Shares of MP Materials were up 26% in midday trading at $61.19, putting the stock on pace for a record closing high. Apple stock was up 0.6%, while the S&P 500 was flat and the Dow Jones Industrial Average was down 0.6%.

The iPhone maker is committing $500 million to buying rare-earth magnets from the company’s flagship facility in Texas, which Apple is helping to build out.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.