MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones

However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.

After nearly doubling in value over the last week and closing at a record high Wednesday, shares of MP Materials are sinking premarket Thursday after the rare earths miner announced plans to sell new stock.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

MP Materials (MP) has made significant announcements recently, including the completion of a follow-on equity offering of nearly $650 million and new high-profile partnerships with Apple and the Department of Defense.

The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.