IperionX (ASX:IPX) has been awarded a Small Business Innovation Research (SBIR) phase three contract worth up to US$99 million by the US Department of Defense (DoD). This contract establishes a funding mechanism allowing US government agencies to order project-specific titanium components and parts from IperionX. The SBIR program’s phase three is specifically for commercialization activities, enabling federal agencies to procure proven SBIR-funded technologies without further competition.
IperionX, with a market capitalization of $1.18 billion, will collaborate with DoD agencies on project task orders under the contract ceiling. Initial projects, expected to commence in the coming months, will involve titanium fasteners manufactured using IperionX’s patented titanium production and advanced forging technologies at its Virginia-based Titanium Manufacturing Campus. Future task orders may include higher-value aerospace components, expanding beyond fasteners. CEO Anastasios Arima emphasized that this contract validates the company’s technologies and reinforces the DoD’s commitment to reshoring an all-American titanium supply chain. Titanium is increasingly used in the military and defense industry due to its strength, lightweight properties, and corrosion resistance, with the titanium market projected to grow from US$27.23 billion in 2024 to US$28.68 billion in 2025.