Stardust Power Inc.
Stardust Power Inc. is a U.S.-based development-stage battery-grade lithium company organized around a planned large-scale lithium refinery in Oklahoma. The business is designed to process multiple lithium brine inputs into battery-grade lithium products for electric vehicle and other battery supply chains.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRefined lithium chemicals intended for use in battery cells and related applications.
Processing of lithium brine feedstock into a consistent refinery input stream.
Engineering, site development, and build-out of the planned Oklahoma refinery.
Customers
Stardust Power targets electric vehicle manufacturers as its primary end market, with additional potential demand from battery manufacturers and original equipment manufacturers. The company also references U.S. military and other domestic industrial users as possible customers for battery-grade lithium products.
Primary target buyers for battery-grade lithium used in EV battery cells and supply chains.
Buy refined lithium inputs for cell production and value consistent chemical quality.
Use lithium products indirectly through battery supply chains and domestic sourcing programs.
Potential strategic customers seeking secure domestic supply of critical minerals.
Strategy
Stardust Power’s strategy is to build a large central refinery that can accept multiple lithium brine inputs and produce battery-grade lithium at scale. It is also positioning itself as a domestic supplier for EV and battery customers who value U.S. sourcing, long-term contracts, and supply-chain resilience.
Scaled processing capacity is the core operating asset and the basis for future sales.
Reliable input supply is necessary to run the refinery and support customer commitments.
Battery customers typically require stable supply and predictable pricing structures.
U.S.-based sourcing can be a commercial advantage for EV and strategic buyers.
Geography
The company is based in the United States and is developing its refinery in Oklahoma, with the Muskogee site serving as the planned operating location. Its commercial focus is domestic, aimed at U.S. battery supply chains that want local sourcing and reduced dependence on foreign materials.
Risks
The company faces development-stage execution risk because its refinery is not yet in commercial production and requires substantial capital, engineering, and permitting progress. It is also exposed to feedstock availability, customer concentration in EV and battery markets, and commodity-linked pricing dynamics once operations begin.
The company needs additional capital to fund development and working capital before commercial production.
Exposure: Corporate funding and project completion
A first-of-its-kind refinery build requires engineering, permitting, and construction success.
Exposure: Facility development in Oklahoma
The refinery depends on third-party lithium brine inputs and supplier negotiations.
Exposure: Brine sourcing and contract terms
Planned sales are concentrated in EV and battery supply chains that can be cyclical.
Exposure: End-market demand for battery-grade lithium
Future contracts are expected to use capped and variable pricing tied to market conditions.
Exposure: Lithium product pricing
Accounting
Judgemental itemsPublic offering-related legal and advisory costs are deferred until completion, affecting reported expenses and assets.
Impact: Balances sheet and equity presentation
Valuation assumptions drive stock-based compensation and historical equity measurements.
Impact: Operating expense and equity valuation
Project-stage spending may be capitalized if tied to refinery development, affecting near-term earnings and asset values.
Impact: Property, plant and equipment and expense timing
Liquidity assumptions and financing plans influence how the financial statements are presented and interpreted.
Impact: Disclosure and financial statement context
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Last updated: 24/09/2026