IperionX Limited (NASDAQ:IPX) shares surged Thursday after the company secured a major U.S. Department of Defense contract to supply domestically produced titanium parts for military use.

The $99 million Small Business Innovation Research (SBIR) Phase III Indefinite Delivery, Indefinite Quantity (IDIQ) agreement enables the Pentagon to order titanium components directly from IperionX.

The contract permits U.S. defense agencies to commission task-specific orders as part of the “Low-Cost Domestic Titanium for Defense Applications” effort.

Early task orders will involve high-performance titanium fasteners manufactured at IperionX’s Virginia campus using proprietary technologies. The project supports skilled local jobs while advancing U.S. defense readiness.

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The agreement aligns with federal priorities to boost the supply of strategic materials from domestic sources. Future task orders could include advanced aerospace parts, positioning IperionX as a long-term supplier for military-grade titanium.

“Securing this Phase III contract is a pivotal milestone for IperionX,” said Anastasios (Taso) Arima, the company’s CEO. “It validates the performance of our technologies and underscores the Department of Defense’s commitment to reshore an all-American titanium supply chain.”

Relevant ETFs include SPDR S&P Aerospace & Defense ETF (NYSE:XAR) and iShares U.S. Aerospace & Defense ETF (BATS:ITA).

Price Action: IPX shares are trading 23.79% higher at $30.23 at Thursday’s last check.

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