Lilium
German electric jet company that filed for bankruptcy twice - first in October 2024, then again in February 2025 after a rescue deal collapsed. Founded in 2015, Lilium developed an electric vertical takeoff and landing (eVTOL) aircraft and at its peak was valued at $3.3 billion after going public via SPAC.
Lilium raised over $1.1 billion since 2021 but exhausted its funds by late 2024. The German federal government denied a crucial €50 million loan guarantee, which also blocked a matching €50 million commitment from Bavaria. Stock price collapsed over 95% from its public debut.
After the initial insolvency filing in October 2024, Mobile Uplift Corporation (a consortium of European and North American investors) signed a rescue deal. However, by February 2025, the €200 million rescue funding proved insufficient, and Lilium filed for bankruptcy a second time. Over 700 employees lost their jobs, and 780 aircraft orders remained unfulfilled.
Lilium exemplifies the 'valley of death' for European hardware deeptech: massive R&D requirements, long timelines to certification, and a funding environment that celebrates pilot projects but abandons industrialization.
Key Leaders at Lilium
Klaus Roewe
CEO
Led company through attempted rescue and second bankruptcy
Daniel Wiegand
Co-founder
Founded company in 2015
Cautionary Notes on Lilium
- Filed bankruptcy twice - October 2024 and February 2025
- Peak valuation $3.3 billion; stock fell 95%+ from SPAC debut
- Raised $1.1 billion since 2021 but exhausted funds
- German government denied €50 million loan guarantee
- Bavaria's matching €50 million contingent on federal support
- First rescue by Mobile Uplift Corporation failed
- €200 million rescue funding proved insufficient
- 700+ employees lost jobs
- 780 aircraft orders unfulfilled
- 1,000+ employees at peak
- Went public via SPAC - classic 2021 era hype cycle
- Valley of death: couldn't bridge R&D to revenue