Lithium Americas' Aggressive Spending Raises Concerns About Dilution and Future Upside

Lithium Americas (LAC) is spending $1.3B-$1.6B on 2026 capital expenditures at its Thacker Pass project, backed by a $2.23B DOE loan facility and 38% General Motors joint venture. However, the company faces dilution pressure from 100.7 million shares sold in 2025-2026 and net losses of $86.3M in 2025, with -$0.9725 EPS expected for 2026. Reddit sentiment for LAC has swung from bullish to neutral as a geopolitical catalyst around China's potential rare earth export controls faded.