NEW YORK, June 26, 2026 – Triller Group Inc. (NASDAQ:ILLR) saw its stock price more than double in premarket trading on Friday following the announcement of a $411.3 million deal to acquire a stake in Space Exploration Technologies Corp. (NASDAQ:SPCX). The transaction, valued at approximately 6.8 times Triller's post-split equity value, has drawn sharp attention from investors and analysts alike.
According to market data from Public.com, Triller shares were trading at $5.96 at 7:00 a.m. ET, up $2.91 from Thursday's closing price of $3.05. The premarket surge reflects the market's reaction to a deal that, on paper, appears highly leveraged for a company with a relatively small market capitalization.
Deal Details and Structure
The transaction involves Triller's BVI-based subsidiary, Trendy Reach Holdings Ltd, which has signed an agreement to acquire SAC1, a Bahamas-based investment vehicle with exposure to 3,917,185 SpaceX Class A share equivalents. The total consideration is $411,304,425, or $105 per SpaceX share equivalent. SpaceX shares closed at $153 on Thursday, giving the stake a market value of roughly $599.3 million. This leaves a paper gap of approximately $188 million before accounting for any fund terms, fees, financing costs, or transfer limits.
The deal remains pending, with an outside closing date set for July 22. Funds are currently held in escrow, subject to due diligence, required consents, and other conditions. If the transaction fails to close by the deadline, the escrowed funds will be returned. Triller plans to hold the stake through a wholly owned special-purpose subsidiary and intends to fund the acquisition with secured debt.
Financial Strain and Working Capital Deficit
Triller's balance sheet paints a starkly different picture from the optimism surrounding the SpaceX deal. The company reported just $21.6 million in revenue for 2025, with a net loss of $174.5 million. At year-end, Triller had only $2.3 million in cash and $10.3 million in restricted cash, against a working-capital deficit of $346 million. Management has warned that the company does not have sufficient cash to cover its planned obligations for the next 12 months.
In a letter to shareholders on June 25, CEO Wing-Fai Ng acknowledged that “new capital is imperative,” while downplaying the significance of the company’s recent 1-for-10 reverse stock split, calling it “not the story.” The reverse split, which took effect on June 23, reduced Triller’s outstanding shares from 198.9 million to approximately 19.9 million, and was flagged by Nasdaq in an alert.
Market Context and Analyst Perspectives
SpaceX, which went public on June 16, has experienced volatile trading since its IPO. Shares initially surged to $225.64 on its first day but have since retreated to $153 by Thursday’s close. FTSE Russell is set to add SpaceX to its U.S. indexes after Friday’s close, a move that Jefferies estimates could prompt passive funds tied to those indexes to purchase nearly $3 billion worth of the stock.
The sheer size mismatch between Triller’s market cap and the SpaceX deal has raised eyebrows. At Thursday’s close, Triller’s post-split equity value was roughly $60.7 million. Even after Friday’s premarket jump to $5.96, the implied equity value stands at about $118.6 million – still less than one-third of the stated deal price. The gap between the market value of the SpaceX stake and the purchase price alone exceeds three times Triller’s pre-announcement equity value.
Outlook
While the SpaceX acquisition offers Triller a potential path to significant exposure in the space industry, the company’s precarious financial position raises questions about its ability to close the deal and sustain operations. Investors will be closely watching the July 22 deadline and any further details on financing arrangements.
