The solid-state battery developer QuantumScape is executing a significant exchange transfer while reaching key manufacturing milestones. The company is departing the New York Stock Exchange for a listing on the Nasdaq, coinciding with tangible progress at its pilot production facility.
Manufacturing Pilot Takes Shape with Eagle Line
In a concurrent development, QuantumScape has completed equipment installation for its “Eagle Line” pilot facility in San Jose, California. This plant is scheduled to commence production of QSE-5 solid-state battery cells in February 2026. The cells are characterized by an energy density exceeding 844 Wh/L and rapid charging capability, reaching from 10% to 80% charge in 12.2 minutes.
A critical efficiency driver is the new “Cobra” separator process, which the company states is 25 times more productive than the previous “Raptor” method. Since October 2025, QuantumScape has been delivering B1 sample cells to automotive customers, including Volkswagen’s battery unit, PowerCo.
Exchange Transition Set for December
The company announced on December 10, 2025, that its shares will move from the NYSE to the Nasdaq Global Select Market. The final trading day on the NYSE will be December 22, 2025, with trading on Nasdaq beginning the following day. The ticker symbol will remain QS.
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CFO Kevin Hettrich explained the move as an alignment with other innovation-driven technology companies listed on Nasdaq. The transition includes all publicly traded securities, with listing requirements already satisfied.
Financial Progress Amid Persistent Caution
Operational developments are yielding initial financial results. For the third quarter of 2025, QuantumScape recorded its first customer billings, totaling $12.8 million. The company maintains a cash position of approximately $1 billion and reduced quarterly operating expenses to $115 million.
Despite these advances, analyst sentiment remains guarded. The average price target stands at $9.17, notably below the current trading level. HSBC recently maintained a “Reduce” rating, even as it raised its specific price objective to $10.50.
The impending launch of the Eagle Line in February 2026 represents a pivotal test of QuantumScape’s transition from developer to commercial producer. Until then, the valuation retains a speculative element, notwithstanding a remarkable 155% share price appreciation over the past twelve months.
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