IPX +3.51%: provided update at its Virginia titanium manufacturing campus transitions from commissioning into continuous production, marking a key step toward commercial scale.
- Titanium powder production: ~4.2t in March (~50tpa run-rate)
- Target titanium powder capacity: ~200tpa by end-CY26
- Cash balance: US$48.2m
- Remaining US government funding: US$42.1m
The business remains well positioned to scale alongside increasing demand for domestically sourced US critical materials given Russia’s supply dominance and China’s processing capacity.
A key risk for the IPX story is the inflated pricing environment for strategic metals. The Aluminium price rally driven by Middle East conflict disrupting Gulf smelters removes a key competitor to titanium in lightweight, high-performance applications. When aluminium gets expensive and supply-constrained, titanium becomes relatively more attractive.
So, if the current US–Iran situation continues to de-escalate and commodity markets normalise, one side of the demand story could fade. We’d want to wait to see how the supply-demand picture looks in a more normal environment before taking the plunge.
