Agree with you that it looks odd. Strikes me like a scramble to compete with the Velodyne-GRAF deal. From the Luminar SEC filing[1]: * Volvo and one other OE

Agree with you that it looks odd. Strikes me like a scramble to compete with the Velodyne-GRAF deal. From the Luminar SEC filing[1]: * Volvo and one other OEM are main customers * $15m in revenue this year. Claimed $837m revenue in 2025. Sounds like when Uber ordered 100,000 S-Classes for ATG. [2] In contrast, Velodyne was at $100m last year, yet has only projected to $600m for 2024 [3]. * Will not make 1,000 sensors per year until 2023. * Today, Luminar claims the TAM for their market is $4B. So the $3.4B valuation suggests they somehow have already captured a majority of their market. Well, they certainly captured a majority of their own deal with Volvo. The sensors have some great performance, but the economics look like pure information arbitrage. [1] https://www.sec.gov/Archives/edgar/data/1758057/000119312520227521/d944036d425.htm https://www.sec.gov/Archives/edgar/data/1758057/000119312520... [2] https://www.roadandtrack.com/car-culture/news/a28508/uber-orders-100000-mercedes-benz-s-class-sedans-report/ https://www.roadandtrack.com/car-culture/news/a28508/uber-or... [3] https://www.forbes.com/sites/sabbirrangwala/2020/07/22/the-first-pure-play-lidar-ipowill-velodyne-dominate-3d-imaging/#3b023056597d https://www.forbes.com/sites/sabbirrangwala/2020/07/22/the-f...