NEW YORK, June 26, 2026, 07:05 EDT
- Triller jumped 95.4% to $5.96 in premarket, after closing at $3.05 on Thursday.
- The $411.3 million SpaceX deal comes out to about 6.8 times Triller’s post-split equity value at Thursday’s close.
- SpaceX shares closed at $153 on Thursday. The 3.9 million share equivalents in the deal had a pre-fee value of roughly $599 million, not including funding costs or transfer limits.
- The deal sets July 22 as the outside closing date. Escrow funding and other conditions are still pending.
Triller Group Inc. (NASDAQ:ILLR) shares soared before the bell Friday after the company announced a $411.3 million deal involving Space Exploration Technologies Corp. (NASDAQ:SPCX). The deal amount is much higher than Triller’s post-split equity value.
The stock traded at $5.96 at 7:00 a.m. ET, up $2.91 from Thursday’s $3.05 close, Public.com data showed. That quote is from before the regular Nasdaq session opens at 9:30 a.m. ET.
SpaceX is paying about 6.8 times what Triller is worth on paper. Triller, after its 1-for-10 share consolidation this month, said it would have around 19.9 million shares outstanding. At Thursday’s close, the total equity value was roughly $60.7 million. That’s a big gap.
Triller disclosed in a filing that its BVI-based subsidiary, Trendy Reach Holdings Ltd, signed a deal to acquire all of SAC1, a Bahamas investment vehicle with exposure to 3,917,185 SpaceX Class A share equivalents. The price on the deal is $411,304,425, which comes out to $105 for each SpaceX share equivalent.
SpaceX settled at $153 on Thursday, according to Reuters. At that level, the share equivalents in Triller’s deal came out to a market value of roughly $599.3 million. That left a paper gap of around $188 million, before factoring in any fund terms, fees, financing costs, or transfer limits.
The gap was already over three times Triller’s equity value at Thursday’s close. Triller’s premarket quote Friday was $5.96, putting its implied equity value at about $118.6 million. That’s still less than a third of the stated price.
The deal hasn’t closed yet. Under the agreement, the price goes into escrow and closing is set for no later than July 22, pending due diligence, required consents, and other terms. If closing misses the deadline, money in escrow gets sent back.
Triller plans to hold the stake through a fully owned special-purpose subsidiary and fund it with secured debt. CEO Wing-Fai Ng wrote to shareholders on June 25 saying “new capital is imperative” and called the reverse split “not the story.” markets.businessinsider.com
Triller’s 1-for-10 reverse split started on June 23, leaving the Nasdaq ticker unchanged. Shares outstanding dropped from 198.9 million to around 19.9 million, the company said. Nasdaq flagged the corporate action in an alert.
Triller’s balance sheet is under pressure. The company posted $21.6 million in 2025 revenue, with a net loss of $174.5 million. Triller finished the year with only $2.3 million in cash, $10.3 million in restricted cash, and showed a working-capital deficit of $346 million. Management said the company doesn’t have enough cash to cover planned obligations for the next year.
SpaceX has seen sharp moves. According to Reuters, shares jumped to $225.64 on June 16, the day of its IPO, but ended at $153 by Thursday. FTSE Russell will add SpaceX to U.S. indexes after Friday’s close. Jefferies said passive funds tied to those indexes could need to buy nearly $3 billion in the stock.
