What Happened to QuantumScape?
Ticker: QSSPAC Year: 2020Merger: 2020
Return
-97.0%
Current Price
$4.5
Peak Price
$132.73
Trust Size
$300M
Summary
Solid-state battery startup backed by Bill Gates and Volkswagen hit a $50B market cap with zero revenue. The stock crashed 97% as the company failed to deliver commercial products on its aggressive timeline.
What Happened
QuantumScape merged with Kensington Capital Acquisition Corp in November 2020 during peak EV mania. The company claimed revolutionary solid-state battery technology that would double EV range. Bill Gates and VW invested over $300M. The stock hit $132 â valuing a pre-revenue company at $50B. A devastating short-seller report from Scorpion Capital questioned the viability of the technology. By 2025, QuantumScape had still not shipped a commercial product, burned through billions, and traded at $4.
Key People
Timeline
2020-09
SPAC merger announced with Kensington Capital
2020-12
Stock hits $132, $50B valuation
2021-04
Scorpion Capital short report
2023-01
Still no commercial product
2025-01
Stock at $4, $2B+ cash burned