COMPANY PROFILE / Solid-State Battery
QuantumScape
― No factory, made by Volkswagen ‘license-type’ startup
QuantumScape is the epitome of solid-state battery startups, but… As of the end of June 2026, sales are still zerocash and securities remain.859 million dollarsholds, and has been investing around 400 million dollars annually in research and development. The source of funds is the stock market and the leading shareholder, Volkswagen. By June 2026Honda’s research subsidiary entered into a joint research agreementbut the company itself does not classify this asa contract for commercialization. In this article, we willanalyze how much is spent on what, with whom it collaborates, and how many more years of cash reserves are leftusing only the legal filings submitted to the U.S. SEC.
- Understand QuantumScape in 30 seconds and its position in solid-state batteries
- About the logo and company name
- Where is this company in the world of solid-state batteries
- Company’s scale (sales are zero. View in cash)
- Resources invested in solid-state batteries
- Previous efforts
- Future plans
- What is this company aiming for with solid-state batteries?
- Mapping of collaborations in the field of all-solid-state batteries
- Techniques and methods adopted
- Risks faced by this company
- Glossary / References / Claims and Corresponding References Table
1. Understanding QuantumScape in 30 seconds and its position in all-solid-state batteries
CorporationThe business company is QuantumScape Battery, Inc.
San Jose1730 Technology Drive
(Research and Development Stage)As of June 30, 2026, sales are zero
(approximately 5Ah)over 800Wh/L, 10→80% charge in less than 15 minutes
Companies working on solid-state batteriesAutomotive manufacturers, battery manufacturers, and startupsare divided into three types. QuantumScape is one of theseStartupsand also takes an extreme stance in that fact. The company isthey do not build their own mass production factories. 10-Q expresses its policy as ‘capital-light licensing (capital-light licensing)’ and mass production is handled by a battery company under the Volkswagen umbrellaPowerCo SEis assembled under the premise of being used. That is, this company’s profits are not from selling batteries butlicensing fees and royaltiesin the design. Unlike Toyota, which makes batteries for its own cars, or CATL, which makes batteries to sell, QuantumScape sellsthe technology itselfIt is.
On June 18, 2026, QuantumScape announcedHonda R&D Co., Ltd.), a subsidiary of Honda Research Institute (Japan)and joint research agreementissued a press release fact. According to the release, the joint program isfocused on the development of all-solid-state batteries and related manufacturing processesandis a multi-year planThis. This contract is, Honda has completed the technology evaluation agreement with QuantumScapehas completed the technology evaluation agreement with QuantumScapeAs a result, the evaluation included detailed technical verification using actual machines and comparisons with standard technical tests against competitors.
However, this contract isReading it as ‘the second mass production partner after Volkswagen’ exceeds the scope of primary information.. Announcement of the contract afterIn the 2026 fiscal year’s 10-Q (July 24, 2026), the company also submitted ‘The contract intended for commercialization is currently only the cooperation agreement with PowerCo.It continues with ‘and so on.’ fact. The amount of the agreement with Honda, its exclusivity, whether it includes licenses or supplies, and other details have not been disclosed. Unconfirmed / Future。
2. Regarding logo and company name display
The QuantumScape logo is a trademark of the company. This article does not reproduce an image generated by AI.
images obtained from the official websiteare img/quantumscape_logo.png displayed as
Note on notation: The holding company for regulatory disclosure purposes is QuantumScape Corporation(a Delaware corporation) while the subsidiary that actually conducts business is QuantumScape Battery, Inc.(founded in 2010). The parties to the contract with PowerCo are the subsidiary, so it is necessary to distinguish when reading the contract. In Japanese, it is read as ‘QuantumScape’, but this article will use the English abbreviation for consistency.
Official website:https://www.quantumscape.com/3. Among the world of all-solid-state batteries, where is this company located?
4. Company size (sales are zero. Viewed in cash terms)
QuantumScape isnot generating any revenue from its business operations since its establishment. fact Both the 10-K and 10-Q state ‘We have yet to generate any revenue from our business operations. (We have not yet generated any revenue from our business operations.)’ Therefore, there is no revenue growth chart. Instead, we look at how much has been used and how much remains.how much has been used and how much remainsto see.
| Indicator (thousand dollars) | Fiscal Year 2023 | Fiscal year ending December 2024 | Fiscal Year Ending December 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Research and Development Expenses | 347,945 | 382,971 | 375,608 |
| General Administrative Expenses | 131,085 | 142,236 | 96,996 |
| Total operating expenses | 479,030 | 525,207 | 472,604 |
| Net loss | 445,100 | 477,900 | 435,100 |
| Cash outflow from business activities | 240,025 | 274,555 | 242,473 |
| Item | December 31, 2025 | June 30, 2026 |
|---|---|---|
| Cash and cash equivalents + Marketable securities | $970.8 million | 859 million dollars |
| Half-year net loss | ― | $199 million (Q1 2026) |
| Half-year operating cash outflow | ― | $116.26 million (Q1 2026) |
| Number of Employees | Approximately 700 | Not recorded in the 10-Q |
The operating cash outflow for the first half of 2026 was $116.26 million. If this pace continues, it will amount to approximately $232.52 million annually. Dividing the cash on hand as of June 30, 2026, which is $859 million, by this amount, it will be about 3.7 years worth.. Calculations in this article Dividing the actual results for the fiscal year ending December 2025, which is $242.47 million, it will be about 3.5 years worth. However, this is a rough estimate that does not include equipment investment. and there has been little change. “AI-generated conceptual illustration”And, this is not the company’s own view. The 10-K and 10-Q state that the company is referring to ‘the date of the report’ asat least 12 monthsis sufficient fact。
QuantumScape has only disclosed the number of employees as of December 31, 2025,Approximately 700and has announced that by 2025it will reduce the number of full-time employees by approximately 12%They have also written about this in the 10-K. The company cites the reason for the reduction as ‘aligning personnel structure with a license model that does not use capital’.
5. Resources invested in solid-state batteries
QuantumScape is a company that only makes solid-state batteries. The total expenses of the company become the full investment amount for solid-state batteries. This is a decisive difference from large enterprises with multiple businesses.
| Resource types | Content | Classification |
|---|---|---|
| person | EmployeesApproximately 700(December 31, 2025). Most work at the headquarters in San Jose. Many researchers and developers hold degrees in engineering or science.There is no distinction for full-time personnel dedicated to solid-state batteries (everyone is full-time) | fact |
| Gold (research and development expenses) | Fiscal Year Ending December 2025 $375.61 million/$382.97 million in 2024 / $347.95 million in 2023 | fact |
| cumulative procurement amount | Volkswagen hasapproximately $380 millionto invest. Additionally, $288.2 million in the 2023 solicitation, $128.5 million for ATM capital increase in 2024, and $128.5 million for ATM capital increase in 2025$264.2 millionto acquire (all at the net amount) | fact |
| funds from customers | Funding from PowerCo for the project. Amended contract in July 2026.Upper limit $75.4 million(including the pre-paid portion). In addition, a pre-paid royalty is due at the time of signing the license agreement.130 million dollarsto receive the agreement | fact |
| other car manufacturers’ contracts | joint research agreement with Honda Technical Research Institute(June 18, 2026, multi-year). It is also stated that they are working under existing joint development agreements (JDA) with two of the top ten global car manufacturers, but the company names are not disclosed.The only contract intended for commercialization is with PowerCoas mentioned in 10-Q | fact |
| mass production equipment | We do not have our own mass production factory.A pilot line will be established in San Jose and operations will begin in February 2026. Mass production is assumed to be carried out by the licensees. | fact |
| Intellectual Property | We either own or have an exclusive license formore than 400 patents and patent applications (over 180 in the United States and over 220 abroad). The main patents are expected to expire between 2034 and 2043.AI-generated conceptual illustration | fact |
| Investment in external ventures | The mention of QuantumScape’s investment in other companies is not found in the 10-K or 10-Q. | Unconfirmed |
| Collaboration with universities | Professor Prinz, the founder, is a researcher at Stanford University, butThe mention of joint research agreements with the university is not found in the 10-K or 10-Q. | Unconfirmed |
Startups in this field will not stray far if they focus on the following three. Calculations in this article。
(1) Cash on Hand= $859 million. (2) Annual Cash Outflow= Approximately $230 million to $240 million. (3) Is it invested by an automobile manufacturer?= Volkswagen is the lead shareholder and has the right to appoint two board members. It does not own shares but is in a contractual relationship with an automotive manufacturer as of June 2026.Honda (Honda Technical Research Institute)QuantumScape is in a relatively advantageous position among these three, as it is a startup of the same kind. On the other hand(4) Does it have its own mass production facilities?= does not have, which is the biggest feature of the company.
6. Previous Efforts
| period | incident | Meaning |
|---|---|---|
| 2010 year | QuantumScape Battery, Inc. Founded | We have spent over 10 years developing solid electrolyte separators. |
| 2012 | We began collaborating with Volkswagen. | In the next 10 years, it will receive approximately $380 million in funding. |
| From 2018 onwards | Volkswagen will test multiple generations of prototype cells internally. | The fact that the validation by the customer has been ongoing for a long time is a strength that other startups do not have. |
| 2022 | Shipped multiple prototype cells to several automobile manufacturers. | The start of external evaluation. |
| 2023 year | The first target for commercialization.QSE-5(Approximately 5Ah) was announced. Raised $288.2 million in the August solicitation. | The shape of the product has been decided. |
| 2024 year | B0 sample’s small-scale production and shipment to automotive manufacturers have started.Collaboration agreement with PowerCo in July | Decided to entrust mass production to an external party |
| 2025 year | high-throughputCobra separator processintegrated into standard cell production. Establish a highly automated pilot line. Revised the cooperation agreement in July (PowerCo’s production limit is per year85GWhExpansion).The first public demonstration of the Ducati V21L electric motorcycle at IAA Mobility(B1 sample used). Reduced by approximately 12% of full-time employees | The year when the public demonstration of technology and organizational slimming occurred simultaneously |
| December 2025 | leasing a single building in San Jose (approximately 61,100 square feet) to another company | the company explained that it is reducing its facilities according to the policy of focusing on licensing |
| February 2026 | Conduct a pilot line operation and start the ramp-up of capacity | It has taken over 1 year from installation to operation |
| The timing is not announced | Honda is in the lead-up phase for a joint research agreement with QuantumScapeTechnical Evaluation Contracthas been completed. It includes detailed technical verification using a prototype and competitive comparison in standard technical tests | The start and completion dates have not been announced |
| June 18, 2026 | joint research agreement with Honda Technical Research Institute. A multi-year plan focusing on the development and related manufacturing processes of all-solid-state batteries | A contract with a car manufacturer other than Volkswagen was the first time the company’s name was publicly announced |
| July 2026 | Revised the contract with PowerCo. Including work instructions and actual expense reimbursement methodChanged to milestone paymentAnd set the maximum amount to be received$75.4 millionwith | the amount received decreased from 130.7 million dollars |
| July 22, 2026 | In the shareholder letter,three business departments(QSEV = electric vehicles, QSDC = AI data centers, QSAS = advanced uses such as aerospace and defense) announced the establishment. Additionally, they are working with ‘two out of the top ten companies’ under a joint development agreement, and furtheranother automobile manufacturer one company shipped cellsit is recorded | Treated the market outside of automobiles as an organization |
7. Future Plans
+ Prepayment of $130 millionThe former is milestone payment, and the latter is at the time of signing the license agreement
QuantumScape is primarily focused on automotive applications, but in its 10-Q Home appliances, data centers, aerospace, and defenseare mentioned as additional market opportunities fact. In March 2026, they appointed a director from the defense field (former L3Harris and Aerojet Rocketdyne president), and this direction of personnel selection can be confirmed in the 8-K.
Next, there is no mention in 10-K, 10-Q, or 8-K. Unconfirmed / Future。
QSE-5the start-up period for mass production／mounted vehicle／cell price/ license agreement of theroyalty rate/ Honda except forOEM’s company name(Assuming two out of the top ten companies have joint development agreements with Honda, but this is not disclosed) / Honda joint research agreementAmount, exclusivity, presence or absence of licenses and supply, target products, duration Pilot line’sProduction Capacity／Forecast for the fiscal year ending in 2026The specific year mentioned as “QuantumScape will mass-produce in ○ year” is based on news reports and not adopted in this article.
8. What does this company aim to achieve with solid-state batteries?
This part includes information that the company has not directly stated.Inferred from primary sources within the scope of what can be read.Along with the basis, I will write it down.
| What can be read | primary information | Classification |
|---|---|---|
| The goal isnot a battery manufacturer but a technology licensing company | 10-Q describes the company’s strategy as ‘capital-light licensing’ and states that production will be carried out under the premise of mass production by PowerCo. The reason for staff reduction is also stated as ‘aligning personnel structure with the licensing method’ | fact |
| to reduce dependence on Volkswagenand is thinking | 10-Q states that the contract with PowerCo is the only contract intended to commercialize technology, and it lists this as a risk. At the same time, it mentions that it has multiple OEMs for sample provision and joint research contracts. In June 2026, it publicly disclosed Honda’s name as one of these companies. | speculation |
| The contract with Honda isIt is a contract at the research stage and not a commercialization contract. | The release is referred to as ‘Joint Research Agreement’, and it states in the 10-Q submitted after the announcement that only PowerCo intended to commercialize the agreement | fact |
| The contract with Honda isApplications not limited to automobilesto be taken into account | A Honda executive commented that ‘there is potential to add value in a wide range of applications including automobiles,’ and also wrote in the shareholder letter, ‘in Honda’s product line-up, automobiles and other uses.’Specific names such as two-wheeled vehicles or general products are not mentioned in either primary source | speculation |
| They are seriously considering markets outside of automobiles | 10-Q lists home appliances, data centers, aerospace, and defense, and appointed a director from the defense field in March 2026. In July 2026, they officially established a business department (QSDC・QSAS) that is responsible for areas outside of automobiles | speculation |
| for nowLightness is prioritizedand does not increase fixed costs | In December 2025, the company that was renting one building from itself explained that it would be reducing its facilities in line with its ‘license-focused policy’ | speculation |
| The commercialization period isthe company has not yet revealed | Neither 10-K nor 10-Q mentions the year of mass production. Regarding the certification process for automobiles, it only states that ‘there are stages A, B, and C for each sample, and there is uncertainty regarding the timing’ | fact |
The contract revision in July 2026 reflects well the current position of this company. In the contract of July 2025, PowerCo shared the expenses for the joint scale-up team.on an actual cost basisand the upper limit is$130.7 millionIt was. This method will be abolished with the revision in July 2026. Payment is made only when milestones such as the handover and verification of cells are reached.The method will change, The upper limit for receipt is$75.4 milliondecreased fact. This is because the customer stopped paying based on ‘hours worked’ and switched to a model where they pay based on ‘results achieved’. For the company, this means a decrease in revenue at the same time, and reimbursed if it is achievedthis can also be interpreted as. This article interprets this change not as the phase where mass production transfer entered the actual process management stageand reads it as Unconfirmed / Future. However, the company has not explained the reason for this change, and this is interpreted in this article.
9. Mapping of solid-state battery collaborations
10. Technology Approach Used
| Item | 10-K description |
|---|---|
| Negative electrode | Anode-Free. During manufacturing, there is no cathode, and during the first charge, lithium deposits on the collector as a metal and becomes the anode. It does not use any host materials such as carbon or silicon |
| Separator and electrolyte | Dense inorganic ceramic thin film. Thinner than hair, with a lower defect density, making it flexible. Both composition and manufacturing method are patented. |
| Positive electrode | NMC, etc.conventional positive electrode materialUse. In the future, LFP and other cobalt-free compositions are also considered. |
| Cassolite | Organic liquid. Continuously testing solid, gel, and liquid forms; inorganic solid cathode is at the research stage |
| Cell shape | A unique form combining the characteristics of laminate type and corner type. Designed to absorb the expansion and contraction of lithium metal and prevent heat generation during rapid charging |
| Operating pressure | Approximately 3 to 4 atmosphereswith a modest pressure, it claims to be able to produce output comparable to that of an automobile |
| verified numerical values | around 25°Cover 800 cyclessuppresses dendrites. In customer trials, it maintained a discharge energy retention rate of over 95% after 1,000 full cycles at room temperature. It has thermal stability up to 300°C |
I will mention the most commonly misunderstood point first in this article. QuantumScape’s cells have organic liquid (catholyte) on the cathode sideon the anode side fact. 10-K is ‘The current generation of prototype cells are made with our solid electrolyte separator andorganic liquid cathode’to include” and explicitly states. Solid isSeparator and electrolyte layer onlyAnd, the entire cell is not solid. It is classified as a ‘semi-solid state’ configuration.
The reason for this is that the anode consists of a mixture of active material powder and conductive additives and binder.porous layerAnd, it is necessary to connect each of the fine gaps one by one as a passage for ions. Liquids can enter through capillaries freely, but in solids, you have to press powder against powder to make contact. ensuring the contact area and adapting to volume changes accompanying charging and dischargingbecomes extremely difficult. The difficulty level is completely different between the negative side (flat interface of lithium metal and ceramic) and the positive side (aggregation of powder). QuantumScape made the negative side solid while keeping the positive side as a liquid. Solidification is proceeding from the more difficult sideIt seems natural to read it this way. The fact that 10-K positions inorganic solid calcium titanate as ‘a research and development item under investigation’ also aligns with this.
11. The risks this company faces
| Risks | Content | Classification |
|---|---|---|
| Sales are zero and cash is continuously decreasing. | Since its establishment, sales have been zero. An annual cash outflow of $230 million to $270 million. It can only be replenished through capital increases. | fact |
| Dependence on PowerCo1 | The company itself has written in its 10-Q that ‘the only contract intended for commercialization is with PowerCo’. This is listed as a risk.This statement was not changed even after the announcement of the joint research agreement with Honda | fact |
| Reduction of receipt amount | In the revision in July 2026, the upper limit for receipts from PowerCo was reduced from $130.7 million to $75.4 million | fact |
| PowerCo itself is inexperienced | The 10-Q filing states that ‘PowerCo was established in 2022 and has limited experience in battery manufacturing, and its capabilities have not been verified’ | fact |
| Not having mass production equipment | In exchange for being light-footed, it relies on the execution power of other companies to determine the success or failure of mass production. It cannot directly intervene in the process itself | speculation |
| Patent expiration | Major patents are expected to expire between 2034 and 2043. The longer the commercialization is delayed, the fewer years of protection can be monetized. | speculation |
| Competition is fierce | Panasonic, Samsung SDI, CATL, LG Energy Solution, BYD, SK, and other major companies are listed as competitors in 10-K. It also mentions state-led platforms in China such as SES, Solid Power, Factorial, and Sila Nanotechnologies. | fact |
12. Glossary
- All-solid-state battery
- A battery with electrolyte in solid form instead of liquid. It is said to have a low risk of fire and be strong against high voltage and high temperature.
- Anode-Free
- A method where the negative electrode material is not inserted during manufacturing, and lithium metal is precipitated during the first charge to serve as the negative electrode. This method can reduce both volume and weight.
- Cassolite
- The electrolyte that transports ions within the positive electrode. QuantumScape currently uses organic liquid.
- Dendrite
- A lithium dendrite that grows in shape like a needle during charging. It short-circuits by passing through the separator.
- NMC
- Nickel-manganese-cobalt-based cathode active material. One of the mainstreams in current lithium-ion batteries.
- Wh/L
- Energy density per unit volume. Shows how much electricity can be stored in a given size.
- ATM increase
- At-The-Market offering. A method of selling shares gradually at market price to raise funds.
- Form 10-K
- Annual report submitted by U.S.-listed companies to the U.S. SEC. Audited and comes with legal responsibility.
AI-generated conceptual diagram13. Source
- QuantumScape Corporation Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on February 25, 2026). Business content, technology approach, number of employees, patent count, research and development expenses, net loss, cash on hand, relationship with PowerCo and Volkswagen, competitive awareness. https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm
- QuantumScape Corporation Form 10-Q for the quarterly period ended June 30, 2026 (filed with the U.S. SEC on July 24, 2026). Cash on hand as of June 30, 2026, net loss and operating cash flow for the first half of the year, pilot line operation, licensing strategy, 2026 amendment to PowerCo contract, description of additional markets. https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm
- QuantumScape Corporation Form 8-K (filed with the U.S. SEC on July 22, 2026. Report reason is July 16, 2026). Re-amendment of the collaboration agreement with PowerCo and a receipt limit of $75.4 million. https://www.sec.gov/Archives/edgar/data/1811414/000119312526312381/qs-20260716.htm
- QuantumScape Corporation Form 8-K (filed with the U.S. SEC on December 8, 2025. Report reason is December 3, 2025). Lease of one building in San Jose and explanation of downsizing of facilities in line with a licensing-focused strategy. https://www.sec.gov/Archives/edgar/data/1811414/000119312525311360/qs-20251203.htm
- QuantumScape Corporation Form 8-K (filed with the U.S. SEC on March 5, 2026. Report reason is March 4, 2026). Appointment of a director with defense industry experience. https://www.sec.gov/Archives/edgar/data/1811414/000119312526092692/qs-20260304.htm
- QuantumScape Corporation Official website (source for company name and logo image). https://www.quantumscape.com/
- QuantumScape Corporation Press Release ‘QuantumScape Announces Agreement with Honda on Solid-State Battery Technology’ (June 18, 2026). Joint research agreement with Honda Research Institute, subject to a multi-year joint program (development of solid-state batteries and related manufacturing processes), completion of technology evaluation agreement, comments from Mr. Osamu Ogawa (President and CEO) of Shibamura and Mr. Koji Okawa (President and CEO) of Honda Research Institute. https://www.quantumscape.com/quantumscape-announces-agreement-with-honda-on-solid-state-battery-technology/
- QuantumScape Corporation Letter to Shareholders (Form 8-K attached documents Exhibit 99.1, filed on July 22, 2026). Positioning of the partnership with Honda, joint development agreements with two out of the top ten companies, cell supply to another automobile manufacturer, establishment of three business divisions (QSEV・QSDC・QSAS). https://www.sec.gov/Archives/edgar/data/1811414/000119312526312423/qs-ex99_1.htm
14. Table of Correspondence between Claims and Sources
| Main Argument in the Body | Classification | Sources |
|---|---|---|
| Official name, headquarters location, listing market, founding year | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Since its establishment, the revenue from business has been zero | fact | Source 1 and 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| Research and development expenses, general administration expenses, net loss, and operating cash outflow (2023 to December 2025 period) | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Cash on hand of $978 million as of December 2025 and $859 million as of June 2026 | fact | Source 1 and 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| 2026 first half net loss $199 million, operating cash outflow $116.26 million | fact | Source 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| The cash is estimated to last about 3.5 to 3.7 years. | Calculations in this article | The ratios calculated in this article are based on the values from references 1 and 2. Equipment investment is not included, serving as a rough estimate. |
| Approximately 700 employees (as of December 31, 2025) and a personnel reduction of approximately 12% in 2025 | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Volkswagen will invest about $380 million over 10 years and has the right to appoint two board members | fact | Source 1 and 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Funding raised through public offering and ATM (Accelerated Share Repurchase) (2023: $288.2 million, 2024: $128.5 million, 2025: $264.2 million) | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Collaboration agreement with PowerCo and an annual license limit of up to 85 GWh, with a pre-paid royalty of $130 million | fact | Source 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| Amendment to the contract in July 2026 and a change to a maximum receipt of $75.4 million | fact | Source 3 https://www.sec.gov/Archives/edgar/data/1811414/000119312526312381/qs-20260716.htm |
| The company’s explanation of the relocation of one building in San Jose and the reduction of its footprint based on a license-focused strategy | fact | Source 4 https://www.sec.gov/Archives/edgar/data/1811414/000119312525311360/qs-20251203.htm |
| Appointment of a Director from the Defense Sector (March 4, 2026) | fact | Source 5 https://www.sec.gov/Archives/edgar/data/1811414/000119312526092692/qs-20260304.htm |
| Specifications of QSE-5 (approximately 5 Ah, over 800 Wh/L, charging to 10→80% in less than 15 minutes) and safety test and cycle test results. | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Anode-free configuration, inorganic ceramic separator, using organic liquid cathode | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| More than 400 patents (over 180 in the United States and over 220 abroad) and projected expiration between 2034 and 2043 | fact | Source 1 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Public demonstration by Ducati V21L in 2025 and integration of Cobra separator process | fact | Source 1 and 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| The start-up of the pilot line in February 2026 | fact | Source 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| Classification of three types of all-solid-state batteries (Automotive / Battery / Startup) | Calculations in this article | Arrangement by this article. Company names are exemplified from the 23 companies in this series |
| Mass production start date, installed vehicle types, cell price, loyalty rate, and pilot line production capacity | Unconfirmed / Future | Not mentioned in references 1-3. Do not adopt values based on news reports. https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| Joint research agreement with Honda Technical Research Institute (June 18, 2026), multiple-year joint program, the target is the development of all-solid-state batteries and related manufacturing processes | fact | Source 7 https://www.quantumscape.com/quantumscape-announces-agreement-with-honda-on-solid-state-battery-technology/ |
| Honda completed a technology evaluation contract that included technical verification on actual machines and competitive comparison | fact | Source 7 https://www.quantumscape.com/quantumscape-announces-agreement-with-honda-on-solid-state-battery-technology/ |
| Honda Technical Research Institute’s Koji Ogawa and Shibamura CEO’s comments | fact | Source 7 https://www.quantumscape.com/quantumscape-announces-agreement-with-honda-on-solid-state-battery-technology/ |
| In the 10-Q submitted after Honda’s announcement, it is only PowerCo that is noted as having a contract intended for commercialization | fact | Source 2 https://www.sec.gov/Archives/edgar/data/1811414/000119312526316073/qs-20260630.htm |
| Joint development contracts with two of the top ten companies, cell supply to another automobile manufacturer, establishment of business departments QSEV, QSDC, QSAS | fact | Source 8 https://www.sec.gov/Archives/edgar/data/1811414/000119312526312423/qs-ex99_1.htm |
| The amount of the agreement with Honda, its exclusivity, the presence or absence of licenses and supply, target products, duration, and the date of the technology evaluation agreement | Unconfirmed / Future | Not mentioned in references 7 and 8. This article does not estimate |
| Content of reports that the agreement with Honda targets two-wheeled vehicles and general products | Unconfirmed / Future | References 7 and 8 only mention ‘broad purposes including automobiles’, without specific product names. This article does not adopt |
| Interpretation that the agreement with Honda also considers uses outside of automobiles | speculation | The interpretation of this article is based on comments by Mr. Ogawa from reference 7 and the description in reference 8. |
| The names of OEMs other than Honda and the names of the cathode material vendors. | Unconfirmed / Future | The existence of the contract is mentioned but the company name is not disclosed. This article does not estimate it. https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| Investment in other companies and joint research with universities | Unconfirmed / Future | Not mentioned in Document 1 and 2. The author does not assert that it does not exist. https://www.sec.gov/Archives/edgar/data/1811414/000119312526071556/qs-20251231.htm |
| We want to reduce our dependence on Volkswagen. | speculation | The interpretation of this article is based on the descriptions regarding contracts with multiple OEMs and the risks written by themselves. |
| They are seriously considering markets outside of automobiles. | speculation | The interpretation of this article, which describes the addition of new markets and the appointment of a director from the defense sector. |
| It prioritizes lightness without increasing fixed costs. | speculation | The interpretation of this article from the explanation of rental and personnel reduction. |
| Interpreting the contract revision in July 2026 as ‘the form of entering the stage where mass production transfer is managed by project management.’ | speculation | The interpretation based on the fact that it has changed from actual cost reimbursement to milestone payment. The company has not explained the reason. |
| The interpretation that it is being solidified in order of the more difficult interface. | speculation | The interpretation based on the structure where the negative electrode side is solid and the positive electrode side is liquid. |
| The interpretation that not having mass production equipment itself is a risk, including the risk related to patent expiration. | speculation | The interpretation of this article regarding the licensing model and the year of patent expiration |
Last Updated: September 23, 2026 / Troy Technical
All numerical data in this article is based on the legal filings submitted by QuantumScape Corporation to the U.S. Securities and Exchange Commission (SEC). We have not used estimates from research firms or news-based figures. The ‘estimated’ sections are interpretations derived from primary information within the article, not the company’s official disclosures.