Ironbound Forge Expansion Notes

A seventy-year-old forge with an ASME Section III stamp and a backlog it cannot currently fill.

The bottleneck in nuclear construction is rarely the reactor. It is large-diameter forgings, and there are very few shops in the country qualified to make them. Ironbound has been forging since 1954, holds an ASME Section III certificate, and turns away work. Proceeds buy a second ring forge. Revenue is contracted across six developers, so no single reactor program determines the outcome.

Ironbound Forge Works · Coatesville, PANot applicableEscrow: Meridian Trust, N.A.

TRL 9 of 9, band 8.7 to 9, signed by Dr. Samuel Adeyemi, PhD Nuclear Engineering; ASME Section III reviewer, on Jul 7, 2026.See the evidence it rests on

$9,408,000 committed of $32,000,000

$9,408,000 released · 29% subscribed

Released to the issuerCommitted, held in escrowRemaining

Minimum: $500
Target coupon: 6.25%
Term: 6 yr
Investors: 1,046

Closes February 28, 2027 · 168 days remaining

Eligibility depends on residency, accreditation status and how much you have already invested this year.
You can read everything about this offering without an account. Committing capital requires one.

Open an account

Open an account to invest

Demo · viewing as

Browsing without an account. Everything is visible; nothing is purchasable until you verify who and where you are.

Or answer the questions yourself

No money will move

No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

TRL assessment

Technology readiness level, 1 to 9

Confidence band 8.7 – 9.0

Forging is a mature process and this shop has been performing it under ASME Section III for decades, so the technology score is a formality at 9. The interesting risk is not metallurgy but execution on doubling capacity; skilled trades hiring and a second forge commissioning are the real uncertainties.

At TRL 9, the ladder permits Revenue share or Fixed-rate note or Municipal mini-bond and releases up to 100% of committed capital. This offering is structured as a fixed-rate note, which is consistent with that band.

Signed and published

Reviewer: Dr. Samuel Adeyemi
Credential: PhD Nuclear Engineering; ASME Section III reviewer
Signed: July 7, 2026
Published: July 8, 2026
Methodology: v1.4
Model: ci-trl-2026.06
Generated: Jul 1, 2026

How scoring works

Evidence

Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.

Source	Document	Date	Weight
Metered output	Delivered nuclear-grade forgings, trailing five years Issuer shipment records and customer acceptance Continuous production history with documented acceptance by ASME stamp holders.	Jun 30, 2026	40%
Independent test report	ASME Section III certificate and NQA-1 audit Current certificate of authorization; third-party audit Quality program audited with no major findings.	Jan 15, 2026	35%
Supplier contract	Backlog across six developers and two EPC contractors Executed purchase orders and framework agreements Backlog exceeds current annual capacity, which is the premise of the expansion.	May 22, 2026	25%

Source

Document

Date

Weight

Metered output

Delivered nuclear-grade forgings, trailing five years

Issuer shipment records and customer acceptance

Continuous production history with documented acceptance by ASME stamp holders.

Jun 30, 2026

40%

Independent test report

ASME Section III certificate and NQA-1 audit

Current certificate of authorization; third-party audit

Quality program audited with no major findings.

Jan 15, 2026

35%

Supplier contract

Backlog across six developers and two EPC contractors

Executed purchase orders and framework agreements

Backlog exceeds current annual capacity, which is the premise of the expansion.

May 22, 2026

25%

Score history

A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.