What Stardust Power does

Stardust Power is a development-stage public company building a centralized lithium refinery in Muskogee, Oklahoma designed to produce up to 50,000 metric tons per annum of battery-grade lithium carbonate in two phases of approximately 25,000 metric tons each. The company employs a hub-and-spoke model that aggregates lithium brine feedstock from multiple upstream sources, including California, Utah, and Canadian brine projects, with planned offtake commitments exceeding full production capacity. Its technology stack combines conventional refining processes with a potential exclusive licensing arrangement for KMX Technologies' Vacuum Membrane Distillation (VMD) concentration technology in the U.S. and Canada, alongside zero liquid discharge and fully electric production line design for sustainability differentiation. The facility targets a $1.2 billion total project investment and is positioned to serve EV manufacturers, U.S. military and defense applications, and grid-scale energy storage buyers.

The company generates no commercial revenue and has never been profitable, reporting a $15.7M net loss for FY 2025 and a $5.2M net loss for Q1 2026. Its go-to-market is enterprise B2B, with direct sales targeting cathode producers, battery cell manufacturers, OEMs, and government agencies through long-term offtake agreements. Distribution is primarily direct, supplemented by trading houses and commodity intermediaries. Founded in 2022 and initially owned by VIKASA Capital, Stardust Power completed a SPAC business combination with Global Partner Acquisition Corp II in September 2024, listing on Nasdaq under ticker SDST at a $490M pro forma enterprise valuation. The company has secured multiple financing instruments totaling approximately $35M in confirmed capital plus a non-binding $150M project-level LOI, but reported going concern doubt in Q1 2026 with cash of approximately $1.2M, making the closing of construction financing the critical near-term milestone.

Name

Stardust Power

Legal name

Stardust Power Inc.

Website

https://stardust-power.com/

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Stardust Power is a development-stage public company building a 50,000 metric tons per annum battery-grade lithium carbonate refinery in Muskogee, Oklahoma, targeting EV manufacturers, U.S. defense, and energy storage buyers through direct offtake agreements.

Ownership category

akta.pro rank

Headquarters

HQ city

Oklahoma City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Infrastructure, Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. Battery-Grade Lithium Carbonate Sales: Primary revenue will be generated from the sale of battery-grade lithium carbonate produced at the Muskogee, Oklahoma refinery. The company has reported multiple offtake commitments exceeding full production capacity, though the refinery is not yet operational. Revenue will be driven by volume contracts with EV manufacturers, battery producers, and government/defense customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Stardust Power is a development-stage company building a strategically central lithium refinery in Muskogee, Oklahoma designed to produce up to 50,000 metric tons per annum of battery-grade lithium carbonate from various lithium brine feedstocks. The refinery operates on a hub-and-spoke model, aggregating upstream lithium brine sources and converting them into battery-grade lithium carbonate for electric vehicle, energy storage, and U.S. defense customers. The facility is being developed in two phases of approximately 25,000 metric tons per annum each, with a fully electric production line and zero liquid discharge system.

Product overview

Stardust Power is a development-stage company building a single flagship product: a large-scale lithium refinery in Muskogee, Oklahoma designed to produce battery-grade lithium carbonate. The project is structured in two phases of approximately 25,000 metric tons per annum each, totaling up to 50,000 metric tons per annum at full capacity. The company does not operate multiple distinct product lines; its offering is the production and supply of domestically refined battery-grade lithium to the EV, energy storage, and defense sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Muskogee Lithium Refinery

Quantifiable outcome

• 34.1% reduction in net loss year-over-year (FY 2025)
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered major, strategic and core.

• Brown & RootmajorImplementation/ SI/ Consulting Partner · 16 June 2026Leading EPC firm engaged to conduct geotechnical work including site borings and subsurface investigations following completion of Front-End Loading Level 3 engineering design at the Muskogee refinery site.
• Ohio UniversitystrategicStrategic or Co-development Partner · 2 June 2026DOE-funded research partnership developing next-generation electrochemical technology for extracting lithium from domestic waste streams including oil and gas wastewater and legacy coal mine drainage. Stardust Power serves as end-use industrial partner evaluating lithium samples against battery-grade specifications.
• California Brine Project (strategic counterparty)coreStrategic or Co-development Partner · 13 April 2026Non-binding Letter of Intent for supply of up to 15,000 metric tons per annum of lithium carbonate equivalent as lithium chloride from a California brine project. Initial deliveries planned for first half of 2028.
• Lithium Regional Innovation Cluster (LRIC)strategicStrategic or Co-development Partner · 1 April 2026U.S. public-private initiative focused on advancing domestic lithium value chain for EV and battery applications. Stardust Power contributes midstream refining expertise while engaging with industry peers across the ecosystem.
• Cornerstone ConsortiumstrategicStrategic or Co-development Partner · 24 February 2026DoD-aligned collaborative framework strengthening domestic industrial base and securing critical supply chains across 18 industrial sectors. Membership aligns with federal priorities to reduce reliance on foreign-sourced critical minerals.
• Mandrake Resources LimitedmajorStrategic or Co-development Partner · 3 November 2025Non-binding agreement to secure 7,500 metric tons of lithium carbonate annually from Mandrake's Utah Lithium Project, supporting the U.S. lithium supply chain strategy.
• Prairie LithiummajorStrategic or Co-development Partner · 21 October 2025Strategic six-year agreement (with extension options) to supply 6,000 metric tons per year starting as early as 2027 from Prairie Lithium's Canadian operations.
• KMX TechnologiesstrategicTechnology or Integration · 8 October 202490-day exclusivity period to negotiate licensing arrangement for KMX's vacuum membrane distillation (VMD) lithium brine concentration technology. Potential exclusive use in the U.S. and Canada would lower operating costs and reduce energy intensity of refining process.
• Paramita Das (Chief Strategy Officer)coreOthers · 23 September 2024Former Rio Tinto executive with 20+ years at major metals and mining companies joins as Chief Strategy Officer and Senior Advisor. Brings deep expertise in commercialization, business development, and ESG from roles including Global Head of Marketing at Rio Tinto.
• Primero USAcoreImplementation/ SI/ Consulting Partner · 12 August 2024Market-leading multidisciplinary EPC firm selected to complete Front-End Loading Level 3 (FEL-3) engineering design and cost study. Primero has completed detailed engineering for lithium refineries in Texas and North Carolina.

Scale indicators15 records

Recent moves4 records

Expansion highlights6 records

Direct peers

• Standard Lithium: Standard Lithium is developing battery-grade lithium carbonate production from Smackover Formation brines in Arkansas and other U.S. locations using proprietary DLE technology. Closely comparable to Stardust Power as a U.S.-focused midstream lithium refiner targeting the same battery-grade market and customer base.
• Livent (now Arcadium Lithium, acquired by Rio Tinto): Livent was a pure-play battery-grade lithium chemicals producer (lithium carbonate, lithium hydroxide, butyllithium) before its merger with Allkem to form Arcadium, which was subsequently acquired by Rio Tinto. Directly comparable to Stardust Power's focus on high-purity battery-grade lithium chemicals for the EV and energy storage markets.
• Piedmont Lithium: Piedmont Lithium is a U.S.-focused lithium developer advancing the Carolina Lithium and Tennessee Lithium projects to produce battery-grade lithium hydroxide and carbonate. Comparable as a U.S.-based developer targeting the same IRA-driven domestic battery-grade lithium market with multi-phase production plans.
• Lithium Americas: Lithium Americas is developing the Thacker Pass lithium project in Nevada, one of the largest known lithium resources in the U.S., targeting battery-grade lithium carbonate production. Comparable as a development-stage North American lithium project with substantial offtake commitments and government support, though its upstream mining focus differs from Stardust Power's midstream refining model.
• ioneer Ltd: ioneer is developing the Rhyolite Ridge lithium-boron project in Nevada to produce battery-grade lithium carbonate and lithium hydroxide. Comparable as a U.S.-based, development-stage battery-grade lithium chemicals producer with DOE support and offtake agreements.

Broad incumbents

• Albemarle Corporation: Albemarle is the world's largest lithium producer, with integrated mining and lithium chemical conversion operations including battery-grade lithium carbonate and hydroxide. Comparable to Stardust Power as a battery-grade lithium chemicals producer, but operates at much larger scale across multiple geographies and includes upstream mining.
• SQM (Sociedad Química y Minera de Chile): SQM is one of the world's largest lithium chemical producers, operating brine extraction in the Atacama Desert and producing battery-grade lithium carbonate and hydroxide. Comparable as a major battery-grade lithium chemicals producer, though SQM's scale and Chilean operations differ from Stardust Power's domestic U.S. focus.
• Compass Minerals: Compass Minerals operates a diversified specialty minerals business and is developing lithium production from its Ogden, Utah brine operations at the Great Salt Lake, including a partnership with EnergySource Minerals. Comparable for its U.S.-based lithium-from-brine production plans, though Compass is a much broader specialty minerals incumbent.

Emerging players

• EnergySource Minerals: EnergySource Minerals is developing the Hell's Kitchen lithium project in California using geothermal brine resources to produce battery-grade lithium. Comparable as an emerging U.S. lithium-from-brine producer targeting the same regulatory tailwinds and domestic supply security narrative.
• International Battery Metals (IBAT): IBAT has developed a modular direct lithium extraction (DLE) technology and is commercializing it for brine-based lithium production. Comparable as an emerging player in the lithium-from-brine extraction space with a focus on cost-efficient, sustainable production technology for U.S. and international markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SDST_Power
• LinkedInlinkedin.com/company/stardust-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stardust Power