IperionX lands US$99 million Pentagon contract as titanium takes centre stage

In a move that places Australia-linked IperionX firmly on the radar of global defence strategists, the titanium tech outfit has secured a U.S. Department of Defense Small Business Innovation Research (SBIR) Phase III contract worth up to US$99 million. The news sent a reverberation through both Wall Street and the ASX, where the company trades under the ticker IPX.

At the heart of the deal is a mission that’s as strategic as it is technical: deliver “Low-Cost Domestic Titanium for Defense Applications” to a Pentagon increasingly wary of foreign supply chains and costly procurement processes. The contract, structured as an Indefinite Delivery, Indefinite Quantity (IDIQ) agreement, spans five years and is tied to project-specific task orders—effectively allowing the U.S. military to call upon IperionX’s titanium products as needed.

While many ASX hopefuls struggle for relevance in crowded critical minerals conversations, IperionX has quietly been building a compelling case. With patented technology that turns titanium minerals or scrap into high-performance alloys using less energy and emitting less carbon, the company offers not just a domestic supply solution, but a cleaner one.

CEO Anastasios (Taso) Arima didn’t underplay the moment, describing the award as “a pivotal milestone for IperionX,” and underscoring its role in “reshoring an all-American titanium supply chain.” He added that the company is poised to deliver “lighter, stronger and more cost-effective” components to the Department of Defense, starting with titanium fasteners and potentially expanding into aerospace-grade products.

These components will be forged at IperionX’s manufacturing campus in Virginia—a site that is also emerging as a poster child for the Biden administration’s industrial revitalisation agenda. Notably, the award enables IperionX to bypass the usual federal procurement red tape, with SBIR Phase III contracts allowing agencies to acquire proven technologies without the need for further competition.

The contract lands at a time of growing geopolitical urgency for the U.S. to reduce reliance on foreign-sourced critical materials. With China still dominating the global titanium market, and Russia being another major producer, Washington’s tilt towards domestic production is hardly coincidental. This award gives IperionX not only a commercial runway but a strategic tailwind.

The company has already been collaborating with U.S. Army Research Laboratory, which inked the base contract commencing 30 May 2025. Though task order details will be disclosed as they’re received, the implication is clear: the U.S. military wants more than just feasibility studies—it wants parts, now.

Importantly, this is not a mere speculative mining play. IperionX’s broader portfolio includes the Titan Project in Tennessee, which boasts the largest JORC-compliant resource of titanium, rare earths and zircon mineral sands in the U.S. This vertical integration, from mineral resource to metal part, gives the company rare strategic leverage.

In an era when governments are redrawing the economic maps around critical minerals, IperionX’s dual listing and dual focus—innovation and supply—makes it an unusual but increasingly valuable player. While the market will be watching closely to see how the company delivers on its first task orders, the award itself sends a loud signal that IperionX has moved beyond the lab bench and into the machinery of American defence.

There’s no sugar-coating the execution risk: the contract, while potentially lucrative, is not a guaranteed pipeline but a framework for performance-based progress. The U.S. Government retains the right to terminate it at will. But for a company still flying under many radars, this contract could prove transformational.

With a foot in two hemispheres and a stake in both decarbonisation and defence, IperionX may just be turning titanium from a tricky industrial metal into a national security asset.