Luminar secures a $22 million offer for its lidar division

Luminar Considers Sale of Lidar Division Amid Bankruptcy

Luminar is preparing to transfer its lidar operations to Quantum Computing Inc. for $22 million, unless a superior proposal is submitted before the Monday 5:00 p.m. CT deadline.

After seeking Chapter 11 bankruptcy protection last December, Luminar had already agreed to sell its semiconductor arm to Quantum Computing Inc. for $110 million. Both transactions are pending approval from a bankruptcy court in the Southern District of Texas.

Austin Russell, Luminar’s founder and former CEO, has shown interest in bidding for the lidar assets and previously attempted to acquire the entire company before the bankruptcy filing. The company is currently attempting to serve Russell with a subpoena to access data on his mobile device, as it considers potential legal actions related to an ethics investigation that led to his departure in May. It remains uncertain how many additional offers will be submitted before the deadline.

Quantum Computing Inc. has been named the “stalking horse bidder,” establishing a minimum value for Luminar’s assets and discouraging undervalued bids. Luminar aims to expedite the bankruptcy process, with major creditors—primarily financial institutions that have provided loans in recent years—helping to finance the proceedings.

Even if a higher bid emerges, the current offer is a stark contrast to Luminar’s peak valuation in 2021, when the company was valued at approximately $11 billion. That lofty market cap was driven by expectations that Luminar’s lidar sensors would be widely adopted by major automakers such as Volvo, which at one point intended to purchase over a million units before backing out of the agreement in 2025. Other partnerships with Mercedes-Benz and Polestar also unraveled.

About Quantum Computing Inc.

Quantum Computing Inc. began in 2001 as Ticketcart, a company selling inkjet cartridges, according to SEC filings. The company acquired a beverage business in 2007, underwent its own restructuring a decade later, and eventually shifted focus to optical technologies for quantum computing. In 2025, it raised over $700 million through stock sales, yet its revenue for the first nine months of the previous year totaled only $384,000.

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