IperionX is a U.S.-based titanium producer that makes titanium metal powders and finished titanium components for customers in aerospace, defense, consumer electronics, automotive, medical, and additive manufacturing. IperionX's core argument is that its patented production technologies — chiefly its HAMR™ process — can produce titanium significantly cheaper and with a lower carbon footprint than the incumbent Kroll Process, which has dominated since the 1940s. IperionX operates a Titanium Manufacturing Campus in South Boston, Virginia, with current nameplate capacity of 200 metric tons per year (tpa), and plans to scale to 1,400 tpa by 2027 and over 10,000 tpa by 2030. IperionX currently uses 100% recycled titanium scrap as feedstock, which it converts into angular and spherical titanium powders, then manufactures into near-net-shape forged components and additive manufactured parts. Revenue is driven by volume and product mix, with manufactured components carrying higher margins than raw powder. Early commercial customers include Ford and the U.S. Army. IperionX also owns the Titan Project, a large titanium and mineral deposit in Tennessee that it intends to develop as a domestic feedstock source, with a feasibility study expected in Q2 2026. U.S. government funding — roughly $60M awarded to date through Department of Defense programs — is central to financing the scale-up. IperionX is pre-profit and still in early ramp-up, with its cost reduction thesis unproven at commercial scale.