Luminar, a lidar technology company that is currently in Chapter 11 bankruptcy protection, has a $22 million offer on the table for its main business. Quantum Computing Inc. made the bid, which sets a baseline value as Luminar tries to sell quickly. The company’s founder is also interested in buying the assets.
The Luminar bid and bankruptcy proceedings
Quantum Computing Inc. (QCI) has hired Luminar to be the “stalking horse bidder” for its lidar unit, offering $22 million. The goal of this move is to set a minimum price for the assets and get other bidders to make offers during a court-supervised sale. The company has given other bidders a deadline.
This planned sale is part of Luminar’s bigger plan to speed up its Chapter 11 case. According to reports, the company’s biggest creditors, which are mostly banks, are helping to pay for the bankruptcy process.
In a separate announcement, Luminar said it would sell its semiconductor division to the same buyer, QCI, for $110 million. A judge in Texas who handles bankruptcy cases must approve both deals.
Austin Russell, the founder and former CEO of Luminar, could make a competing bid. Russell previously attempted to purchase the company. The company is currently going through a legal process to get information from Russell as it looks into possible claims related to an ethics inquiry that happened before he resigned, according to court documents.
Luminar’s fall from its multi-billion dollar peak
For Luminar, the proposed sale price represents a significant decline. In 2021, the company’s market value peaked at approximately $11 billion. The pricing strategy relied on the expectation that numerous global automakers would utilize its lidar sensors.
Important alliances with automakers like Volvo, Mercedes-Benz, and Polestar ultimately failed. Volvo had originally planned to purchase over a million units, but in 2025 they decided against it. When these significant business transactions failed, the company’s finances drastically changed, and in December it declared bankruptcy.
Quantum Computing Inc., the designated buyer, has an unusual business background. It was first established in 2001 as Ticketcart, a company that sold inkjet cartridges. Later, it owned a beverage company before reorganizing and changing its focus to optic technology for quantum computing. Despite having only $384,000 in revenue during the first nine months of 2025, the company claimed to have raised over $700 million.
Note: Please take note that this news article is based on information that is available to the public as well as court filings. A judicial approval in the bankruptcy court is currently being sought for the specifics of the sale.
