2026 Marks a Big Year for Solid-State Battery IPOs, with WeLion (¥20B Valuation), QingTao (¥27.9B), and ProLogium ($3.8B) Vying for the "First Share" Title. Industry Giants like CATL and BYD Accelerate Industrialization, but the Sector Remains Trapped in the "Mass Production Means Losses" Dilemma (QingTao's Gross Margin at -111.6%). Behind the Capital Frenzy, All-Solid-State Batteries Still Face High Costs and Process Bottlenecks; 2030 May Be the Commercialization Watershed.
Preface
On August 3, 2026, WeLion New Energy was conducting a Pre-IPO financing round targeting ¥2 billion, with a pre-money valuation of approximately ¥20 billion.
In 2026, the global solid-state battery industry stands at a critical inflection point, transitioning from technical verification to engineering-scale commercialization. This year has seen a sudden acceleration in capital competition in the solid-state battery space. WeLion New Energy, spun off from the Institute of Physics of the Chinese Academy of Sciences, officially launched its Pre-IPO round (¥2 billion target, ~¥20 billion pre-money valuation) and completed its ChiNext IPO辅导 filing in December 2025, aiming for a ChiNext listing in 2027 if all goes smoothly. Meanwhile, QingTao Energy filed its IPO application with the Hong Kong Stock Exchange in April 2026, planning to raise $700–900 million; Taiwan-based ProLogium announced a SPAC merger for a Nasdaq listing at a valuation of $3.8 billion; and U.S. solid-state battery firm Factorial Energy listed on Nasdaq in June 2026. A full-blown race for the "first solid-state battery share" has begun.
Behind this capital frenzy lies the practical need for industrialization – moving from lab to production lines requires massive funding for capacity build-out and supply chain investment. According to SMM forecasts, global solid-state battery shipments will exceed 10 GWh by 2030, and hybrid solid-liquid batteries will surpass 200 GWh. By 2035, all-solid-state shipments will approach 1,000 GWh, with hybrid solid-liquid reaching nearly 1,500 GWh. Facing this multi-trillion-yuan incremental market, both battery giants and start-ups are rushing to the capital markets. Below we outline the current status of domestic and overseas listed solid-state battery companies and their IPO progress.
Trigger Background for the "IPO Big Year" in 2026: In addition to the industry's own development needs, the further easing of IPO channels for "hard-tech" enterprises under the full registration system at the end of 2025, and the HKEX's lowering of the market cap threshold for Specialty Technology Companies (from HK$8 billion to HK$6 billion) under Chapter 18C, directly lowered the listing barriers for solid-state battery companies.
I. Domestic Solid-State Battery Listed Companies and IPO Status
1.1 Listed Companies
Domestic solid-state battery supply chain listed companies have formed a relatively complete layout.
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Battery segment: CATL (300750.SZ) is pursuing multiple technical routes (sulfide/oxide), and its solid-state battery business revenue share rose to 12% in Q1 2025. Gotion High-Tech (002074.SZ) ranks among the top A-share companies in all-solid-state battery industrialization progress, with its 2 GWh production line design completed. Farasis Energy (688567.SH) has completed large-capacity pouch cell preparation for its first-generation sulfide all-solid-state battery (400 Wh/kg), and its second-generation semi-solid hybrid solid-liquid battery entered mass production in 2026. BYD (002594.SZ), EVE Energy (300014.SZ), Sunwoda, etc., are also actively building capabilities.
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Materials segment: Ganfeng Lithium (002460.SZ) focuses on the oxide electrolyte route; Easpring and Ronbay Technology specialize in cathode materials for solid-state batteries; Enjie Co., Ltd. has laid out R&D and production of lithium sulfide, solid electrolytes, and solid electrolyte membranes; Tianqi Lithium, as a lithium supplier, is deeply involved in the industry chain.
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Equipment segment: Lead Intelligent, NAKNOR, and other companies provide production equipment for solid-state batteries.
1.2 Companies in IPO Process
(1) WeLion New Energy
Filed ChiNext IPO with the Beijing CSRC bureau on December 10, 2025, with CITIC Construction Investment as the advisor. Currently advancing a Pre-IPO round targeting ¥2 billion at a pre-money valuation of ~¥20 billion. As of end-June 2026, it has completed the second phase of coaching; if all goes well, it expects to list on ChiNext in 2027. Shareholders include NIO Capital, Xiaomi Changjiang Industry Fund, Huawei Hubble Investment, Geely Holding, as well as Tianqi Lithium, Huayou Cobalt, Enjie, and other industry chain players.
Deep significance of WeLion's shareholder structure: The entry of upstream industry players like Tianqi Lithium and Enjie is not merely financial investment – it also aims to secure future lithium supply and electrolyte membrane procurement quotas for solid-state batteries, reflecting a vertical integration trend in the industry chain.
(2) QingTao Energy
Officially submitted its main board listing application to the HKEX on April 8, 2026, with joint sponsors Guotai Junan, CICC, and China Merchants Securities. After its Series H round in February 2026, the company was valued at ~¥27.9 billion. According to its prospectus, based on 2025 shipments, it is the largest supplier of hybrid solid-liquid and all-solid-state batteries in China.
II. Overseas Solid-State Battery Listed Companies and IPO Status
Japanese automakers like Toyota and Honda primarily pursue in-house R&D for all-solid-state batteries without seeking independent listings, but their mass production timelines have also been postponed (Toyota pushed from 2027 to 2030), indirectly confirming technical difficulties.
2.1 Listed Companies
(1) QuantumScape (QS)
Listed on NYSE via SPAC in 2020. Focuses on all-solid-state lithium-metal battery technology for EV applications. Market cap as of June 30, 2026, was approximately $3.21–3.42 billion.
(2) Solid Power (SLDP)
Listed on Nasdaq in 2021. Develops sulfide-based all-solid-state battery technology. Market cap as of Q1 2026 end was approximately $465 million.
(3) Factorial Energy (FAC)
Completed business combination with SPAC Cartesian Growth Corporation III on June 8, 2026, and officially listed on Nasdaq at a combined valuation of ~$1.3 billion. Focuses on solid-state battery R&D and has received investments from multiple top automakers.
The valuation gap in the secondary market between QuantumScape and Solid Power ($3.3B vs. $465M) mainly reflects market judgments on the commercial prospects of the "lithium-metal anode" route versus the "sulfide electrolyte" route – the former is seen as more suitable for next-generation high-energy-density needs.
2.2 Companies in IPO Process
ProLogium (Taiwan)
Announced a merger agreement with SPAC TDAC in May 2026 at a valuation of approximately $3.8 billion (~¥25.7 billion), targeting a Nasdaq listing in the second half of 2026 under the ticker "PRLG". Founded in 2006, the company holds over 1,100 global patents. Its Dunkirk, France gigafactory has received ~€1.4 billion in French government subsidies. ProLogium's Dunkirk plant plans a 48 GWh annual capacity, but actual production in 2026 is less than 5 GWh – a realization rate of only about 10%. This gap between planned and actual capacity highlights the difficulties of solid-state battery industrialization.
III. Summary Table of Solid-State Battery Related Listed Companies
Overview of Technical Route Distribution: Currently, global solid-state battery players are mainly divided into three major technical schools – sulfide (CATL, Solid Power), oxide (Ganfeng, ProLogium), and polymer (some European companies). Sulfide is considered the mainstream direction due to the highest ionic conductivity, but poor air stability remains a common challenge.
Conclusion
SMM believes that the capital race in the solid-state battery sector has fully begun, with all major global capital markets – from A-share ChiNext to the Hong Kong main board, and from Nasdaq to NYSE – becoming arenas for solid-state battery companies. However, capital frenzy coexists with industrialization hardships – QingTao Energy's power battery gross margin has fallen to -111.6%, with cumulative net losses exceeding ¥3 billion over three years. [Note: The -111.6% gross margin for QingTao stems from low capacity utilization of hybrid solid-liquid batteries (about 35% in 2025) coupled with high R&D expenses (>40% of revenue), leading to severe fixed cost dilution. This contrasts with the fact that all-solid-state batteries have not yet reached mass production – the general consensus is that hybrid solid-liquid is a "transitional route," while all-solid-state mass production is widely postponed to 2028-2030.] Meanwhile, ProLogium's actual capacity still lags far behind planned capacity. From lab to production line, from technical verification to engineering deployment, the solid-state battery industry still needs to overcome challenges in cost, process, and market. Who will cross the finish line first may not be revealed until after 2030.
Finally, we recommend SMM's premium conferences. Current progress and some participating companies and representatives are as follows:
This week (July 31 – August 6, 2026) saw a triple convergence of technological validation, capacity deployment, and capital influx in the solid-state battery industry. Zhongke Yuanben completed China's first on‑road vehicle test of a sulfide‑based all‑solid‑state battery, validating full‑stack technology integration. Sinocera finished construction of its sulfide electrolyte mass‑production line, while Ronbay Technology approaches a 100‑ton‑level cathode material demand. Tuoyi Guneng announced a RMB 6 billion, 30 GWh project in Inner Mongolia, and Weilan New Energy launched a Pre‑IPO round at a RMB 20 billion valuation. Overseas, Solid Power advanced its continuous electrolyte pilot line, and Factorial partnered with SK On to explore using existing Li‑ion production facilities for solid‑state battery manufacturing. 2026, as a critical window for industrialization, is shifting from "single‑point breakthroughs" to "systematic advancement."
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