James Litinsky, MP Materials chairman and CEO, joins CNBC's 'Squawk on the Street' to discuss the company's deal with the Defense Department, in which the Pentagon will become the largest shareholder in the rare earth miner.

MP Materials (MP) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

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

MP Materials Corp. (NYSE: MP) ("MP Materials" or the "Company") today announced it has entered into a transformational public-private partnership with the United States Department of Defense ("DoD") to dramatically accelerate the build-out of an end-to-end U.