Altss Research / Venture case 27
Lilium
Lilium’s main German operating subsidiaries filed for insolvency in October 2024. The administrator later sold a patent portfolio to Archer, while continuing disposal of remaining assets.
Altss Research · Evidence reviewed · Historical event record
Historical private valuation
>$1bnDW’s contemporaneous report places Lilium above $1 billion following Baillie Gifford’s $35 million private investment. This is a reported lower bound, not an exact or peak valuation.
Bankruptcy / insolvency
No sale priceGerman operating subsidiaries filed for insolvency. Lilium’s Form 6-K confirms the principal German operating subsidiaries filed on October 28, 2024, with the court approving preliminary self-administration proceedings. This is the actual filing date, rather than the earlier board authorization.
These figures have different valuation bases and dates. Their difference is not a measure of investor losses. Methodology ↗
The documented timeline
Private round extended
Lilium’s financing counsel confirmed Baillie Gifford’s $35 million investment, extending the round to more than $275 million.
Subsidiaries sought insolvency protection
Lilium GmbH and Lilium eAircraft GmbH filed under German insolvency law after financing efforts failed.
Regular insolvency proceedings followed
The administrator’s subsequent account states that the original self-administration process transitioned to regular insolvency in March 2025.
Patent purchase agreement announced
The administrator announced an agreement with Archer and said disposal of remaining Lilium assets would continue. Implementation was still under way at that announcement.
Patent-sale completion reported
Archer confirmed it had closed its acquisition of approximately 300 Lilium patent assets for €18 million. This is a patent-portfolio price, not whole-company equity value.
Source documents
Publication and access dates identify the evidence used for this case.
Deutsche Welle · Financial reporting · Published Jun 10, 2020 · Accessed Oct 26, 2026
Orrick (financing counsel) · Primary source · Published Jun 12, 2020 · Accessed Oct 26, 2026
Lilium / U.S. Securities and Exchange Commission · Primary source · Published Nov 4, 2024 · Accessed Oct 26, 2026
PLUTA (insolvency administrator) · Primary source · Published Oct 15, 2025 · Accessed Oct 26, 2026
Archer Aviation · Primary source · Published Nov 6, 2025 · Accessed Oct 26, 2026
Logo: Lilium logo source. Company trademark rights remain.