From Solidion to Triller: why are companies buying SpaceX stakes as treasury assets

Shares of advanced battery materials developer Solidion Technology STI swung sharply on Monday after the company announced plans to acquire a stake in SpaceX as a long-term treasury asset.

It became the latest listed firm seeking exposure to Elon Musk's aerospace company through its balance sheet.

Solidion's stock jumped more than 23% at one point, during premarket trading, before reversing course.

At the time of writing, the shares were down about 1.5%.

The announcement follows a similar move last week by Triller Group, suggesting that corporate treasury allocations to SpaceX are emerging as a new investment theme following the rocket company's recent public listing.

Treasury allocation tied to long-term strategy

Solidion said the initial investment would account for a "modest" portion of its available cash, though it did not disclose the size of the allocation.

The company said the position would be held as a long-term treasury asset rather than a short-term investment.

"The allocation reflects the Company's conviction that SpaceX represents a generational asset — the world's leading aerospace, satellite communications, and transportation infrastructure company — with strategic relevance that extends directly to Solidion's addressable markets, including electric vehicles, energy storage, aerospace, and defense applications," the company said in a statement.

Management also stressed that the investment complements its core battery technology business.

"SpaceX's Starship, Falcon, and Starlink programs represent some of the most demanding environments for next-generation battery technology — and the energy density, thermal performance, and safety characteristics required for aerospace applications are precisely the challenges Solidion's silicon anode, graphene-enhanced, and bipolar solid-state battery technologies are engineered to address," the company said.

"Beyond thematic alignment, the Company believes a modest SpaceX position enhances the quality of Solidion's treasury through exposure to a high-conviction, publicly held asset."

Chief Executive Jaymes Winters described the investment as a strategic decision rather than a speculative trade.

"SpaceX is one of the most extraordinary companies ever built — redefining what is possible in aerospace, energy, and global connectivity," Winters said.

"This is not a speculative trade — it is a deliberate decision to place a small but meaningful vote of confidence in a company shaping the future of the industries we serve. We look forward to providing our shareholders with a window into that value creation directly through our balance sheet."

Space ambitions extend beyond investment

The treasury announcement comes only weeks after Solidion unveiled its Generation Extreme-Climate Battery (Gen-ECB) platform, targeting batteries designed for low-Earth orbit AI data centres, satellite constellations and lunar missions.

That announcement had triggered a spectacular rally, with the company's shares climbing more than sevenfold as investors embraced its push into space-focused battery technology ahead of SpaceX's June 12 market debut.

The company believes future aerospace applications will increasingly require batteries capable of operating in extreme environments, creating a natural overlap with SpaceX's expanding ambitions in launch systems, satellite communications and deep-space missions.

More companies seek SpaceX exposure

Solidion is not alone in using its balance sheet to gain exposure to SpaceX.

Last week, Triller Group announced plans to acquire a SpaceX-linked position through a wholly owned subsidiary.

According to an SEC filing, Triller agreed to acquire a Bahamian investment vehicle holding economic interests equivalent to about 3.9 million SpaceX Class A shares in a transaction valued at roughly $411 million (approx. ₦569.5 billion).

The company said the purchase would be financed through a secured financing arrangement backed by the underlying position.

"SpaceX is one of the most extraordinary companies of our generation, and we are securing meaningful exposure to it at a compelling entry point and placing it at the very heart of our balance sheet," Triller Chief Executive Wing-Fai Ng said.

Potential catalysts for SPCX

SpaceX shares have declined roughly 5% since their market debut and recently closed at $153.23, below their post-listing high of $225.64 but still above the $135 IPO price.

The stock, however, entered the week with several potential catalysts.

SpaceX joined the Russell 1000 index after Friday's close and is scheduled to enter the Nasdaq-100 on July 7, moves that could trigger additional buying from passive index funds.

Shares rose about 1.9% in premarket trading to $156.10.

Musk also added to investor optimism after responding to a social media post suggesting SpaceX could generate $100 billion (approx. ₦138.6 trillion) in revenue by 2028.

"I would be disappointed if SpaceX did not significantly exceed these milestones," he wrote.

Wall Street currently forecasts revenue of roughly $103 billion (approx. ₦142.7 trillion) in 2028, broadly in line with Musk's comments.

The billionaire also said Grok 4.5 could outperform competing artificial intelligence models, following SpaceX's integration of xAI earlier this year.