# Lilium: German operating subsidiaries filed for insolvency

Lilium GmbH and Lilium eAircraft GmbH; listed parent Lilium N.V. · Germany · Electric aviation

Evidence reviewed Oct 26, 2026. Historical event record.

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.

## Historical private valuation

>$1bn · Jun 2020

DW’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.

[Deutsche Welle](https://www.dw.com/en/german-flying-car-startup-tesla-spacex/a-53759669)

## Documented event

German operating subsidiaries filed for insolvency · Oct 28, 2024

No transaction price shown. 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.

[Lilium / U.S. Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1855756/000110465924113694/tm2427387d1_6k.htm)

## What changed

The unicorn benchmark comes from a 2020 private financing before Lilium’s stock-market listing. The insolvency record identifies the German operating entities separately from the listed Dutch parent. A subsequent patent purchase transferred technology; it did not represent acquisition of the whole historical company or restart of its aircraft program.

## Timeline

### Jun 2020 — Private round extended

Lilium’s financing counsel confirmed Baillie Gifford’s $35 million investment, extending the round to more than $275 million.

[Orrick (financing counsel)](https://www.orrick.com/en/News/2020/06/Orrick-Advises-Lilium-on-Extension-of-Recent-Financing-with-Baillie-Gifford-to-275-Million)

### Oct 28, 2024 — Subsidiaries sought insolvency protection

Lilium GmbH and Lilium eAircraft GmbH filed under German insolvency law after financing efforts failed.

[Lilium / U.S. Securities and Exchange Commission](https://www.sec.gov/Archives/edgar/data/1855756/000110465924113694/tm2427387d1_6k.htm)

### Mar 2025 — Regular insolvency proceedings followed

The administrator’s subsequent account states that the original self-administration process transitioned to regular insolvency in March 2025.

[PLUTA (insolvency administrator)](https://www.pluta.net/en/press/press-release/pluta-attorney-willrodt-sells-lilium-patent-portfolio-to-u-s-listed-company-archer-aviation.html)

### Oct 15, 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.

[PLUTA (insolvency administrator)](https://www.pluta.net/en/press/press-release/pluta-attorney-willrodt-sells-lilium-patent-portfolio-to-u-s-listed-company-archer-aviation.html)

### Nov 6, 2025 — 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.

[Archer Aviation](https://investors.archer.com/news/news-details/2025/Archer-To-Acquire-Los-Angeles-Airport-As-Strategic-Air-Taxi-Network-Hub-and-AI-Testbed/default.aspx)

## Disclosed investors

Historical funding participation; not current ownership or investor losses.

- Baillie Gifford — [Orrick (financing counsel)](https://www.orrick.com/en/News/2020/06/Orrick-Advises-Lilium-on-Extension-of-Recent-Financing-with-Baillie-Gifford-to-275-Million)

## Sources

- [German flying taxi startup charms Tesla investor](https://www.dw.com/en/german-flying-car-startup-tesla-spacex/a-53759669) — Deutsche Welle; published Jun 10, 2020; accessed Oct 26, 2026; financial reporting.

- [Orrick Advises Lilium on Extension of Recent Financing with Baillie Gifford to $275 Million](https://www.orrick.com/en/News/2020/06/Orrick-Advises-Lilium-on-Extension-of-Recent-Financing-with-Baillie-Gifford-to-275-Million) — Orrick (financing counsel); published Jun 12, 2020; accessed Oct 26, 2026; primary source.

- [Lilium N.V. Form 6-K: German subsidiary insolvency filings and parent financing position](https://www.sec.gov/Archives/edgar/data/1855756/000110465924113694/tm2427387d1_6k.htm) — Lilium / U.S. Securities and Exchange Commission; published Nov 4, 2024; accessed Oct 26, 2026; primary source.

- [PLUTA Attorney Willrodt Sells Lilium Patent Portfolio to U.S. Listed Company Archer Aviation](https://www.pluta.net/en/press/press-release/pluta-attorney-willrodt-sells-lilium-patent-portfolio-to-u-s-listed-company-archer-aviation.html) — PLUTA (insolvency administrator); published Oct 15, 2025; accessed Oct 26, 2026; primary source.

- [Archer To Acquire Los Angeles Airport As Strategic Air Taxi Network Hub and AI Testbed: operating highlights](https://investors.archer.com/news/news-details/2025/Archer-To-Acquire-Los-Angeles-Airport-As-Strategic-Air-Taxi-Network-Hub-and-AI-Testbed/default.aspx) — Archer Aviation; published Nov 6, 2025; accessed Oct 26, 2026; primary source.

Logo: [Lilium logo source](https://lilium.com). Company trademark rights remain.

[Methodology](https://altss.com/unicorn-tracker/methodology) · [All cases](https://altss.com/unicorn-tracker)