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QuantumScape Stock Up 83% in 3 Months: Is it Still a Buy?
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Key Takeaways
QuantumScape stock has soared 220% YTD, driven by operational and technology milestones.
The Cobra process boosts cell production speed 25x and underpins B1 samples for automakers.
VWAGY's PowerCo pledged up to $131M to advance the QSE-5 pilot line, extending industry validation.
QuantumScape Corp. (QS - Free Report) has been one of the most exciting names in the battery space this year. The EV battery innovator is finally backing its story with real progress. The stock has surged roughly 220% year to date, including an 83% rally in just the past three months, handily outperforming the industry. This move isn’t just momentum—it’s supported by operational and technology milestones that could shape QuantumScape’s long-term value.
Image Source: Zacks Investment Research
QuantumScape’s Leap With the Cobra Process
QuantumScape’s big breakthrough came with its Cobra separator process, a next-generation manufacturing method that could make solid-state batteries commercially viable. The company announced in June that Cobra had successfully entered baseline cell production.
The Cobra process is about 25 times faster than the earlier Raptor system and much more compact and cost-efficient. This leap in productivity has allowed QuantumScape to move from Raptor-based B0 samples to its latest B1 samples, built entirely with Cobra technology.
Image Source: QuantumScape Corp.
In the third quarter of 2025, the company began shipping B1 samples to automotive partners, marking one of its biggest milestones yet. Several automakers are now evaluating these cells, confirming that QuantumScape’s technology is no longer theoretical — it’s being tested by potential customers. The new process represents a crucial step toward scaling, something that’s long been the biggest hurdle for solid-state batteries.
Real-World Validation and Growing Partnerships
Another turning point came with QuantumScape’s public demonstration of its technology at the IAA Mobility show in Munich, held in September. The company, together with Volkswagen’s (VWAGY - Free Report) battery arm PowerCo, showcased a Ducati MotoE race bike powered by QuantumScape’s QSE-5 solid-state cells. This marked the world’s first real-world demonstration of an anode-free solid-state lithium-metal battery. QS’ cells have shown standout performance, achieving 844 Wh/L energy density.
Image Source: QuantumScape Corp.
On the partnership front, QuantumScape’s relationship with Volkswagen continues to deepen. In July, PowerCo agreed to provide up to $131 million in milestone-based payments over two years to accelerate development of the QSE-5 pilot line in San Jose. This comes on top of an earlier $130 million licensing deal, signaling VW’s confidence in QuantumScape’s technology.
The company also signed a joint development agreement with another major automaker, expanding its customer base and further validating industry interest. QuantumScape’s partnerships with Murata Manufacturing and Corning are focused on scaling the production of ceramic separators — the core of its solid-state design.
Financial Strength and a Capital-Light Business Model
QuantumScape’s latest results show that the company is executing with financial discipline. It ended the third quarter with about $1 billion in liquidity, extending its cash runway through 2029 — a year longer than its previous guidance. That extension came after a $263.5 million capital raise through its at-the-market program and reflects tight cost control.
This strong liquidity position gives QuantumScape the breathing room it needs to continue advancing its technology without the pressure of near-term fundraising. The company is sticking to a capital-light licensing model, focusing on technology development and collaboration rather than costly gigafactory builds. QS has also made steady progress on the Eagle Line pilot line, with major production equipment installed and the rest on schedule for completion this year.
Importantly, QuantumScape also reported its first customer billings in the third quarter — $12.8 million — marking early signs of monetization. These billings, mostly tied to Volkswagen’s PowerCo, show that automakers are willing to pay for QuantumScape’s development work. It’s a small but meaningful step toward converting years of research into revenues.
Final Thoughts
QuantumScape is finally beginning to deliver on its long-held promise. The company’s breakthroughs with the Cobra process, the start of B1 sample shipments and the Ducati field demonstration all prove that its technology is moving out of the lab and into real-world applications. On the financial side, the extended cash runway and first customer billings point to steady progress in QuantumScape’s business model.
While solid-state battery commercialization remains a multi-year journey, QuantumScape now has both the technology validation and financial stability to sustain its progress. And that’s why, even after its impressive rally, QS stock still looks like a buy for investors who believe in the future of solid-state batteries.
Image: Bigstock
QuantumScape Stock Up 83% in 3 Months: Is it Still a Buy?
Key Takeaways
QuantumScape Corp. (QS - Free Report) has been one of the most exciting names in the battery space this year. The EV battery innovator is finally backing its story with real progress. The stock has surged roughly 220% year to date, including an 83% rally in just the past three months, handily outperforming the industry. This move isn’t just momentum—it’s supported by operational and technology milestones that could shape QuantumScape’s long-term value.
QuantumScape’s Leap With the Cobra Process
QuantumScape’s big breakthrough came with its Cobra separator process, a next-generation manufacturing method that could make solid-state batteries commercially viable. The company announced in June that Cobra had successfully entered baseline cell production.
The Cobra process is about 25 times faster than the earlier Raptor system and much more compact and cost-efficient. This leap in productivity has allowed QuantumScape to move from Raptor-based B0 samples to its latest B1 samples, built entirely with Cobra technology.
In the third quarter of 2025, the company began shipping B1 samples to automotive partners, marking one of its biggest milestones yet. Several automakers are now evaluating these cells, confirming that QuantumScape’s technology is no longer theoretical — it’s being tested by potential customers. The new process represents a crucial step toward scaling, something that’s long been the biggest hurdle for solid-state batteries.
Real-World Validation and Growing Partnerships
Another turning point came with QuantumScape’s public demonstration of its technology at the IAA Mobility show in Munich, held in September. The company, together with Volkswagen’s (VWAGY - Free Report) battery arm PowerCo, showcased a Ducati MotoE race bike powered by QuantumScape’s QSE-5 solid-state cells. This marked the world’s first real-world demonstration of an anode-free solid-state lithium-metal battery. QS’ cells have shown standout performance, achieving 844 Wh/L energy density.
On the partnership front, QuantumScape’s relationship with Volkswagen continues to deepen. In July, PowerCo agreed to provide up to $131 million in milestone-based payments over two years to accelerate development of the QSE-5 pilot line in San Jose. This comes on top of an earlier $130 million licensing deal, signaling VW’s confidence in QuantumScape’s technology.
The company also signed a joint development agreement with another major automaker, expanding its customer base and further validating industry interest. QuantumScape’s partnerships with Murata Manufacturing and Corning are focused on scaling the production of ceramic separators — the core of its solid-state design.
Financial Strength and a Capital-Light Business Model
QuantumScape’s latest results show that the company is executing with financial discipline. It ended the third quarter with about $1 billion in liquidity, extending its cash runway through 2029 — a year longer than its previous guidance. That extension came after a $263.5 million capital raise through its at-the-market program and reflects tight cost control.
This strong liquidity position gives QuantumScape the breathing room it needs to continue advancing its technology without the pressure of near-term fundraising. The company is sticking to a capital-light licensing model, focusing on technology development and collaboration rather than costly gigafactory builds. QS has also made steady progress on the Eagle Line pilot line, with major production equipment installed and the rest on schedule for completion this year.
Importantly, QuantumScape also reported its first customer billings in the third quarter — $12.8 million — marking early signs of monetization. These billings, mostly tied to Volkswagen’s PowerCo, show that automakers are willing to pay for QuantumScape’s development work. It’s a small but meaningful step toward converting years of research into revenues.
Final Thoughts
QuantumScape is finally beginning to deliver on its long-held promise. The company’s breakthroughs with the Cobra process, the start of B1 sample shipments and the Ducati field demonstration all prove that its technology is moving out of the lab and into real-world applications. On the financial side, the extended cash runway and first customer billings point to steady progress in QuantumScape’s business model.
While solid-state battery commercialization remains a multi-year journey, QuantumScape now has both the technology validation and financial stability to sustain its progress. And that’s why, even after its impressive rally, QS stock still looks like a buy for investors who believe in the future of solid-state batteries.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here