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

The Elmet Group (NASDAQ: ELMT) raised $120.4 million in its initial public offering on April 22, 2026, pricing 8.6 million shares at $14.00 — the top of its $12.00–$14.00 range and above the 7.7 million shares originally filed in its prospectus. Shares opened at $18.00 on their first day of NASDAQ trading on April 23, a $4.00 jump from the IPO price. At the time of pricing, the company had a market capitalization of $411.56 million. Cantor served as lead book-running manager, with Needham & Company, Canaccord Genuity, and Roth Capital Partners acting as joint book-runners and co-managers, respectively.

The Portland, Maine-based company described itself in its prospectus as the only U.S.-owned and U.S.-based manufacturer of highly engineered tungsten and molybdenum products. It operates through two divisions: Critical Materials Components (CMC), which produces precision refractory metal parts, and Engineered Microwave Products (EMP), which delivers custom microwave energy systems. Customers include NASA, Lockheed Martin, Raytheon, and Teledyne, as well as national laboratory programs including Fermi National Accelerator Laboratory and Los Alamos National Laboratory. The company also holds U.S. Department of Defense contractor status. For the twelve months ending December 31, 2025, Elmet reported net income of $5.54 million on revenue of $201.64 million.

The future of refractory metal AM

The IPO came two weeks after Elmet Technologies—the operating entity under The Elmet Group—received U.S. Patent No. 12,571,080 for a process it describes as the fabrication of metallic parts by additive manufacturing. The patent, the sixth U.S. patent granted in this field, covers methods for producing three-dimensional tungsten heavy alloy parts using a dry powder bed of substantially spherical composite particles. The process combines spray drying and optional plasma densification to create flowable, densified powders suitable for binder jet printing and other powder bed additive manufacturing techniques. Parts produced using the method have demonstrated compliance with ASTM B777 Class 1 specifications for density, hardness, ultimate tensile strength, and elongation.

“By combining spray drying and plasma densification, we have developed a reliable pathway to produce powders and metallic parts through additive manufacturing that meet the demanding performance standards of our aerospace and defense customers,” said Michael T. Stawovy, co-inventor and Vice President of Research & Development at Elmet Technologies.

The patent covers two fabrication pathways: powder-bed binder jet printing and wire-based directed energy deposition, giving the company flexibility to produce complex tungsten and refractory metal alloy components. The company said each composite particle features tungsten grains surrounded by a matrix of lower-melting-point transition metals, enabling controlled densification and minimal shrinkage during sintering, with interstitial impurities minimized through the plasma densification step.

From space to defense

Elmet Technologies’ refractory metal components have appeared in NASA’s Artemis program across two missions. For Artemis II—the first crewed mission under the program—the company supplied precision MP35N components manufactured at its Euclid, Ohio, facility and high-density tungsten heavy alloy materials produced at its Lewiston, Maine headquarters. The company said both part families were engineered to withstand the extreme conditions of spaceflight.

“Our involvement in Artemis II underscores our role as a supplier for mission-critical applications where precision and material integrity are paramount,” said Derek Fox, Chief Executive Officer of Elmet Technologies.

With nearly 400 employees across more than 500,000 square feet of manufacturing space in Maine, Ohio, and Michigan, the company positions itself as a domestic supply chain asset for aerospace and defense programs requiring refractory metal expertise. Its 2023 acquisition of H.C. Starck Solutions Americas made it one of the largest U.S.-owned producers of tungsten and molybdenum materials.