IPX (IperionX): titanium disruptor or just hype?

Came across IperionX (IPX)—they’re trying to reinvent titanium production in the U.S.

Bull case:

• government backing
• new manufacturing tech
• big defense/aerospace angle

Bear case:

• pre-revenue / early stage
• very high valuation
• execution risk

Feels like a classic “zero or hero” setup.

Curious if anyone here is following it?

Full breakdown here.