A process for producing a dispersion of a highly fluorinated ion exchange polymer is provided in which a dispersion of a highly fluorinated ion exchange polymer in a first liquid that includes at least 10 wt % of an organic liquid is atomized and released into a heated gas to produce flowable particles of highly fluorinated ion exchange polymer having dry surface/exteriors and an internal residual moisture content of at least 4 wt %. The particles are dispersed in a second liquid to produce a second dispersion of highly fluorinated ion exchange polymer from which proton exchange membranes and electrodes for fuel cells may be produced.