A nanotube/matrix composite mixture, and a method of producing it, which can be used to form a composite material such as a drawn fiber having an increased strength over a drawn fiber formed from the matrix material alone. Nanotubes are combined with a solvent material to form a nanotube/solvent mixture. The nanotube/solvent mixture is mixed, for example by sonication, such that the nanotubes are uniformly dispersed in the nanotube/solvent mixture. An amount of a matrix material (with or without a solvent) is then combined with the nanotube/solvent mixture to form a nanotube/solvent/matrix mixture. The nanotube/solvent/mixture and the matrix material are mixed such that the nanotubes are maintained in uniformly dispersed state in the nanotube/solvent/matrix mixture, for example by continued sonication after the nanotubes and matrix material are combined. The solvent material is then substantially removed from the nanotube/solvent/matrix mixture to form the nanotube/matrix composite mixture, which can then be used in a commercial process to produce a composite material such as drawn fiber, as produced, for example, by melt spinning.