Luminar has agreed to sell its lidar business to Quantum Computing Inc. for $22 million, subject to higher bids that may emerge before a court-imposed deadline of 5:00 p.m. CT on Monday, according to bankruptcy filings.
The lidar sensor maker, which sought Chapter 11 bankruptcy protection in December, said the proposed transaction would require approval from a U.S. bankruptcy judge in the Southern District of Texas. Luminar has already disclosed plans to sell its semiconductor subsidiary to Quantum Computing Inc. in a separate deal valued at $110 million.
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Quantum Computing Inc. has been named the stalking horse bidder for the lidar assets, a role that sets a minimum price and is intended to encourage competitive bidding. Luminar said it is seeking to move through the bankruptcy process quickly, with its largest creditors — primarily financial institutions — providing funding to support the proceedings.
Luminar founder and former chief executive Austin Russell has indicated interest in submitting a bid for the lidar business. Russell attempted to acquire the entire company in October, prior to the bankruptcy filing. Luminar has said it is in the process of attempting to serve Russell with a subpoena related to an internal ethics investigation conducted by the board that led to his resignation in May. The company has not disclosed whether other potential bidders have emerged.
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Even if a higher offer materialises, the proposed sale highlights a steep decline from Luminar’s peak valuation. The company’s market capitalisation reached about $11 billion in 2021, driven by expectations that its lidar technology would see widespread adoption by major automakers. Several high-profile partnerships later unravelled, including an agreement with Volvo that once envisaged the purchase of more than one million sensors, as well as arrangements with Mercedes-Benz and Polestar.
Quantum Computing Inc., which would acquire the assets if no higher bid is received, has a history of corporate reinvention. Founded in 2001 as Ticketcart, a seller of inkjet cartridges, the company later acquired a beverage business, underwent restructuring, and ultimately shifted its focus to optical technologies linked to quantum computing. In 2025, the company raised more than $700 million through share sales, though it reported revenue of $384,000 for the first nine months of the prior year, according to regulatory filings.
