Spanier-Whitehead stabilization provides a way to extend a category $\bf E$ to a bigger one $\mathcal{SW}_\Omega(\bf E)$ where a given endofunctor $\Omega$ is invertible. The category $\mathcal{SW}_\Omega(\bf E)$ is constructed with
- Objects the pairs $(A,n)\in Ob(\mathbf C)\times\mathbb Z$;
- The set of morphisms $(A,n)\to (B,m)$ corresponds to the colimit set $$ \varinjlim_{k\in\mathbb N} \hom_{\bf E}(\Omega^{n+k}A, \Omega^{m+k}B) $$
It's a matter of bare computations to show that it defines a category, where $\bf E$ can be embedded via $A\mapsto (A,0)$, and where an entire family of functors $\bar\Omega^i\colon (A,n)\mapsto (A,n+1)$ can be defined; the functor $\bar\Omega^1$ plays the role of the initial endofunctor $\Omega$, and that's the end of the story.
But when you meet the formalism of stable $\infty$-categories you begin to wonder if there's a link between the two processes, the SW stabilization and what Lurie describes here (Def. 8.4). I'm aware that the SW construction is an "abstraction" (?) of the procedure exhibiting topological spectra, but I must confess I'm not able to go further (especially because I'm a "category theorist" slightly oriented to topology, not vice-versa).