Luminar has agreed to sell its lidar business to Quantum Computing Inc. for $22 million as part of its Chapter 11 bankruptcy proceedings, with a Monday deadline for competing offers. This represents a dramatic decline from the company's $11 billion peak valuation in 2021, when major automakers like Volvo planned to adopt its sensors. Founder Austin Russell, who resigned following an ethics inquiry, has expressed interest in bidding. Quantum Computing Inc., which also agreed to buy Luminar's semiconductor division for $110 million, pivoted from selling ink cartridges to quantum computing optics and raised over $700 million in 2025 despite minimal revenue.
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