are trading nearly 50% higher today after the Defense Department announced a massive investment in the Las Vegas-based rare earth miner. The Pentagon has agreed to load up on $400 million worth of MP’s preferred stock – positioning itself as the company’s largest shareholder,

MP Materials (NYSE: MP) is up 50% today after an announcement that the Department of Defense is buying $400 million of preferred stock in the company. This will make the Pentagon the largest shareholder here.