ASP Isotopes (ASPI) is an early-stage advanced materials company that enriches high-value isotopes for pharmaceutical, semiconductor, and nuclear medicine applications. ASPI operates two proprietary enrichment technologies: the Aerodynamic Separation Process (ASP), a stationary-wall centrifuge-type device suited for low molecular mass gases, and Quantum Enrichment (QE), a laser-based separation process. Both operate out of facilities in Pretoria, South Africa, with commercial shipments of all three initial isotopes targeted for mid-2026. ASPI's three core isotopes are Carbon-14, used as a tracer in drug development; Silicon-28, used in quantum computing semiconductors; and Ytterbium-176, irradiated to produce Lutetium-177 for cancer therapy. Revenue is generated either through tolling agreements, where customers supply feedstock and ASPI charges a per-gram enrichment fee, or through direct product sales. The target isotopes are priced at very high per-gram rates, meaning modest production volumes can generate meaningful revenue relative to relatively low plant construction costs. ASPI also owns a 51% stake in PET Labs, a South African radiopharmacy that produces fluorinated radioisotopes for PET and SPECT imaging, providing a near-term revenue base. ASPI's Nuclear Fuels subsidiary (QLE) is developing HALEU production for next-generation small modular reactors, with a 10-year supply agreement signed with TerraPower, and is planned for eventual spinout as an independent public company.