Tungsten prices have surged more than 7-fold in two years, and tungsten miners are collectively rushing toward U.S. IPOs.

Over the past two years, supply constraints combined with released demand have driven tungsten prices into an epic rally, prompting global tungsten miners to accelerate their rush to public markets. Following Guardian Metal Resources' U.S. listing in March this year, two more private tungsten miners disclosed IPO plans last week. Tungsten is a hard, heat-resistant strategic metal known as "industrial teeth," used in military, aerospace, high-end manufacturing and other fields. As an industry benchmark, European ammonium paratungstate (APT) prices ranged between $240 and $355 per metric ton unit (MTU) from 2021 to 2024, closing at $343 at the end of 2024, reaching $1,005 by the end of 2025, and rising to $2,925 by the end of Septembera 7.5-fold increase in less than two years. Miners Rush to Capital Markets The surge in tungsten prices has directly pushed miners to accelerate listing and fundraising. Guardian Metal Resources listed on NYSE American in March this year, with an IPO price of $13.50 per ADS, issuing approximately 4.44 million ADSs (representing 22.22 million ordinary shares). Including the over-allotment option, total proceeds reached approximately $68.3 million. The company owns two major tungsten projects in NevadaPilot Mountain and Tempiute. The former is one of the largest undeveloped tungsten deposits in the United States, while the latter was once the largest tungsten mining site in the country. Last week, two more private tungsten miners disclosed IPO plans. Rwanda's Trinity Metals is in talks with potential advisors and investors regarding a New York IPO. CEO Peter Geleta said the company has been advancing its listing process since he took over in 2022 and is currently negotiating pre-IPO financing with investors primarily from the United States. The company plans to raise $100 million to $200 million to accelerate the expansion of its tin, tungsten and tantalum mines. Madrid-based Abenojar Tungsten plans to list on the Main Market of the London Stock Exchange, with trading expected to begin in the fourth quarter of this year. Its Spanish El Moto project is described by the company as one of the world's largest and highest-grade undeveloped tungsten projects, with an after-tax net present value of approximately 1.5 billion (assuming a long-term tungsten price of $1,415 per MTU). The project targets first production in 2029 and has been designated a strategic project under the EU Critical Raw Materials Act. Supply Landscape Restructuring The deeper backdrop to this tungsten price surge is the strategic restructuring of the global tungsten supply chain. China accounts for about 80% of global tungsten production and controls approximately 85% of APT smelting capacity. In February 2025, China imposed special export controls on ammonium paratungstate, tungsten oxide, tungsten carbide and certain solid tungsten products; in January 2026, it further tightened export controls on dual-use items to Japan. In December 2025, China specified that only 15 companies would be permitted to export tungsten products during 2026-2027. The United States currently has no operating commercial tungsten mines, with multiple projects still in the development stage and production timelines yet to be clarified. S&P Global estimates that 11 announced overseas tungsten mining projects could add approximately 20,000 tonnes of annual capacity by 2030, but even if all proceed on schedule, a supply gap of about 16,000 tonnes would remain. On the demand side, sustained growth in military procurement provides additional support for tungsten prices. Research reports show that global military tungsten procurement increased from 2,200 tonnes in 2024 to 3,000 tonnes in 2025, a 36.4% increase. Some institutions expect that if current trends continue, the defense sector could surpass the automotive industry to become the largest end-consumer of tungsten by the mid-2030s. For investors, the IPO wave among tungsten miners offers a window to participate in the strategic metals supply chain. However, analysts note that the tungsten price surge is unlikely to be sustained. If manufacturing recovers, emerging demand materializes and global strategic stockpiling compounds, the price center could remain in historically high ranges with limited downside.