You captured the core thesis well, but there are a few recent developments and upcoming catalysts worth noting. On the financial side, Solid Power recently shored up its balance sheet with a 130 million direct offering in January. While that added some dilution, it bumped their total liquidity to over 330 million, providing a solid runway against their projected 2026 cash burn of 85 to 100 million. For near term catalysts, the Q1 earnings call in early May will be a key event. The market is looking for updates on the commissioning of their continuous electrolyte pilot line, as well as confirmation on whether the SK On partnership has reached its final acceptance milestones. There might also be progress reports on their joint evaluation agreement with Samsung SDI and BMW regarding demonstration vehicles. Lastly, the competitive landscape is shifting. Beyond QuantumScape, Toyota is starting small scale production of its own sulfide based solid state batteries this year, which could influence the industry narrative. It is definitely a space with high potential and high volatility.

@ilona TAM could be in the multiple billions of annual rev, in few years. Millions of vehicles multiplied by a few hundreds dollars per license. Currently valued at 700m$ mcap, this could be a 10-20x within 5 years, but only if they become the gold standard for solid batteries.