Xometry operates an AI-powered online marketplace that connects buyers of custom manufactured parts with a global network of manufacturing suppliers. Buyers upload a CAD file, and Xometry's platform instantly prices the job and matches the order to a supplier — replacing the traditional manual procurement process of phone calls and supplier negotiations. Buyers span aerospace and defense, automotive, robotics, medical devices, and industrial equipment, sourcing parts across processes including CNC machining, 3D printing, sheet metal fabrication, and injection molding. Xometry had roughly 82,000 active buyers and 5,000 active suppliers across 50 countries as of FY25. Xometry makes money primarily by acting as an intermediary — buying manufacturing services from suppliers and reselling them to buyers at a spread. Xometry has expanded this marketplace gross margin from ~25% to ~35% over four years, driven by improvements in its AI pricing and supplier-matching algorithms. As transaction volume grows, Xometry accumulates more data, which improves pricing accuracy and supplier matching, further expanding margins. The company also owns Thomasnet, an industrial supplier directory with over 500,000 listed North American suppliers, which generates revenue through supplier advertising; this segment is currently declining. Marketplace revenue represents ~92% of total revenue, with Thomasnet advertising making up the remainder. Xometry's cost structure is primarily employee-related, and the model is largely asset-light with CapEx consisting almost entirely of capitalized software development costs.