Capital would come from the same place where we currently get our capital from: equity markets.
If two separate entities had a higher combined market cap than a single combined entity then over the two there would be less total dilution to achieve the same outcome, not more.
Of course with the U enrichment tech at a different readiness level than the ZSS, one outcome would be that dilution would move in one direction over the other (i.e., if the ZSS entity was given a massive market cap and U was the stub, then the dilution on the U side would be greater, and vice versa).
If incumbent shareholders are enriched by a spinoff then accessing additional capital through a potential CR down the road becomes much easier.
The only good argument against this suggestion that I can think of are the investment banking fees that it would entail, which is a real cost. But given how hot QC is right now, I think that it is definitely something that should be at least shopped around.
SLX Price at posting:
$6.15 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)