This study presents a scalable synthesis method for a TiO₂@IrOₓ core–shell catalyst with a reduced iridium content of up to 40 wt.% for proton exchange membrane water electrolysis (PEMWE). The catalyst is synthesized using a photodeposition process, resulting in titania support particles coated with a thin iridium oxide shell (2.1 ± 0.4 nm). The catalyst exhibits high ex situ activity and decent stability compared to commercial catalysts. The unique core–shell structure increases electrical powder conductivity by three times compared to structures without the shell. The low iridium content facilitates the fabrication of thick catalyst layers at reduced iridium loadings, mitigating crack formation during operation. Single-cell tests show that the novel catalyst outperforms commercial references with an iridium loading below 0.3 mgIr cm⁻², achieving a superior iridium-specific power density of 17.9 kW gIr⁻¹. The synthesis method is scalable and can be implemented in large-scale production.This study presents a scalable synthesis method for a TiO₂@IrOₓ core–shell catalyst with a reduced iridium content of up to 40 wt.% for proton exchange membrane water electrolysis (PEMWE). The catalyst is synthesized using a photodeposition process, resulting in titania support particles coated with a thin iridium oxide shell (2.1 ± 0.4 nm). The catalyst exhibits high ex situ activity and decent stability compared to commercial catalysts. The unique core–shell structure increases electrical powder conductivity by three times compared to structures without the shell. The low iridium content facilitates the fabrication of thick catalyst layers at reduced iridium loadings, mitigating crack formation during operation. Single-cell tests show that the novel catalyst outperforms commercial references with an iridium loading below 0.3 mgIr cm⁻², achieving a superior iridium-specific power density of 17.9 kW gIr⁻¹. The synthesis method is scalable and can be implemented in large-scale production.