How Trump’s ‘Project Vault’ killed one of the biggest ASX floats of 2026
Ivanhoe Atlantic recently pulled its $300m ASX float and will now list in New York. But the reasons behind that might bode well for the local bourse.
Days after iron ore miner Ivanhoe Atlantic pulled its circa $300 million ASX float in favour of a New York listing, the company’s founder Robert Friedland was standing behind US President Donald Trump in the Oval Office for the launch of “Project Vault” — the country's new USD12 billion ($17 billion) critical minerals stockpile.
Capital Brief revealed in December that US-based Ivanhoe had received preliminary IPO approval from the ASX but had shelved go-live plans until the middle of 2026, having previously targeted a listing by the end of 2025.
But the company has confirmed the move has now been scrapped, while a secondary listing “may be considered in the future”.
Ivanhoe has made no secret of what sparked the U-turn.
Since being accused of “concerning ties” to the Chinese Communist Party by US congressman John Moolenaar late last year, the group has fiercely aligned itself with Trump’s aggressive critical minerals agenda, which aims to reduce dependence on China for rare earths and other key minerals.
