Investing

Investing in Iridium

The investment landscape for Iridium offers 3 primary vehicles for exposure, ranging from equities of mining and processing companies to ETFs and commodity instruments. With prices currently around 160,000-200,000 $/kg, the Iridium market reflects both structural demand growth and ongoing supply chain challenges.

Investment Vehicles

Key investment vehicles providing exposure to Iridium:

Key Companies

The Iridium value chain includes these publicly listed and major private companies:

Market Drivers

Iridium investment performance is driven by demand growth in spark plugs for aviation and electrochemical catalysts, supply concentration in South Africa (85% share), new project development timelines, and government policies including export restrictions and strategic stockpiling programs.

Risk Factors

Investing in Iridium carries risks including commodity price volatility (see price history below), geopolitical risk in producing regions, regulatory uncertainty, and potential substitution. The high supply risk can create both opportunities from supply-driven price spikes and risks from sudden policy interventions.

Recent Price History

Iridium prices experienced a dramatic surge from ~$50,000/kg in early 2020 to over $180,000/kg in 2021, driven by green hydrogen electrolyzer demand expectations against a global supply of only 7-8 tonnes/year. Prices have since stabilized at $130,000-170,000/kg. Johnson Matthey publishes the primary daily price benchmark. Iridium is one of the most expensive metals on Earth by weight. The fundamental constraint is that global iridium supply is limited by platinum mining volumes in South Africa and cannot be independently increased. This has created serious questions about whether PEM electrolyzer technology can scale for the hydrogen economy without dramatic iridium thrifting.