On August 28, 2026, Amaero, a US producer of titanium and refractory metal powders (currently listed on the ASX under ticker 3DA), filed an S-1 with the SEC to raise up to $50 million in a Nasdaq IPO under the ticker AMRO, with Stifel and Baird serving as joint book-running managers. The company uses EIGA (electrode induction gas atomization) crucible-free technology to produce spherical titanium and refractory metal powders—including niobium, tungsten, tantalum, molybdenum, rhenium, zirconium, and titanium alloys—for hypersonic weapons, satellite propulsion, strategic missiles, and aerospace and medical 3D printing. It also manufactures large near-net-shape components via PM-HIP. For the 12 months ended June 30, revenue was $12 million. US domestic capacity stands at approximately 200 tons per year for refractory alloys and 480 tons per year for titanium alloys. On the same day, an extraordinary general meeting approved all resolutions except item 8. Value for powder buyers: ① The securitization of US domestic powder assets is accelerating, with a clear trend toward capitalization of defense powder supply chains; financing-driven capacity expansion will increase domestic supply of titanium and refractory metal powders. ② Hypersonics and satellite propulsion represent the most certain demand growth for refractory metal powders—high-barrier niche segments such as niobium, tungsten, and tantalum powders merit close attention. ③ Amaero's dual US-Australian listing structure highlights strong capital interest in defense powder assets, raising the benchmarking value for domestic (Chinese) refractory metal powder makers seeking financing.