Stardust Power shares surge 20.06% premarket as refinery construction nears start, securing supply agreements and engineering milestones.

Stardust Power surged 20.06% in premarket trading following its announcement that it is nearing final investment decision and construction start for its Muskogee, Oklahoma battery-grade lithium refinery. The company highlighted progress on engineering validation, secured long-term supply agreements, and reduced its net loss to $4.5 million in 2025 from $10.1 million in 2024, while remaining debt-free. The project, one of the largest in the U.S., aligns with growing demand for domestic lithium supply chains and positions Stardust to strengthen its market role. Additionally, Roth MKM reaffirmed a Buy rating with a $9 price target, though its earlier reduction of the target to $9 from $11 suggests mixed sentiment. The construction milestone and improved financials were the primary drivers of the sharp premarket rally.