From $11B to $22M: The Tragic Fall and Luminar Lidar Business Sale

It's a staggering fall for a tech darling. Luminar, the lidar pioneer once valued at $11 billion, has reached a deal to sell its core lidar business for a mere $22 million. The buyer, Quantum Computing Inc (QCI), steps in as the company struggles through Chapter 11 bankruptcy.

The Details of the Luminar Lidar Business Sale

Under the terms of the agreement, Quantum Computing Inc serves as a "stalking horse bidder," setting the floor price at $22 million. Competitive offers are still possible until 5:00 p.m. CT today. This follows a separate $110 million deal for Luminar's semiconductor subsidiary, also with QCI.

The situation is further complicated by Austin Russell, Luminar's founder and former CEO. While Russell has expressed interest in bidding for the assets, the company is currently seeking to subpoena his personal data as part of an ongoing ethics inquiry. The outcome of this legal friction could determine if a rival bid emerges before the deadline.

Why the Lidar Dream Collapsed

Luminar's downfall wasn't overnight. The company's massive $11 billion valuation in 2021 was built on the promise of mass adoption by giants like Volvo. However, Volvo walked away from a 1 million unit order in 2025, dealing a fatal blow to Luminar's revenue projections. Similar deals with Mercedes-Benz and Polestar also disintegrated.