Yes. But there are literally 50-100 currently in advanced planning stages. All those factories, say 5 years back and in the next 7 years will add up to 100-200 billion in investment and these factories will likely continue to run for decades. Every single one of those factories is build for current Li-Ion batteries.

Feeding these hungry factories with improving cathode and anode materials over time is the primary vector for industry wide density improvement the next 15+ years.

QS will plan to build a gaga-factory going forward, but what they have currently planned is still very small compared to the truly insane traditional factories that are now in planning. Companies are planning single factories that can drop 100GWh per year.

QS in the late 2020s hope to sell a very niche high end product that requires gigantic investment to scale and has massive competition.