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Trevor Milton did not buy Nikola or take control of the failed electric- and hydrogen-truck company. In March 2025, the company’s founder pursued a bid through ISSO LLC for selected Nikola assets while Nikola was selling property through its Chapter 11 bankruptcy case. The principal facilities ultimately went to Lucid Motors.
Trevor Milton did not buy Nikola or take control of the failed electric- and hydrogen-truck company. In March 2025, the company’s founder pursued a bid through ISSO LLC for selected Nikola assets while Nikola was selling property through its Chapter 11 bankruptcy case. The principal facilities—Nikola’s Coolidge manufacturing plant and Phoenix headquarters/product-development site—ultimately went to Lucid Motors, not Milton.
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Nikola later sold additional asset packages to several other buyers and moved into liquidation. As of August 2026, the former startup’s bankruptcy estate was still handling claims, distributions and potential legal recoveries.
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Nikola filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware on February 19, 2025. Rather than immediately shutting down every operation, it sought permission to run a competitive auction and sell its assets in packages. Nikola said it expected to maintain only limited support and fueling operations during the sale process. Nikola’s bankruptcy filing described the proposed process.
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On March 21, ISSO LLC, a Nevada entity, submitted a bid for Nikola assets. The contemporaneous court filings did not fully disclose the bid’s scope or economic terms. Nikola permitted an ISSO inspection of its Coolidge factory but imposed restrictions, including a ban on photographs and video. It also objected to a particular ISSO representative entering the facility.
A lawyer’s description of that representative appeared to match Milton, and a person familiar with the matter told TechCrunch that Milton was pursuing the bid. The careful description is therefore: Milton pursued selected Nikola assets through ISSO during the bankruptcy auction. The public record does not support saying that he made a completed offer for the entire company.
Why the headline can be misleading
A bankruptcy auction is not necessarily a sale of the company as one intact business. A court-supervised Section 363 process can divide factories, equipment, contracts, intellectual property, credits, notes and other property among different purchasers. A party can also submit a bid or a purported superior offer without ultimately winning an asset package.
That distinction matters here. Milton’s reported interest generated headlines about him buying Nikola back, but the eventual record shows a fragmented liquidation:
- Lucid Motors acquired Nikola’s main Arizona facilities and related equipment.
- Hyroad Energy acquired a separate package of assets and assumed certain contracts.
- Other buyers acquired environmental credits, Wabash-related interests, de minimis assets and other property.
- There is no documented completed takeover of Nikola’s core business by Milton or ISSO.
Lucid acquired Nikola’s main facilities
The auction concluded on April 10, 2025, and Nikola executed an asset purchase agreement with Lucid that day. Lucid agreed to acquire the Coolidge, Arizona, manufacturing facility, the Phoenix headquarters and product-development facility, and related equipment. Lucid’s announcement expressly said the transaction did not include Nikola’s business, customer base or hydrogen-fuel-cell truck technology. Lucid’s announcement provides the company’s description of the deal.
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Nikola’s SEC filing put the purchase price at $10 million plus an additional $7 million connected with obligations to retrofit battery-electric trucks, along with assumed liabilities. The sale closed on April 21, 2025, according to later bankruptcy-court reporting. In other words, the most visible physical assets associated with Nikola’s truck manufacturing operation did not end up with Milton.
Other Nikola assets went to multiple buyers
Nikola’s liquidation was made up of several transactions rather than one all-or-nothing sale. Court records list, among other transactions, the following buyers and amounts:
| Buyer | Assets or rights acquired | Reported consideration |
|---|---|---|
| Lucid Motors | Coolidge factory, Phoenix headquarters/product-development facility and related equipment | $10 million, plus $7 million tied to truck-retrofit obligations and assumed liabilities |
| Midwest Infrastructure Partners LLC | Nikola’s equity in Wabash Valley Resources Holdings LLC | $1 million |
| Philipp Brothers Fertilizer LLC | Nikola’s Wabash-related convertible promissory note | $125,000 |
| WestAir Gases & Equipment | Certain de minimis assets | $460,000 |
| Mack Trucks | Environmental credits | $15,302,085.09 |
| Simoneta Ltd., doing business as Hyroad Energy | Certain assets and assumed contracts | $3.85 million |
| Mitsubishi HC Capital America | Assets acquired through a credit bid | $378,794 credit bid |
| Lance Milton | Certain de minimis assets | $442,618 |
The amounts and transaction descriptions above come from the bankruptcy court’s sale records, including the court document covering the approved transactions. View the relevant court record.
Did ISSO later win any Nikola assets?
ISSO later objected to aspects of the Hyroad transaction and submitted what it described as a superior offer. That dispute should not be confused with a completed acquisition. The matter was withdrawn by January 21, 2026, and the reviewed court record does not establish that Milton or ISSO successfully acquired Nikola’s core business or technology through it. The later court filing records the withdrawal.
Because the precise scope of ISSO’s initial March bid was not fully disclosed in the public materials reviewed, it is also too broad to say that every asset Milton sought was definitively rejected in exactly the same transaction. The reliable conclusion is narrower: Milton was associated with an ISSO bid, but the principal facilities went to Lucid and no documented takeover of Nikola resulted.
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What happened to Nikola after the auction?
After selling substantially all of its assets, Nikola stopped operating as a normal truck manufacturer and entered a wind-down. Its 2025 annual filing said the company had ceased business operations, sold substantially all of its assets through bankruptcy proceedings and was winding down.
The Bankruptcy Court confirmed Nikola’s liquidation plan in September 2025, with the written confirmation order entered on September 12. The plan cancelled existing equity interests without distributions to stockholders. Its effective date was December 12, 2025, when the Nikola Liquidating Trust was established.
The trust’s work continued after the operating company’s assets had been sold. A February 2026 court filing described the Lucid closing and the trust’s ongoing responsibilities. By July 20, 2026, those responsibilities included reconciling creditor claims, pursuing potential causes of action, distributing available funds and enforcing an amended judgment or other claims involving Milton. The final amount creditors may recover and the date for a final decree remained unresolved. The case-status summary describes the remaining liquidation work.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Milton’s involvement was unusual
Milton founded Nikola and later left the company. In 2022, a federal jury convicted him on fraud-related charges involving statements about Nikola’s technology and business prospects. He was sentenced to four years in prison in 2023. President Donald Trump pardoned him in March 2025, shortly before the reported Nikola bid.
That timing made the proposed bid especially notable, but the pardon did not itself make Milton the owner of Nikola assets. It also did not automatically eliminate civil claims held by Nikola’s bankruptcy estate or its successors. Bankruptcy sales remained subject to court procedures, competing bids, purchase agreements and approval orders.
Timeline of the Nikola asset sale
- February 19, 2025: Nikola filed for Chapter 11 protection and proposed a structured sale process.
- March 21, 2025: ISSO LLC submitted a bid for Nikola assets.
- April 7, 2025: Reporting identified Milton as pursuing the bid through ISSO.
- April 10, 2025: Nikola’s auction concluded and it executed the Lucid asset purchase agreement.
- April 21, 2025: The Lucid transaction closed.
- August 6, 2025: The court approved the $3.85 million Hyroad transaction.
- September 12, 2025: The written order confirming Nikola’s liquidation plan was entered.
- December 12, 2025: The plan became effective and the Nikola Liquidating Trust was established.
- January 21, 2026: The matter involving ISSO’s objection and purported superior offer concerning the Hyroad transaction was withdrawn.
- July 20, 2026: The trust was still handling claims, distributions, potential causes of action and collection efforts involving Milton.
The bottom line for car and truck readers
Milton’s attempt was an effort to buy selected pieces of Nikola from bankruptcy—not a successful purchase of the company. Lucid obtained Nikola’s two principal Arizona facilities, while other buyers acquired separate assets and rights. Nikola’s equity was cancelled under its liquidation plan, and the remaining legal and financial work shifted to the Nikola Liquidating Trust.
The most accurate short version is: Trevor Milton pursued a bid through ISSO LLC for selected Nikola assets during the company’s 2025 bankruptcy auction, but he did not buy Nikola, win the principal auction or acquire its hydrogen-truck technology.
Frequently Asked Questions
Did Trevor Milton buy Nikola?
No. Milton was associated with an ISSO LLC bid for selected assets during Nikola’s Chapter 11 sale process. The principal facilities went to Lucid, and there is no documented completed takeover of Nikola by Milton.
What did Lucid buy from Nikola?
Lucid acquired Nikola’s Coolidge, Arizona, manufacturing facility, its Phoenix headquarters/product-development facility and related equipment. The deal did not include Nikola’s business, customer base or hydrogen-fuel-cell truck technology.
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Nikola ceased business operations, sold substantially all of its assets and moved into liquidation. Its liquidation plan became effective on December 12, 2025, when the Nikola Liquidating Trust was established.
Did ISSO later win the Hyroad asset package?
No. ISSO objected to part of the Hyroad transaction and submitted a purported superior offer, but that matter was withdrawn by January 21, 2026. The available record does not show a successful Milton acquisition of Nikola’s core business.
The Bottom Line
Bottom line: Trevor Milton pursued selected Nikola assets through ISSO LLC, but he did not buy Nikola. Lucid acquired Nikola’s main Arizona facilities, other assets were divided among several buyers, and the former truck startup entered liquidation.
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