IperionX Limited received a $300,000 prototype purchase order from American Rheinmetall for the production of 700 lightweight titanium components for U.S. Army heavy ground combat systems.
The initial purchase could lead to a “significantly larger agreement upon successful delivery of this initial scope of work,” according to an SEC filing by Charlotte-based IperionX.
“This purchase order demonstrates the practical application of IperionX’s recycled titanium technologies on important U.S. ground combat platforms. As the only domestic producer of commercial primary titanium, IperionX is uniquely positioned to support domestic defense priorities with secure, low-carbon, and cost-competitive titanium products manufactured entirely in the United States,” IperionX CEO Taso Arima said in a release.
IperionX will manufacture the components using 100% recycled titanium feedstock. IperionX says its technologies enable it to produce titanium components at a lower cost than conventional titanium production routes. Replacing steel components with titanium can lead to a weight reduction up to 45% per component, which can be several hundred kilograms per vehicle.
Auburn Hills, Michigan-based Rheinmetall is the only qualified supplier for every major ground combat vehicle in the U.S. Army fleet, including the M1 Abrams Main Battle Tank and M2 Bradley Fighting Vehicle.
Lighter combat vehicles accelerate faster, increase operational range and have better agility, according to the release. The order supports U.S. efforts to reshore material supply chains and reduce reliance on foreign titanium sources, according to the release.
In 2025, the U.S. Department of Defense awarded IperionX a $47.1 million contract to enhance the U.S. titanium supply chain. The two-year partnership required IperionX to put up $23.6 million, for a total investment of $70.7 million.
IperionX has a titanium mining operation in west Tennessee and a titanium manufacturing facility in South Boston, Virginia. IperionX has also secured commercial agreements with Ford Motor Co., the second-largest U.S. automaker, and others.
IperionX was formerly known as Hyperion Metals Limited and changed its name to IperionX Limited in February 2022. The company was incorporated in western Australia in 2017.
IperionX shares were trading at $55.12, up 6.2% or $3.23, midday Thursday. Shares were up more than 52% since Jan. 1 and more than 118% in the last 52 weeks. Shares reached $60.90 on Oct. 15. It has a market capitalization of $1.8 billion.
As of June 30, IperionX employed 70 workers, all in the U.S., and had five contracted employees, two in Australia and three in Canada, according to its annual report.
IperionX says Russia and Chinese companies now control about 70% of the titanium supply chain.