Quantum Leap: Quantinuum files for initial public offering

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

Claim 55% Off TipRanks

QUANTUM SPECTRUM: Infleqtion (INFQ) formally established quantum spectrum as a new category within quantum sensing. Quantum spectrum represents the first fundamental shift in radio frequency sensing architecture in decades, according to the company. “We’ve been developing atom-based RF sensing for nearly a decade, and the milestones we’ve reached make clear that now is the time to accelerate with greater corporate focus,” said Matt Kinsella, CEO of Infleqtion. “We’re building prototypes, running field trials, and hardening these systems for real-world deployment. Quantum Spectrum is a new category we are both defining and leading.” 

CONNECTIVITY PROGRAM: Inspira Technologies (IINN) issued a letter to its shareholders from its CEO, Dagi Ben-Noon. The company said, “This letter is intended to clearly outline where we are heading, why we believe this moment is important, and how our Additively Manufactured Electronics platform, quantum connectivity strategy, and medical business each contribute to a broader plan to convert our assets into measurable value. Our strategy is built around three distinct value tracks: a commercially active AME platform, a focused quantum connectivity program targeting one of the industry’s most important scaling bottlenecks, and a medical business being positioned as a wholly owned subsidiary with meaningful near-term strategic potential. Each track has its own timeline, execution path, and value driver. Together, they form a coordinated framework designed to convert the Company’s assets into measurable business outcomes and long-term shareholder returns. Importantly, our recent commercial activity should not be viewed as an isolated event, but as clear evidence of a broader revenue ramp now developing across the Company. This ramp up is expected to be supported by AME system sales, recurring consumables and service revenues, and continued monetization of our medical technologies. Our objective is to convert this commercial activity into a scalable revenue base that grows consistently quarter over quarter. This revenue ramp will be reflected in the Company’s upcoming financial reports. At the same time, the Company’s management has actively reduced the burn rate of the legacy medical business while reallocating capital toward the AME platform and quantum connectivity program. This is not a passive increase in expenses; it is a deliberate shift in the Company’s cost structure from legacy medical operating expenses toward commercial AME execution, quantum development, customer deployments, and revenue-generating activity. Our execution priorities are clear: accelerate cash collection, expand recurring revenue, improve gross margins, increase capital efficiency, and convert commercial activity into scalable revenue growth… Looking ahead, we believe Inspira is at an inflection point. The convergence of an actively scaling AME commercial platform, a quantum connectivity strategy targeting one of the largest emerging hardware markets in technology, and a medical monetization process designed to deliver non-dilutive capital, creates what we believe is a unique combination of near-term commercial visibility and long-term strategic upside. We expect the coming weeks and months to bring continued execution milestones across all three tracks. On behalf of the entire team, thank you for your continued support and confidence. We are committed to executing this strategy with discipline, transparency, urgency, and a clear focus on measurable milestones. Our priority is to translate the Company’s assets, strategic partnerships, and commercial progress into concrete results for our shareholders.”

QUANTINUUM IPO: Honeywell (HON) announced that Quantinuum (QNT) has publicly filed a registration statement on Form S-1 with the U.S. SEC relating to a proposed initial public offering of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Quantinuum intends to list its Class A common stock on Nasdaq under the ticker symbol “QNT.” J.P. Morgan and Morgan Stanley are acting as joint lead active book-running managers for the proposed offering. Jefferies and Evercore ISI are also acting as active book-running managers.

SHAREHOLDER APPROVAL: SkyWater Technology (SKYT) announced that its stockholders approved at a special meeting held earlier today, the company’s previously announced merger agreement with IonQ (IONQ) or the acquisition of the company by IonQ. The transaction, which is expected to close in the second or third quarter of 2026, remains subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.

EARNINGS RECAP: D-Wave Quantum (QBTS) reported first quarter earnings results on Tuesday, beating EPS estimates and falling short of revenue estimates. “D-Wave’s first quarter performance highlights what sets this company apart: strong execution, expanding commercial adoption, and differentiated technology leadership across both annealing and gate model quantum computing,” said Alan Baratz, CEO of D-Wave. “As the only quantum computing company pursuing both annealing and gate-model quantum computing systems, we believe that D-Wave is uniquely positioned to participate in the full addressable quantum computing market. Our acquisition of Quantum Circuits is expected to meaningfully accelerate our delivery of a scalable, error-corrected gate model system, while our record-setting $10 million quantum computing as a service agreement with a Fortune 100 company reinforced growing demand for our annealing systems. We believe that D-Wave’s combination of commercial proof, technical breadth, and a differentiated path to gate-model error correction and scaling will be increasingly prominent as this market matures.” Canaccord lowered the firm’s price target on D-Wave to $41 from $43 and maintained a Buy rating on the shares. The firm updated its model following Q1 results where bookings surged as the gate model roadmap became tangible. Management raised system sales cadence from one per year to 2-3, with at least two deliveries committed in 2026 implying additional unannounced wins already deep in negotiation.

Rigetti Computing (RGTI) matched EPS expectations and beat revenue expectations in Q1. “In the first quarter, we continued to execute on our strategy by bringing our 108-qubit Cepheus-1-108Q system into general availability on Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid,” said Subodh Kulkarni, Rigetti CEO. “We believe Cepheus-1-108Q is one of the most powerful generally available gate-based quantum computers in the world, and as the largest modular system on the market today, it is an important validation of our chiplet-based architecture in a production setting.” Mizuho analyst Vijay Rakesh lowered the firm’s price target on Rigetti Computing to $27 from $33 and keeps an Outperform rating on the shares.

Quantum Computing (QUBT) surpassed Street estimates in its Q1 earnings report on Monday. Yuping Huang, CEO of Quantum Computing, commented, “QCi made significant operational progress in the first quarter of 2026, furthering our mission of delivering accessible, scalable, and affordable quantum machines and photonic solutions for practical use across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging. As demand for faster and more efficient data processing grows, it is becoming increasingly clear that photonics will be a critical component of future technological advancements given its low power consumption and ability to operate at room temperature. During the first quarter we strengthened our position in this space, and made significant progress in advancing our technology roadmap and continued to grow our commercial momentum.”