Velo3D raises $50M in stock offering led by Cantor Fitzgerald, Elmet IPO also underwritten

Velo3D has raised $50 million through a registered direct offering of 3.57 million shares priced at $14 each, with Cantor Fitzgerald serving as sole book-running manager. The deal, expected to close at the end of April, will fund working capital and general corporate purposes. Separately, Cantor Fitzgerald also underwrote the $125.5 million IPO of Elmet Group, which began trading on Nasdaq under ticker ELMT on April 23. Elmet produces high-performance metal powders including tungsten, molybdenum, niobium, and tantalum used in AM and other advanced manufacturing applications.

This dual financing activity signals a shift in how capital is flowing into the additive manufacturing ecosystem. Velo3D, a former SPAC that went public at a peak valuation and subsequently restructured, is now raising dilutive equity to extend its runway as it pushes toward production-scale demand in aerospace, defense, and motorsports. The company's partnership with Andretti Global for the 2026 IMSA season and its open house events at Fremont, California, are classic examples of the aerospace qualification grind and consumer-electronics titanium pull-through patterns: using high-visibility, performance-critical applications to build customer confidence. Meanwhile, Elmet's IPO highlights the materials side of the value chain, where refractory metals for AM are seeing growing demand from defense primes like Lockheed Martin and Raytheon, as well as national labs. The two deals together reflect a market where hardware companies still need patient capital, but materials suppliers with established industrial customers can access public markets more readily.

For Velo3D, the $50 million raise buys time but does not solve the underlying margin and revenue challenges. The company must convert its motorsports and defense engagements into repeatable, qualified production contracts to justify the dilution. For Elmet, the IPO provides capital to scale its U.S.-based tungsten and molybdenum production, which is strategically important given supply-chain concerns in defense and energy. Both companies now face execution risk: Velo3D needs to demonstrate that its Sapphire printers can achieve the reliability and throughput that aerospace programs demand, while Elmet must prove that its AM powder business can grow beyond its traditional refractory metals customer base.