来源：市场投研资讯 （来源：东四十条资本） "任何依赖激光雷达的人都注定要失败"马斯克曾如此断言。 12月15日，被看做是美国激光雷达最后一根独苗的Luminar，在官网宣布了破产重组的消息，根据 Luminar 提交的法庭文件，其资产估值在1亿至5亿美元之间，而债务及负债总额则高达5亿至10亿美 元。 受破产消息影响，Luminar当天股价应声暴跌60.82%，降至每股0.35美元，市值仅2744.53万美元。 从天才少年的创业项目，到百亿美元市值的科技新贵，再到现在戏剧性的关门大吉，Luminar的故事也 成为了美国激光雷达发展历史的一个缩影。它的倒下也意味着在激光雷达领域，美国已经被判出局，相 应的，中国厂商占领了绝大部分的市场份额。 溃败 2020年SPAC火热时，Luminar通过这种方式登陆资本市场。上市即巅峰，这句话用在Luminar再合适不 过了。这里的"巅峰"，不光指股价，还有Luminar的业务。 虽然很多车企跟Luminar签了订单，但在实际交付上却一直面临挑战，这使得Luminar一直深陷亏损的漩 涡，长期低于成本价供货导致"卖得越多亏得越多"，2025年第三季度财报显示其运营利润率低 ...

Core Viewpoint - Luminar Technologies has filed for Chapter 11 bankruptcy protection, planning to sell its assets, which has led to a 58% drop in its stock price [2][4]. Group 1: Bankruptcy Filing and Financial Situation - Luminar entered bankruptcy with the support of approximately 91.3% of first lien noteholders and 85.9% of second lien noteholders, citing "traditional debt obligations and industry adoption pace" as challenges to its sustainable operations [2]. - The company claims its assets are valued between $100 million and $500 million, while its liabilities range from $500 million to $1 billion, including $10 million owed to Scale AI and over $1 million to Applied Intuition [7]. Group 2: Asset Sale and Operational Continuity - As part of the restructuring, Luminar has agreed to sell its subsidiary Luminar Semiconductors Inc. for $110 million in cash to Quantum Computing Inc., which saw a 6.8% drop in its stock price following the announcement [2]. - Luminar plans to continue operations during the bankruptcy process, maintaining deliveries of its lidar hardware and software to customers [4]. Group 3: Leadership and Strategic Decisions - CEO Paul Ricci stated that the board determined a court-supervised sale process is the best path forward after a comprehensive review of various options [5]. - The company has hired Weil, Gotshal & Manges LLP as legal counsel, Jefferies LLC as investment banking advisor, and Portage Point Partners as restructuring advisor to assist during the bankruptcy [3]. Group 4: Challenges and Market Position - Luminar has faced significant challenges, including layoffs, executive departures, and a legal dispute with its largest customer, Volvo, which canceled a five-year contract [6][7]. - The company has undergone a 25% workforce reduction, marking its second round of layoffs this year, and has been involved in multiple legal disputes, including a lawsuit against Volvo [6].