Quantum Leap: IonQ named primary quantum technology provider for KISTI project

Welcome to the latest edition of “Quantum Leap” where The Fly decodes news and activity in the quantum computing space.

QUANTUM TECHNOLOGY PROVIDER: IonQ (IONQ) announced that the Korea Institute of Science and Technology Information secured a multi-million dollar government award through the “Quantum Computing Service and Utilization System Construction Project.” This initiative marks a pivotal step toward establishing South Korea’s first National Quantum Computing Center of Excellence. KISTI will lead the development and operation of a quantum computing service and research platform designed to support both academic and enterprise applications. KISTI has identified IonQ as the primary quantum technology provider for the project, alongside Megazone Cloud. Under an expected contract to be concluded with KISTI, IonQ expects to deliver an advanced 100-qubit quantum system for the initiative. Together, IonQ and KISTI intend to develop a hybrid quantum-classical execution environment, integrating next-generation quantum systems into a private cloud for remote access. “We will be honored to support KISTI’s pioneering efforts to establish a world-leading quantum service infrastructure in Korea,” said Niccolo de Masi, CEO of IonQ. “This project is a significant investment in Korea’s research and innovation ecosystem, and we are proud to have been identified by KISTI to provide the technology and expertise to help realize its full potential.”

POST QUANTUM TECHNOLOGY: Sealsq (LAES) commenced the deployment of its GSMA-accredited eUICC with telecommunications operators worldwide. Sealsq’s GSMA-accredited eUICC technology is now equipped to integrate post-quantum cryptographic security, marking a major milestone in the evolution of secure mobile and IoT communications.

QUANTUM INVESTMENT FUND: Sealsq reported its Quantum Investment Fund has been increased from $20M to over $35M. The increase is aimed at accelerating the convergence of quantum, post-quantum cryptography, edge security, satellite communications, and secure identity infrastructure into a seamless and secure ecosystem for the next digital era.

SECURITIES PURCHASE AGREEMENT: Quantum-Si (QSI) noted that it has entered into a securities purchase agreement with a single institutional investor for the purchase and sale of 29,940,119 shares of common stock at a purchase price of $1.67 per share, pursuant to a registered direct offering, resulting in gross proceeds of approximately $50M, before deducting placement agent commissions and other offering expenses. The closing of the offering is expected to occur on or about July 8, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.

SHARE SALE: Quantum Computing (QUBT) filed to sell 14.04M shares of common stock for holders

1H AND FY25 RESULTS: Sealsq anticipates FY25 revenue to be in the range of $16M to $20M, representing year-on-year growth of between 45% and 82%. This full-year outlook is based upon best estimates of the timing of the completion of the IC’ALPS acquisition as well as the start date for the Quantix Edge project. The company expects 2026 will be a period of further growth, fueled by several new revenue streams including a full year of revenue relating to the IC’ALPS acquisition, the commencement of the Quantix Edge project, and the revenues from the launch of the TPM Post-Quantum resistant chip. Sealsq plans to disclose expectations as this business continues to evolve but it currently expects 2026 to reflect similar year-on-year revenue growth in the 50% to 100% range. The company’s new business pipeline continues to grow and is now standing at $145M of revenue opportunities with both current and prospective clients for the period 2026 to 2028. This is driven by surging demand for quantum-resistant security solutions and sovereign semiconductor design expertise. Carlos Moreira, CEO, commented: “While H1 2025 marked the expected continuation of a transitional period as we aligned our portfolio with the post-quantum era, H2 2025 will be a pivotal inflection point for SEALSQ. With clear visibility into our current business and growth drivers, we expect our second half of the year to be substantially stronger than the first half in terms of revenue. Thus, for the second half of 2025, we expect revenues of between $11M and $15M, fueled by major commercial projects and the consolidation of some revenues relating to IC’ALPS. With standard QVault TPM and custom ASICs solutions, and our expanding network of Test and Personalization Centers, we are laying the foundation for important growth in 2026. Although we do not expect our Spain-based Personalization Center project to be fully activated so as to have a significant impact on our 2025 revenue, we believe it will act as a catalyst for 2026, and we expect it to generate significant revenues that year. These factors, combined with our global PQC leadership, position SEALSQ for accelerated growth in 2026. We stand at a pivotal moment in the evolution of digital trust – where semiconductor security-based solutions and quantum-resistant technologies are becoming the backbone of a digital world that is secure, connected, and built for a better future.” Sealsq reported 1H 2025 preliminary unaudited revenue of $4.8M, which was in line with 1H 2024 and, as anticipated, reflective of the continued transitional period as the strategic pivot from legacy products to next-generation post-quantum semiconductors and software solutions continues. Bolstered cash reserves of $120M as of June 30, up from $19M compared to June 30, 2024, and $85M compared to December 31, 2024, provides substantial liquidity to fuel PQC innovation and global expansion.