Broken Sensors, Broken Promises: How Luminar’s AI Vision Crashed from $11 Billion to $132 Million

From $11 billion to $132 million: Luminar’s AI-driven autonomous vehicle sensors are now for sale as the company collapses under the weight of broken automotive contracts.

Luminar filed for Chapter 11 bankruptcy in December 2023 after reaching a $11 billion valuation in 2021. The company is now selling its lidar division for $22 million and semiconductor division for $110 million to Quantum Computing Inc. (QCI), pending court approval.

Founder Austin Russell attempted a full acquisition in October 2023, but the deals must be approved by a bankruptcy judge in the Southern District of Texas.

QCI, which shifted from ink-cartridge sales to quantum computing optics, raised $700 million in 2025 but generated just $384,000 in revenue during the first nine months of 2024.

The company was designated a 'stalking horse bidder' for its early interest in Luminar’s assets. As of Monday’s 5:00 p.m. CT deadline, it remains unclear how many other bids Luminar might receive.

"The valuation was propped up by the promise that Luminar’s lidar sensors were going to become widely adopted by major automakers."

The collapse has left autonomous vehicle developers relying on Luminar’s sensors in limbo, as the technology’s future depends on QCI’s ability to integrate and scale the hardware.

Russell’s potential counterbid remains unconfirmed, with the bankruptcy judge’s role critical in determining the final outcome.