High-power microwave systems manufacturer The Elmet Group files for a $115 million IPO
IPO Overview
The Elmet Group, which makes critical materials and high-power microwave products for aerospace and defense, filed on Monday with the SEC to raise up to $115 million in an initial public offering.
Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, along with high-power microwave technologies. Its products are designed for applications that require performance in extreme heat, electromagnetic intensity, and other demanding operating environments, including aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company’s operations span material processing, machining, fabrication, and engineered microwave components, giving it a vertically integrated manufacturing model that supports both custom parts and specialized system-level solutions.
The Portland, ME-based company traces its roots to 1929 and booked $202 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol ELMT. Cantor Fitzgerald, Needham & Co., Canaccord Genuity, and Roth Capital are the joint bookrunners on the deal.
About the Company
Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium and high-level radio frequency engineering, including plasma generation, radar, and other high-energy systems. Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. These are industries which require components capable of performing in extreme thermal, electromagnetic, and technical environments for vital use cases. Our fundamental mission is to strengthen U.S. domestic manufacturing capabilities to support the United States and its allies’ needs in both Critical Materials and advanced High-Power Microwave systems. We believe we are the leader and sole-source U.S. producer of many highly engineered Critical Materials products and a leading designer and manufacturer of High-Power Microwave components in the United States. Our business is organized into two divisions, Critical Materials Components and Engineered Microwave Products. Through our divisions, we own and operate a vertically integrated engineering-to-production system, with custom design, development, and processing expertise for Critical Materials and HPM.
