Morgan Stanley Robotics: VulcanForms - Making Metals Manufacturing Simpler
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Morgan Stanley highlights VulcanForms, a startup aiming to simplify the highly fragmented metals supply chain through a vertically integrated, software-driven additive and subtractive manufacturing model. With US manufacturing declining to under 10% of GDP, VulcanForms leverages technology originating from MIT to address critical supply chain bottlenecks. Founded in 2015, the company utilizes its proprietary GEN 3 metal printers equipped with 75 550W lasers, totaling 40 kW of power. This setup enables 24/7 tool-less production of dense metal parts with micron-level precision across various materials, including steel, titanium, aluminum, nickel, and copper alloys. The firm operates VulcanOne, a 160,000-square-foot facility in Devens, and VulcanTwo, a CNC machining hub in Newburyport. Following a January 2026 Series D funding round, VulcanForms plans to construct VulcanThree and a broader manufacturing campus to integrate additive manufacturing, material production, and post-processing. The company serves the aerospace, defense, medical, and energy sectors. Morgan Stanley notes that while the technology is promising, the company faces several risks, including manufacturing scaling challenges, structural limitations of additive processes, conservative customer acquisition, capital intensity, and talent shortages. The report is informational only and does not constitute investment advice.