We came across a bullish thesis on Xometry, Inc. on Investment Ideas by Antonio’s Substack by Antonio Linares. In this article, we will summarize the bulls’ thesis on XMTR. Xometry, Inc.’s share was trading at $66.03 as of February 6th. XMTR’s forward P/E was 90.91 according to Yahoo Finance.
Xometry, Inc. operates an artificial intelligence (AI) powered online manufacturing marketplace in the United States and internationally. XMTR is emerging as a transformative force in the manufacturing supply chain, trading at a modest 4.9x multiple that appears to underappreciate the company’s long-term potential. The firm operates a digital marketplace connecting underutilized manufacturing capacity with customer demand, while steadily building a supply-chain digital twin that captures data, improves supplier matching, and reduces friction across industries.
Since its founding in 2013, Xometry has expanded from 3D printing into high-volume manufacturing across complex sectors such as aerospace, semiconductors, medical, and defense, establishing itself as a trusted partner for time-sensitive, high-precision orders. Xometry’s competitive moat is driven by its proprietary AI and the network effect of its growing supplier and customer base. The platform optimizes pricing, manufacturability assessments, and order-to-supplier matching in real time, while continuous software enhancements through Teamspace and Workcenter deepen relationships and expand the problems the company can solve for its clients.
Its 2021 acquisition of Thomas, a leading industrial sourcing platform, has further extended Xometry’s reach, with dynamic ad server technology and integration plans positioning the company to capture more value from a broader customer base. Despite some short-term headwinds, including modest operating leverage and an opaque balance sheet, Xometry has demonstrated resilient revenue and margin growth, geographic expansion, and iterative improvements in AI-driven supply chain management.
If the company succeeds in abstracting supply chain complexity for enterprises across industries, it could evolve into a Singularity Scaler, delivering outsized returns as AI and network effects amplify its value. With its scalable platform, strong data-driven moat, and ability to tackle persistent supply chain friction, Xometry presents a compelling bullish case for investors seeking long-term exposure to the digitization and AI transformation of manufacturing.
Previously, we covered a bullish thesis on Xometry, Inc. (XMTR) by Unconventional Value in February 2025, which highlighted the company’s digital-native marketplace, AI-driven instant pricing, and network effects as key drivers of its leadership in custom manufacturing. XMTR’s stock price has appreciated by approximately 88.44% since our coverage. Antonio Linares shares a similar bullish view but emphasizes Xometry’s broader supply-chain platform, AI-powered optimization, and potential as a Singularity Scaler.
Xometry, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held XMTR at the end of the third quarter which was 22 in the previous quarter. While we acknowledge the risk and potential of XMTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than XMTR and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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