For many, MP Materials is the "pure-play rare-earth leader" of the humanoid trade. But see where its revenue comes from: last quarter a "price protection" (PPA) line was ~$42.3M — ~32% of PPA-inclusive revenue, paid by the US DoD via a 10-year $110/kg NdPr price floor. A third of "revenue" is a subsidy, not the market. And MP's real driver isn't humanoids (a rounding error) but EV + wind + defense de-China. Treat it as a geopolitical hedge, not a humanoid growth stock.