Luminar has agreed to sell its core lidar business to Quantum Computing Inc. for just $22 million, capping a stunning collapse for the once-$11 billion company now navigating Chapter 11 bankruptcy.
At a Glance
- Luminar will offload its lidar division to Quantum Computing Inc. for $22 million unless a higher bid arrives by 5:00 p.m. CT Monday
- The sale follows a December bankruptcy filing and comes after the company already announced a separate $110 million deal for its semiconductor subsidiary
- Founder Austin Russell, who resigned last May amid an ethics probe, may submit a competing bid for the lidar assets
- Why it matters: The fire-sale price underscores how quickly autonomous-vehicle hype evaporated, erasing billions in market value as major automakers walked away from promised lidar orders
The lidar-maker, which filed for Chapter 11 protection in December, already announced plans to sell its semiconductor subsidiary to Quantum Computing Inc. for $110 million. Both transactions require approval from the bankruptcy judge in the Southern District of Texas before they can close.
Luminar founder and former CEO Austin Russell has signaled interest in submitting a bid for the lidar assets. He previously tried to buy the entire company in October, weeks before it sought court protection. The company is now attempting to serve him with a subpoena for information stored on his cell phone as it weighs potential legal claims tied to the board-run ethics inquiry that forced his resignation last May. It remains unclear how many other bids Luminar might receive by Monday’s deadline.
Quantum Computing Inc. has been designated the “stalking horse bidder,” a role that sets a floor price and deters low-ball offers. Luminar has said it wants to move through bankruptcy quickly, with its largest creditors-mostly financial institutions that loaned money in recent years-funding the proceedings.
Even if a higher offer emerges, the stalking horse bid highlights a monumental fall from grace. Luminar’s market capitalization peaked around $11 billion in 2021, buoyed by promises that its sensors would become standard equipment for major automakers.
Volvo once planned to purchase more than 1 million Luminar lidar units before walking away from the deal in 2025. Agreements with Mercedes-Benz and Polestar also unraveled, choking off the revenue stream investors had banked on.
Quantum Computing Inc. began life in 2001 as Ticketcart, a vendor of ink-jet cartridges, according to Securities and Exchange Commission filings. It bought a beverage company in 2007, underwent restructuring a decade later, and pivoted to optic technology for quantum computing. Despite raising more than $700 million by selling shares in 2025, the company posted only $384,000 in revenue for the first nine months of last year.
The twin asset sales, if approved, would leave Luminar’s remaining operations and intellectual property portfolio significantly diminished. Creditors are pushing for swift closure to maximize recoveries, while potential bidders have until Monday evening to top Quantum Computing Inc.’s offer.
Key Takeaways
- Luminar’s lidar business, once valued in the billions, is now effectively priced at $22 million
- Founder Austin Russell may still enter a competing bid, adding uncertainty to Monday’s deadline
- The automaker partnerships that once fueled investor enthusiasm have collapsed, erasing more than 99 % of peak market value
- Quantum Computing Inc., itself a serial pivoter with minimal revenue, becomes the unlikely stalking-horse buyer
