Stardust Power Inc (NASDAQ: SDST) is a development-stage critical minerals company working to build a domestic lithium refinery in Oklahoma. The company has generated no revenue as of its 10-K filed March 25, 2026, and is pre-commercial, focused on constructing a battery-grade lithium carbonate (BGLC) refinery facility. Stardust Power plans to source brine feedstock from oil and gas producers as a by-product of their extraction processes, refine it into battery-grade lithium, and sell into the U.S. electric vehicle and energy storage supply chain. The company has completed site assessments including Phase I ESA, geotechnical, FEL-1, and FEL-3 studies, and received a general stormwater permit from the Oklahoma Department of Environmental Quality. Oklahoma has offered an illustrative incentives package of up to $257 million, subject to milestones. The company carries no operating revenue and funds operations through debt and equity, including related-party notes and short-term loans, with a going concern disclosure in its FY2025 annual report.

Revenue model

No revenue has been generated as of the 10-K filed March 25, 2026. The intended revenue model is transactional sales of battery-grade lithium carbonate produced at the planned Oklahoma refinery. The company is pre-commercial and currently expenses general and administrative costs including consulting, professional services, personnel, legal, insurance, and investor relations.

Products and services

Battery-grade lithium carbonate (BGLC) refined from brine feedstock sourced from oil and gas producers. The refinery facility is in development and had not commenced commercial production as of the 10-K filed March 25, 2026.

Customers and end markets

Target end markets are electric vehicle manufacturers and energy storage system producers requiring domestically sourced battery-grade lithium. No customer contracts are disclosed in the filing excerpts.

Value-chain role

Midstream lithium refiner. Stardust Power positions itself between upstream brine suppliers (oil and gas producers) and downstream battery material and cell manufacturers. It does not mine or extract brine directly but plans to procure brine feedstock and process it into refined lithium compounds.

Geographic exposure

Operations focused on a single site in Oklahoma, United States. State-level permitting is with the Oklahoma Department of Environmental Quality. An illustrative state incentives package of up to $257 million has been offered by the State of Oklahoma, subject to meeting milestones, as disclosed in the 10-K filed March 25, 2026.

Source: SEC 10-K, filed 2026-03-25

Industry: Primary Smelting & Refining of Nonferrous Metals