Xometry Inc. priced an underwritten public offering of 2.65 million Class A shares at $85 apiece, raising about $225 million in gross proceeds. The offering, led by J.P. Morgan and Goldman Sachs, is expected to close June 3 with proceeds earmarked for working capital and general corporate purposes.
Xometry Inc. priced an underwritten public offering of 2.65 million Class A shares at $85 apiece, raising about $225 million in gross proceeds to fund working capital and general corporate purposes as the AI-native manufacturing marketplace builds on record quarterly revenue and a strategic partnership with Siemens.
The North Bethesda, Maryland-based company granted underwriters a 30-day option to purchase up to an additional 397,058 shares at the same price, less underwriting discounts and commissions, according to a statement Tuesday. The offering is expected to close June 3, subject to customary conditions. All shares are being sold by Xometry, diluting existing shareholders by about 2.6% based on the company's outstanding share count before the transaction.
"The capital raise provides Xometry with additional financial flexibility as it scales its AI-native manufacturing marketplace," the company said in its prospectus supplement. J.P. Morgan and Goldman Sachs are acting as joint book-running managers, with William Blair, Citizens Capital Markets and Cantor serving as additional book-runners and Craig-Hallum as co-manager.
Xometry's stock fell 7.6% to about $88 in the session following the announcement, paring some of the gains from a 39% surge on May 7 after the company reported record first-quarter revenue of $205.1 million and raised its full-year growth and margin outlook. The offering price of $85 represents a 10.8% discount to the $95.29 reference price in the company's June 1 shelf registration filing on Form S-3, which became automatically effective upon filing.
The offering is the company's first equity capital raise since the Siemens partnership, which included a roughly $50 million minority investment in Xometry Class A stock and an agreement to embed Xometry's AI-native supply chain intelligence into Siemens' Xcelerator platform. Xometry also expanded into data center supply chain sourcing in May, adding single-platform procurement for critical infrastructure components such as cooling systems and power distribution equipment.
Xometry operates a digital marketplace that connects buyers with suppliers of custom-manufactured parts, using artificial intelligence to provide real-time pricing and lead time data. The company's Thomasnet industrial sourcing platform serves as a complementary channel for procurement professionals. Proceeds from the offering will support expansion of its digital marketplace as it competes with traditional industrial distributors such as McMaster-Carr and Grainger, as well as other on-demand manufacturing platforms.
The company's market capitalization stood at about $5 billion before the offering, based on the $95.25 close before the announcement. Trading volume of 704,042 shares on the announcement day was below the 20-day average of about 1.09 million, suggesting the price decline reflected the dilution mechanics of the offering rather than broad selling pressure. The stock trades above its 200-day moving average of $55.94, indicating the pre-offering uptrend remained intact despite the discount.
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