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Nikola

EV/hydrogen trucksUSA
💀 Dead / Bankrupt
Peak $30 BillionToday
~-99%
from peak
  1. 🦄
    Became a unicorn
    Jun 2020
  2. 📈
    Peak valuation
    $30 Billion ’20
  3. 💔
    Became a Unitard
    Feb 2025
  4. 💸
    Last valuation
    ~$0
Current status
Chapter 11 (Feb 2025); liquidation effective Dec 2025

How it happened

Nikola, an electric and hydrogen truck startup, briefly surpassed Ford's market value at a ~$30B peak shortly after its June 2020 SPAC listing. A short-seller report and fraud allegations against founder Trevor Milton, who was later convicted, undercut its claims. The company struggled to deliver products, filed for Chapter 11 bankruptcy in February 2025, and moved into liquidation effective December 2025.

Source: CNBC; peak > Ford at $30B