Pajarito Powder's iridium oxide OER catalyst represents a breakthrough in performance and durability for PEM electrolyzer applications, delivering the exceptional activity and longevity required to meet the demanding targets of next-generation green hydrogen production. With a remarkably high surface area >190 m²/g, our catalyst exposes an extraordinary density of active iridium sites, enabling a mass activity exceeding 1,000 A/gram of iridium at 1.5 V — a benchmark that dramatically reduces the iridium loading required to achieve target current densities and directly addresses one of the most significant cost and supply chain challenges facing the electrolyzer industry. At practical loadings device performance approaches the DOE's ambitious 2026 ultimate targets, demonstrating that world-class electrolyzer performance is achievable without excessive reliance on this scarce and costly metal. Equally impressive is the catalyst's exceptional stability, with a degradation rate of less than 2.3 µV/h that speaks to the robust design of our iridium oxide architecture and its resistance to the oxidative conditions that drive performance decay in commercial electrolyzers — making it an ideal foundation for electrolyzer stacks designed for the long operational lifetimes.