ASP Isotopes
ASP Isotopes Inc. (NASDAQ: ASPI) enriches isotopes through proprietary Aerodynamic Separation Process and Quantum Enrichment laser technologies, supplying Silicon-28, Ytterbium-176, Carbon-14, and HALEU nuclear fuel to medical radiopharmacy, quantum-computing semiconductor, and advanced nuclear reactor customers in the U.S., South Africa, and U.K.
- Company typePublic
- Founded2022
- HeadquartersBoca Raton, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What ASP Isotopes does
ASP Isotopes Inc. (NASDAQ: ASPI; JSE-listed) is a vertically integrated advanced materials company that develops and operates proprietary isotope enrichment technology across three end markets: medical/healthcare (radiopharmaceuticals and nuclear medicine), semiconductors (Silicon-28, Ytterbium-176, Barium-137 for quantum computing applications), and nuclear energy (High Assay Low Enriched Uranium via its Quantum Leap Energy subsidiary). The company deploys two proprietary core technologies — the Aerodynamic Separation Process (ASP), a gaseous diffusion method using stationary wall centrifuges and proprietary flow directors, and Quantum Enrichment (QE), a laser-based isotope separation platform using precisely tuned lasers and quantum mechanical selectivity. Founded in 2021/2022 and IPO'd on NASDAQ in November 2022, the company operates isotope enrichment facilities in Pretoria, South Africa, has expanded into radiopharmacy distribution through acquired PET Labs operations in Florida and South Carolina, and has strategic nuclear fuel partnerships with Necsa (Pelindaba), TerraPower (Natrium reactor), Fermi America (Amarillo, TX), and unnamed European and U.S. energy majors.
Revenue is generated primarily from B2B enterprise supply contracts for enriched isotopes and from helium and LNG production through the recently acquired Renergen/Virginia Gas Project in South Africa's Free State (Phase 1 producing 58,000 cubic ft/day of liquid helium and 2,500 GJ/day of LNG, with first take-or-pay contract at prices exceeding $600/MCF). Pricing is contract-based rather than published list pricing, with revenue model types spanning one-time license/sales for isotope shipments and subscription/take-or-pay recurring structures for helium and HALEU nuclear fuel supply. Commercial-scale shipments of Silicon-28, Carbon-14, and Ytterbium-176 are scheduled for Q3 2026, with HALEU deliveries targeted from 2028 through 2036. The company reported $5.7 million in FY2025 product revenue and $23.8 million in Q4 2025 total revenue (a 480% YoY increase), carried a $175.1 million FY2025 net loss against $333 million in cash at year-end 2025, and has a long-term financial target of greater than $300 million EBITDA by 2031.
ASP Isotopes firmographics
Firmographics- Name
- ASP Isotopes
- Legal name
- ASP Isotopes Inc.
- Website
- https://aspisotopes.com
- Company type
- Public
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- ASP Isotopes Inc. (NASDAQ: ASPI) enriches isotopes through proprietary Aerodynamic Separation Process and Quantum Enrichment laser technologies, supplying Silicon-28, Ytterbium-176, Carbon-14, and HALEU nuclear fuel to medical radiopharmacy, quantum-computing semiconductor, and advanced nuclear reactor customers in the U.S., South Africa, and U.K.
- Ownership category
- akta.pro rank
ASP Isotopes industry classification
Industry- Product category
- Stable Isotope Enrichment
- NAICS
- Industrial Gas Manufacturing (32512)
- akta.pro primary industry
- HALEU Production & Supply Chain (Feedstock, Enrichment, Downblending) (EUAKACAH)
- akta.pro secondary industries
- Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA), Nuclear Fuel Cycle for Power Generation (Uranium, Conversion, Enrichment, Fuel Fabrication) (EUACADAK), Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)
Keywords
Where ASP Isotopes is headquartered
LocationHeadquarters
- HQ city
- Boca Raton
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
ASP Isotopes business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
Revenue model
- Isotope Sales - Medical/Radiopharmaceuticals: Revenue from enriched medical isotopes including Carbon-14 and ytterbium-based products for cancer therapy and diagnostic imaging. The company acquired radiopharmacies in Florida and South Carolina to expand this segment. Q4 2025 showed 480% revenue growth driven by radiopharmaceutical operations.
- Isotope Sales - Semiconductors: Revenue from enriched Silicon-28 for quantum computing and next-generation semiconductor applications. Three commercial contracts with U.S.-based customers, with initial commercial shipments expected in Q3 2026. The largest silicon-28 supply contract to date was signed in October 2025.
- Helium and LNG Production: Revenue from Virginia Gas Project in South Africa's Free State Province producing liquid helium (58,000 cubic ft/day at Phase 1) and LNG (2,500 GJ/day). First take-or-pay contract secured with Asian industrial gases company for approximately 15% of Phase 1 nameplate capacity at price exceeding $600/MCF.
- HALEU Nuclear Fuel: High Assay Low Enriched Uranium production for advanced reactors including small modular reactors. Partnerships with TerraPower, European nuclear technology companies, and U.S. energy companies for supply. Deliveries projected to begin in 2028 and scale through 2036.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
ASP Isotopes product offering
Product offeringCore offering
ASP Isotopes manufactures and supplies enriched stable isotopes for medical, semiconductor, and nuclear energy applications, including Silicon-28, Ytterbium-176, Carbon-14, and Barium-137. The company also produces HALEU (High-Assay Low-Enriched Uranium) nuclear fuel through its Quantum Leap Energy subsidiary and helium and LNG (liquefied natural gas) from the Virginia Gas Project.
Product overview
ASP Isotopes Inc. is an advanced materials company operating as a platform-plus-technologies architecture focused on isotope enrichment. The company utilizes two proprietary core enrichment technologies: Aerodynamic Separation Process (ASP) using stationary wall centrifuges, and Quantum Enrichment (QE) using laser-based quantum mechanical principles. The technology platform serves three end markets: Medical (radiopharmaceuticals and nuclear medicine through PET Labs operations), Semiconductors (Silicon-28, Ytterbium-176, Carbon-14, Barium-137 for quantum computing and advanced electronics), and Nuclear Energy (through subsidiary Quantum Leap Energy focused on HALEU production). The Renergen Virginia Gas Project acquisition adds helium and LNG production capabilities. The portfolio also includes strategic partnerships for uranium enrichment at Necsa's Pelindaba site in South Africa and joint ventures with Fermi America in Texas.
Differentiator
Problem solved
Functional benefit
Brands
- Quantum Leap Energy: Nuclear fuel subsidiary focused on advanced nuclear fuel technologies including HALEU enrichment and laser-based uranium enrichment for advanced reactors and fusion systems.
- Virginia Gas Project
Products and services
- Silicon-28
- Ytterbium-176
- Carbon-14
- Barium-137
- HALEU (High-Assay Low-Enriched Uranium)
- Helium
- Liquefied Natural Gas (LNG)
Quantifiable outcome
- 480% year-over-year revenue growth in Q4 2025 ($23.8M vs $4.1M)
- +4 more outcomes
Companies that use ASP Isotopes
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles4 records
ASP Isotopes technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
ASP Isotopes partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered flagship, core and minor.
- ENDRA Life Sciences Inc.flagshipProposed merger where ASP Isotopes' subsidiary Noble Africa LLC merges with ENDRA subsidiary to form Noble Africa Inc., a Nasdaq-listed company focused on helium and natural gas development through Renergen's Virginia Gas Project in South Africa. Transaction includes concurrent $50 million private placement financing with ASP Isotopes contributing $20 million as lead investor. ASP Isotopes retains approximately 89% ownership post-merger. Expected to close Q3/Q4 2026.
- Tetra4 Proprietary LimitedcoreTetra4, a subsidiary of Renergen and developer of the Virginia Gas Project, secured its first take-or-pay contract for liquid helium supply to an Asian industrial gases company. The five-year agreement covers approximately 15% of Phase 1 nameplate capacity at a price exceeding $600/MCF, with commercial production expected Q3 2026. Phase 2 is approximately 13 times larger than Phase 1.
- Renergen LimitedflagshipASP Isotopes completed acquisition of Renergen Limited for $129.4 million in January 2026. Renergen operates the Virginia Gas Project in South Africa's Free State Province - a helium and LNG production asset. Phase 1 drilling completed April 2026, four months ahead of schedule. Provides critical helium supply for semiconductor and medical imaging industries.
- European Nuclear Technology Company (unnamed)coreQuantum Leap Energy entered non-binding MOU with European nuclear technology company for HALEU supply collaboration. European partner provides uranium feedstocks to QLE's planned conversion and enrichment facilities. Potential deliveries beginning 2028 and scaling through 2036. MOU extends through December 31, 2030.
- University of BristolminorQuantum Leap Energy partnership with University of Bristol to develop lithium laser enrichment research facility in the UK. Collaboration advances QLE's laser enrichment technology research and development capabilities.
- Large US Energy Company (unnamed)coreQuantum Leap Energy signed non-binding MOU with major publicly traded US energy company to evaluate support for establishing advanced nuclear fuel production facilities in the US. Facilities would produce HALEU and LEU+ and provide uranium conversion and deconversion services. Addresses US domestic enrichment capacity needs ahead of 2028 Russian uranium import ban.
- Necsa (South African Nuclear Energy Corporation)coreQuantum Leap Energy executed Pre-Implementation Services Contract with Necsa for siting, design, construction, and operation of a HALEU enrichment facility at Necsa's Pelindaba site. Collaboration leverages QLE's proprietary enrichment technology with Necsa's established nuclear infrastructure. Addresses growing global demand for HALEU fuel for small modular reactors.
- Fermi AmericacoreJoint venture with Fermi America (led by former Texas Governor Rick Perry) for development of HALEU enrichment research and commercial production facility in Amarillo, Texas. Partnership part of Project Matador - proposed 18+ million square foot AI campus powered by nuclear reactors. ASP Isotopes securing advanced reactor fuel supply for major US infrastructure project.
- Skyline Builders Group Holding Limited (SKBL)minorQuantum Leap Energy acquired controlling interest in SKBL (NASDAQ: SKBL) - holding 79.14% of voting power. QLE intends to use SKBL to pursue opportunities to acquire assets in the critical materials supply chain to help secure important feedstocks vital to US security.
- IsotopiaminorPartnership with Isotopia for cancer therapy isotope development. ASP Isotopes announced $4 million isotope deal for novel antibody-isotope therapy development.
- TerraPower LLCcoreEntered into term sheet with TerraPower (Bill Gates' nuclear company) for construction of HALEU production facility. TerraPower awarded key contracts to ASP Isotopes and Centrus Energy for HALEU fuel supply for its Natrium reactor project. ASP Isotopes positioned as critical supplier for next-generation nuclear fuel.
Scale indicators17 records
Recent moves6 records
Expansion highlights6 records
ASP Isotopes competitors and assessment
Company assessmentDirect peers
- Centrus Energy: Centrus Energy is the only other company actively producing HALEU in the United States under contract to the Department of Energy and is a direct competitor for nuclear fuel supply to TerraPower and other advanced reactor developers — both Centrus and ASP Isotopes' Quantum Leap Energy subsidiary are pursuing HALEU/LEU+ production for the same advanced reactor customers.
- SHINE Technologies: SHINE Technologies is an emerging U.S. fusion-and-medical-isotope company producing medical isotopes (Mo-99, I-131, Lu-177) and investigating fusion-based enrichment, directly overlapping with ASP Isotopes' medical isotope and nuclear materials business across radiopharmaceutical supply.
- Urenco: Urenco is the world's leading commercial uranium enricher (LEU and stable isotopes) using centrifuge technology, competing head-to-head with ASP Isotopes' Aerodynamic Separation Process for nuclear fuel and stable isotope enrichment contracts globally.
- NorthStar Medical Radioisotopes: NorthStar Medical is a U.S.-based medical isotope producer focused on Mo-99/Tc-99m and therapeutic radioisotopes, providing direct competition in the same radiopharmaceutical segment ASP Isotopes is targeting via its PET Labs radiopharmacy and Carbon-14/Ytterbium-176 programs.
- Curium Pharma: Curium Pharma is one of the largest nuclear medicine and radiopharmaceutical manufacturers globally, directly comparable to ASP Isotopes' medical isotope portfolio and its radiopharmacy distribution through PET Labs acquisitions in Florida and South Carolina.
Broad incumbents
- Cameco: Cameco is a large, established nuclear fuel cycle incumbent spanning uranium mining, conversion, and fuel fabrication; while not directly competing in isotope enrichment, it sets the strategic reference point and competitive benchmark for ASP Isotopes' HALEU and uranium conversion services.
- Orano: Orano (formerly Areva) is a major French nuclear fuel cycle operator covering uranium mining, conversion, enrichment, and fuel fabrication; its global scale and existing enrichment infrastructure represent the broad incumbent benchmark for ASP Isotopes' emerging HALEU and conversion/deconversion ambitions.
- Linde plc: Linde is one of the world's largest industrial gas producers, including helium production and supply, and operates radiopharmaceutical distribution; comparable to ASP Isotopes' Renergen Virginia Gas helium output (58,000 cu ft/day at Phase 1) and overlap with medical imaging gas customers.
- BWX Technologies: BWX Technologies designs and manufactures nuclear components and TRISO fuel for advanced reactors and produces medical radioisotopes, positioning it as a broader nuclear industry incumbent relevant to both ASP Isotopes' HALEU fuel manufacturing plans and its medical isotope business.
Others
- TerraPower: TerraPower is Bill Gates' advanced reactor developer and a key demand-side partner/off-taker for ASP Isotopes' HALEU via the term sheet for the Natrium reactor; not a competitor, but a strategic customer and counterparty that directly determines the volume and timing of ASP's HALEU ramp.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
ASP Isotopes social profiles
Digital presenceASP Isotopes financial estimates
Financial estimateRevenue estimate
Valuation estimate
ASP Isotopes leadership team
Management profileNumber of profiles
Profiles10 records
ASP Isotopes subsidiaries and ownership
Company hierarchySubsidiaries5 records
ASP Isotopes funding detail
Funding detailFunding overview
Funding rounds8 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ASP Isotopes M&A and investment
M&A and investmentM&A2 records
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ASP Isotopes
What does ASP Isotopes do?
ASP Isotopes manufactures and supplies enriched stable isotopes for medical, semiconductor, and nuclear energy applications, including Silicon-28, Ytterbium-176, Carbon-14, and Barium-137. The company also produces HALEU (High-Assay Low-Enriched Uranium) nuclear fuel through its Quantum Leap Energy subsidiary and helium and LNG (liquefied natural gas) from the Virginia Gas Project.
Is ASP Isotopes a public or private company?
ASP Isotopes is a public company. It is classified as public and is currently operating.
When was ASP Isotopes founded?
ASP Isotopes was founded in 2022. It employs 101 to 250 people.
Where is ASP Isotopes based?
ASP Isotopes is headquartered in Boca Raton, United States, in the North America region.
How does ASP Isotopes make money?
Four revenue lines are on record. Isotope Sales - Medical/Radiopharmaceuticals are the primary driver. The others are isotope Sales - Semiconductors, helium and LNG Production and HALEU Nuclear Fuel.
Who are ASP Isotopes's main competitors?
Direct peers on record are Centrus Energy, SHINE Technologies, Urenco, NorthStar Medical Radioisotopes and Curium Pharma. Broad incumbents are Cameco, Orano, Linde plc and BWX Technologies. TerraPower is listed as an others.
Does ASP Isotopes have an API?
No public API is recorded for ASP Isotopes.
What industry is ASP Isotopes in?
ASP Isotopes's product category is Stable Isotope Enrichment. Its primary akta.pro industry code is EUAKACAH, HALEU Production & Supply Chain (Feedstock, Enrichment, Downblending), with a secondary code of EUAKAIAA, Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.). Its NAICS code is 32512.