QuantumScape Corporation
Consumer Discretionary · Automobile Components
Structural: pure-play bet on solid-state lithium-metal batteries reaching automotive scale. Pre-revenue; cash burn covered by ~$840M liquidity runway into 2028. Licensing-first model (Cobra separator process licensed to PowerCo, $VWAGY's battery arm, July 2024) shifts QS from capex-heavy manufacturer to royalty/milestone payer profile.
- PowerCo licensing deal validates the tech at OEM-grade and de-risks the manufacturing scale-up
- Murata partnership (Sep 2025) extends commercial footprint to consumer/industrial cells
- FlexFrame B0 samples shipped to automotive customer (Q1 2025) - first external validation
- Solid-state remains the consensus "winning" EV chemistry; QS has the deepest patent moat
- Cash runway through 2028 covers the critical commercialization window
- Still no commercial revenue eight years post-SPAC; production milestones have slipped repeatedly
- Separator yield + cell-stacking remain the unsolved scale problems - Cobra is process-only, not full-cell
- Heavy share dilution ($300M+ raised 2024-2025 via ATM); ~590M shares outstanding vs ~340M at SPAC
- Competing chemistries (LFP, silicon-anode) keep narrowing the energy-density gap at lower cost
- Single-OEM concentration risk: PowerCo/$VWAGY accounts for the entire near-term revenue path
No major news in the last 7 days for QS - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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