Elmet Group raises $120M in NASDAQ IPO, backed by refractory metal AM patent

Elmet Group (NASDAQ: ELMT) raised $120.4 million in its April 22 IPO, pricing 8.6 million shares at $14.00—the top of its range—and opened at $18.00 on April 23. Cantor led the underwriting syndicate with Needham, Canaccord Genuity, and Roth Capital. The Portland, Maine-based tungsten and molybdenum manufacturer reported $201.64 million in revenue and $5.54 million in net income for the twelve months ending December 31, 2025. Its market capitalization at pricing stood at $411.56 million.

This IPO is structurally unusual for AM: Elmet is not a pure-play printer company but a vertically integrated refractory metals supplier that holds U.S. Patent No. 12,571,080 for binder jetting and DED of tungsten heavy alloys. The patent covers spray-dried, plasma-densified spherical composite powders that meet ASTM B777 Class 1 specs. Elmet’s customer base—NASA, Lockheed Martin, Raytheon, Los Alamos—places it squarely in the aerospace qualification grind and defense acceleration wave. The company’s 2023 acquisition of H.C. Starck Solutions Americas made it one of the largest U.S.-owned tungsten producers, giving it a domestic supply chain position that aligns with NDAA §849 localization incentives. This is not a narrative-driven SPAC story; it is a mature industrial materials company using AM as a process extension rather than a business thesis.

The practical test for Elmet is scaling AM production from lab-qualified parts to program-level volumes for Artemis and defense platforms. Its existing revenue base and customer relationships reduce the technology risk, but binder jetting of refractory metals at production scale remains unproven outside niche runs. Investors should watch whether the patent translates into repeat orders or remains a qualification credential. For AM buyers in aerospace and defense, Elmet offers a rare domestic source for tungsten AM parts that bypasses the usual material supply bottlenecks.