Abstract: The use of high amounts of iridium in industrial proton exchange membrane water electrolysers (PEMWE) could hinder their widespread use for the decarbonisation of society with hydrogen. Non-thermally oxidised Ir nanoparticles supported on antimony-doped tin oxide (SnO2:Sb, ATO) aerogel allow decreasing the use of the precious metal by more than 70 %, while enhancing the electro-catalytic activity and stability. To date the origin of these benefits remains unknown. Here we present clear evidence on the mechanisms that lead to the enhancement of the electrochemical properties of the catalyst. Operando near ambient pressure X-ray photoelectron spectroscopy on membrane electrode assemblies reveals a low degree of Ir oxidation, attributed to the oxygen spill-over from Ir to SnO2:Sb. Furthermore, the formation of highly unstable Ir(III) species is mitigated, while the decrease of Ir dissolution in Ir/SnO2:Sb is confirmed by inductively coupled plasma mass spectrometry (ICP-MS). The mechanisms that lead to the high activity and stability of Ir catalyst supported on SnO2:Sb aerogel for PEMWE are thus unveiled.