The price of tungsten has surged more than sevenfold in two years, and tungsten mining companies are collectively rushing for US stock IPOs.

According to Jinse Finance APP, over the past two years, supply constraints combined with unleashed demand have led tungsten prices to experience an epic rally, with global tungsten miners accelerating their push into the open market. Following Guardian Metal Resources’ debut on the US stock market in March this year, two more private tungsten miners announced IPO plans last week. Tungsten, known as a hard and heat-resistant strategic metal, is dubbed “the teeth of industry” and is used in military, aerospace, and high-end manufacturing fields. As an industry benchmark, European Ammonium Paratungstate (APT) prices ranged between $240 and $355 per metric ton from 2021 to 2024, closing at $343 at the end of 2024, reaching $1,005 at the end of 2025, and surging to $2,925 at the end of September—an increase of 7.5-fold in less than two years.

Miners race to the capital markets

The surge in tungsten prices has directly propelled miners to accelerate IPO financing. Guardian Metal Resources was listed on NYSE American in March this year, with IPO pricing at $13.50 per ADS, issuing approximately 4.44 million ADS (equivalent to 22.22 million ordinary shares), and with the overallotment option, the total fundraising amounted to around $68.3 million. The company owns the Pilot Mountain and Tempiute tungsten projects in Nevada—the former is one of the largest undeveloped tungsten deposits in the US, while the latter was once the largest tungsten production site in the country.

Last week, two more private tungsten miners unveiled IPO plans. Rwanda’s Trinity Metals is in talks with potential advisors and investors regarding a New York IPO. Company CEO Peter Geleta stated that since taking over in 2022, they have been pushing forward the listing process, and are currently negotiating pre-IPO financing mainly with US investors. The company plans to raise $100 million to $200 million to accelerate expansion of its tin, tungsten, and tantalum mines.

Madrid-based Abenojar Tungsten plans to list on the main board of the London Stock Exchange, with trading expected to begin in the fourth quarter of this year. Its Spanish El Moto project is claimed by the company to be one of the world’s largest and highest-grade undeveloped tungsten projects, with a post-tax net present value of around €1.5 billion (assuming a long-term tungsten price of $1,415 per metric ton), targeting first production in 2029, and has been listed as a strategic project under the European Union’s Critical Raw Materials Act.

Reshaping supply dynamics

The deep background to this round of soaring tungsten prices is the strategic restructuring of the global tungsten supply chain. China accounts for about 80% of global tungsten output, and controls around 85% of APT refining capacity. In February 2025, China will implement special export controls on APT, tungsten oxide, tungsten carbide, and certain solid-state tungsten products; in January 2026, export controls on dual-use items will be further strengthened. In December 2025, China announced that only 15 companies will be permitted to export tungsten products between 2026 and 2027.

The United States currently has no operational commercial tungsten mines, with several projects still in development and no clear timelines for production. According to S&P Global, 11 announced overseas tungsten mine projects could collectively add about 20 thousand tons of annual capacity by 2030; however, even if all come online as scheduled, there will still be a supply shortfall of about 16 thousand tons.

On the demand side, continued growth in military procurement is providing additional support for tungsten prices. Research reports show that global military tungsten procurement will increase from 2,200 tons in 2024 to 3,000 tons in 2025, a rise of 36.4%. Some institutions expect that if current trends persist, the defense sector could surpass the automotive industry in the mid-2030s to become tungsten’s largest consumption outlet.

For investors, the IPO surge among tungsten miners offers a window into participating in the strategic metal supply chain. However, analysts point out that such dramatic price spikes are unlikely to be sustained; if manufacturing recovers, emerging demand materializes, and global strategic stockpiling continues, price levels may remain in the historically high range, with limited room for downward correction.