QuantumScape (NYSE: QS) was one of the market's hottest investments during the meme stock rally in late 2020 and 2021. The developer of solid-state batteries went public by merging with a special purpose acquisition company (SPAC) in November 2020, and its stock opened at $24.80 before soaring to a record high of $131.67 less than a month later.

At its peak, QuantumScape's market cap reached $48 billion. However, the company hadn't commercialized any of its batteries and wasn't generating any meaningful revenue yet. It was also losing hundreds of millions of dollars per year.

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Source Fool.com