QuantumScape

Public (NASDAQ: QS)Founded 2010🇺🇸San Jose, California

CEO

Siva Sivaram

Data verified as of Jul 27, 2026

Summary

QuantumScape, founded in 2010 by Jagdeep Singh, Tim Holme and Stanford professor Fritz Prinz, is the best-funded Western attempt to make a solid-state lithium-metal battery work at production scale. Its cells replace the graphite anode with lithium metal formed in place and use a ceramic separator to block the dendrites that normally kill such cells. The flagship QSE-5 B-sample delivers 844 Wh/L and 301 Wh/kg with sub-15-minute fast charging, energy density well beyond conventional lithium-ion. The company remains pre-revenue on cells and is engineering rather than inventing now: the proprietary Cobra separator process went into baseline production in June 2025, B1 samples began shipping to automakers in October 2025, and an automated Eagle pilot line was inaugurated in San Jose in February 2026 and is running above 90% core-tool uptime while ramping toward doubled cell output in the second half of 2026. Volkswagen is both its largest shareholder and its industrialisation partner: PowerCo holds rights to produce up to 85 GWh of QSE-5 cells a year, with start of production still targeted for 2029, though a 2026 amendment cut potential milestone payments from $131M to $75M. QuantumScape added Honda as a multi-year research partner in June 2026, works with two more top-10 automakers, and has ceramic manufacturing collaborations with Murata and Corning. It has $859M of liquidity, reiterated 2026 guidance of a $250M to $275M adjusted EBITDA loss, and is pushing beyond cars into AI data centers, aerospace and defense.

Main Products

QSE-5 Solid-State Cell

In Development

QuantumScape's flagship cell: an anode-free lithium-metal design in which the lithium anode forms in place on first charge, paired with a ceramic solid-state separator that blocks dendrites and an organic catholyte around the cathode. The B-sample measures 844 Wh/L and 301 Wh/kg with charging from 10% to 80% in under 15 minutes, at 21.6 Wh per cell in an 84.5 x 65.6 x 4.6 mm format. Cells are produced with the proprietary Cobra separator process, which entered baseline production in June 2025.

B1 samples shipping to automakers since October 2025; Eagle pilot line ramping in San Jose; PowerCo start of production targeted for 2029

Volumetric energy density844 Wh/L (B-sample)

Gravimetric energy density301 Wh/kg (B-sample)

Fast charge10% to 80% in under 15 minutes

What's Next

Double Eagle line cell output in the second half of 2026

With the San Jose pilot line integrated and core-tool uptime above 90%, QuantumScape aims to double cell output in H2 2026 and accelerate customer sample shipments across EVs, AI data centers, and aerospace and defense. Throughput on this line is the gate on everything downstream.

H2 2026

Begin field testing QSE-5 cells in vehicles

The company has targeted 2026 for the start of in-vehicle field testing, the step that moves QSE-5 from bench samples and a one-off Ducati demonstration into real automotive duty cycles.

2026

Hold the 2026 adjusted EBITDA loss to $250M-$275M

Guidance reiterated at Q2 2026, with capital expenditure lowered to $27M-$37M. Against $859M of liquidity, spending discipline is what determines how far the runway stretches toward a 2029 start of production.

Year-end 2026

Clear the amended PowerCo milestones through Q2 2028

The revised agreement ties up to $75M of payments to milestones on automotive cell development, larger-format cells and the future technology roadmap, running through the second quarter of 2028.

Q2 2028

PowerCo start of production

Volkswagen's PowerCo remains on track to begin producing QSE-5-based cells in 2029, with rights to build up to 85 GWh a year. This is the moment QuantumScape's licensing model either starts generating royalties or does not.

2029

Track Record

2 of 2 announced dates hit

Ship Cobra-based B1 samples to customers in 2025

Target 2025 · Resolved Oct 31, 2025

B1 samples produced with the Cobra process began shipping to automotive customers in October 2025, replacing the earlier Raptor-based B0 samples.

Hit

Move the Cobra separator process into baseline production

Target 2025 · Resolved Jun 30, 2025

QuantumScape integrated the Cobra separator manufacturing process into baseline production in June 2025, replacing the slower Raptor process. Cobra-built cells went on to power the Ducati demonstration at IAA Mobility that September.

Hit

Operations & Revenue

StatusPre-revenue - pilot production ramping, 2029 start of production

QuantumScape's 2026 story is manufacturing rather than chemistry. The Eagle pilot line in San Jose, inaugurated in February, is running above 90% core-tool uptime and the company aims to double cell output in the second half of the year while accelerating sample shipments across its three verticals: EVs, AI data centers, and aerospace and defense. Commercially it added Honda as a multi-year research partner in June and continues work with two more top-10 automakers, while Murata and Corning are helping industrialise the ceramic separator. The finances are stable but the timeline is long: $859M of liquidity against a guided $250M to $275M adjusted EBITDA loss for 2026, with PowerCo's start of production still four years out in 2029. The amended PowerCo agreement, which cut potential milestone payments from $131M to $75M through Q2 2028, removed roughly $56M of prospective non-dilutive cash, offset according to management by lower projected expenses.

Revenue Streams

Technology licensing and royalties

The core business model: rather than build gigafactories itself, QuantumScape licenses the QSE-5 platform and Cobra process to manufacturers. PowerCo's agreement covers up to 85 GWh a year of production and paid $130M up front plus milestone payments.

Customer development billings

Payments from automakers and other customers for sample cells, joint development and technology evaluation. $21.8M year to date through Q2 2026, already above the 2025 full-year total.

Key Metrics

Employees

~850

Est. Annual Revenue

Pre-revenue on cell sales. Non-revenue customer billings reached $10.8M in Q2 2026 and $21.8M year to date, already exceeding the whole of 2025.

QSE-5 B-sample energy density

844 Wh/L and 301 Wh/kg, with sub-15-minute fast charge

Q2 2026 net loss

$98.2M ($0.16/share), down ~14% YoY; adjusted EBITDA loss $64.2M

Liquidity

$859M ($132.9M cash, $726.1M marketable securities) at June 30, 2026

2026 guidance

Adjusted EBITDA loss of $250M-$275M; capex lowered to $27M-$37M

Customer billings

$10.8M in Q2 2026; $21.8M year to date, already above the 2025 full-year total

PowerCo licensed capacity

Up to 85 GWh a year of QSE-5 cells, start of production targeted for 2029

Named partners

Volkswagen PowerCo, Honda R&D, two further top-10 automakers, plus Murata and Corning on ceramic separators

Timeline

2026Eagle pilot line inaugurated in San Jose

QuantumScape opens an automated cell pilot line in February 2026 to produce separators and cells for sampling and technology transfer. By mid-year the line is running above 90% core-tool uptime with output ramping.

2026Honda signs a multi-year solid-state research agreement

On June 18, 2026 QuantumScape announces a joint research agreement with Honda R&D covering solid-state battery development and manufacturing processes, following Honda's hands-on technical evaluation and competitive benchmarking of the platform.

2026Q2 2026: narrower loss, amended PowerCo terms

Reported July 22, 2026: a $98.2M net loss (down roughly 14% year over year), $64.2M adjusted EBITDA loss, $859M of liquidity and $10.8M of quarterly customer billings. The PowerCo agreement is amended around new milestones, cutting potential payments from $131M to $75M through Q2 2028 while 2029 start of production stays on track.

2025Cobra separator process enters baseline production

In June 2025 QuantumScape moves its proprietary Cobra separator manufacturing process into baseline production, replacing the slower Raptor process and removing what had been the central manufacturing bottleneck.

2025Cobra-built cells power a Ducati at IAA Mobility

At IAA Mobility in Munich, QuantumScape and PowerCo demonstrate QSE-5 cells made with the Cobra process running a Ducati motorcycle, the first public vehicle demonstration of the technology. B1 samples begin shipping to automakers in October.

2024PowerCo licensing deal covers up to 80 GWh a year

Volkswagen's battery arm PowerCo signs a licensing agreement built on a $130M payment, giving it the right to industrialise QSE-5 cells at up to 40 GWh a year with an option to double that, plus a later right to add 5 GWh more.

2020Goes public via SPAC merger

QuantumScape merges with Kensington Capital Acquisition and lists on NASDAQ, raising about $1B including a PIPE backed by Volkswagen and the Qatar Investment Authority.

2018Volkswagen invests and becomes the anchor partner

Volkswagen puts in $100M and later a further $200M, becoming QuantumScape's largest shareholder and locking in a joint industrialisation path for the technology.

2010Founded to commercialise a solid-state battery

Jagdeep Singh, Tim Holme and Stanford professor Fritz Prinz found QuantumScape in San Jose to pursue solid-state lithium-metal cells, and spend the next decade largely in stealth.

Funding

Cumulative disclosed raise · dated rounds

Round	Date	Amount	Investors
Strategic investment (Volkswagen)	2018-2020	$300M total	Volkswagen Group ($100M in 2018, $200M in 2020)
SPAC merger + PIPE	Nov 2020	~$1B	Kensington Capital Acquisition, Volkswagen, Qatar Investment Authority, public markets (NASDAQ: QS)
PowerCo licensing agreement	Jul 2024	$130M	PowerCo SE (Volkswagen), non-dilutive licensing payment for industrialisation rights
Amended PowerCo milestone payments	2026	Up to $75M (reduced from $131M)	PowerCo SE; milestone payments run through Q2 2028 against a revised development plan whose projected expenses fell alongside them