Stardust Power (SDST)
Planned Oklahoma refiner of battery-grade lithium carbonate.
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Plans to buy aqueous lithium-chloride feedstock, convert it into battery-grade lithium carbonate in Oklahoma, and sell the output to battery, defense and equipment customers. The pre-revenue business rests on developing and financing one refinery rather than operating a captive mine.
Plans to convert third-party aqueous lithium-chloride feedstock into battery-grade lithium carbonate at a refinery in Muskogee, Oklahoma. The intended output would serve battery manufacturers, defense users and Western equipment makers; the company is a converter rather than a lithium miner.
Builds a U.S.-centered supply chain around external brine producers, site infrastructure and future customer qualification. Its disclosed commercial frameworks cover feedstock, project financing and offtake, while the refinery remains in development and has not produced material or generated revenue.
Executes engineering, permitting, utility planning and site-readiness work for a single refinery project. Commercial operation depends on final investment, construction funding, definitive feedstock and offtake contracts, utility infrastructure, and compliance with construction and environmental permit conditions.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 20, 2025 | Maxim Group | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $540.3K · Total debt $90.5K · Total assets $9.1M · Shareholders' equity −$8.2M
- Revenue
- $0
- Operating income
- −$3.9M
- Net income
- −$3.9M
No dividends on record.
| Institutions | 5.35% | 751.7K shares | |
|---|---|---|---|
| 21 holders · as of Jun 30, 2026 | |||
| Insiders | 26.62% | 3.74M shares | |
| 8 holders · as of Sep 17, 2026 | |||
| Other | 68.03% | 9.56M shares | |
| remainder | |||
14.05M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (14.05M in the company's Sep 22, 2026 report, 10.58M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Roshen PujariInsiderdirector, 10 percent owner, officer: CEO and Chairman | 20.14% | 1.68M · 1.15M | filed Jun 17, 2026 |
Pablo CortegosoInsiderofficer: Chief Technical Officer | 3.30% | 462,973 | filed Sep 17, 2026 |
Vanguard Capital Management LLCInstitution | 1.42% | 199,187 | as of Jun 30, 2026 |
Anupam AgarwalInsiderdirector | 1.10% | 85,171 · 69,034 | filed Mar 24, 2026 |
Cetera Investment AdvisersInstitution | 1.03% | 144,256 | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 16, 2026 | Pablo Cortegoso | officer: Chief Technical Officer | −123,614 | $0.1318 |
| Sep 16, 2026 | Chris Edward Celano | officer: Chief Operating Officer | −739 | $0.1394 |
| Sep 16, 2026 | Udaychandra Devasper | officer: Chief Financial Officer | −3,726 | $0.1424 |
| Sep 10, 2026 | Udaychandra Devasper | officer: Chief Financial Officer | −49,315 | $0.1600 |
| Jun 15, 2026 | Roshen Pujari | director, 10 percent owner, officer: CEO and Chairman | −861 | $1.91 |
- Albemarle
Scaled battery-grade carbonate incumbent with U.S. conversion and offtake.
- SQM (ADR)
Large Chilean lithium producer with operating carbonate scale and a U.S. ADR.
- Lithium Americas
Thacker Pass targets large-scale U.S. battery-quality lithium carbonate.
- Standard Lithium
U.S. brine project targets battery-quality carbonate with binding offtake.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Stardust Power | $0.1235 | −2.68% | $1.3M | — | — | — | — |
| Albemarle | $116.25 | +2.95% | $13.32B | — | 11.8 | 2.3 | +31.1% |
| SQM (ADR) | $70.54 | +1.45% | $19.86B | 14.3 | 8.9 | 2.9 | +136.7% |
| Lithium Americas | $2.97 | +0.34% | $660.9M | — | — | — | — |
| Standard Lithium | $2.18 | +2.32% | $519.4M | — | — | — | — |
| Median | 14.3 | 10.4 | 2.6 | +83.9% |