QTREX clarifies recent SEC filing is not a new capital raise

Trump's task force announced a science initiative worth more than $6 billion in total, covering the race for quantum computing and artificial intelligence tools. The U.S. Department of Energy named eight scientific applications to guide the Quantum Genesis Q Competition, which offers up to $215 million in planned funding to companies developing fault-tolerant quantum computers. The funding, first announced in September, consists of milestone-based awards and incentive prizes, with research priorities spanning chemistry, materials science, subatomic particle physics, and applied mathematics. Meanwhile, the White House announced that 11 technology companies have pledged AI tools and computing credits worth a combined $2.4 billion to support research at 15 federal agencies, including $1 billion from Nvidia, $500 million from AMD, $200 million from OpenAI, and $150 million each from Anthropic and Google. On September 23, three European Union financial regulators issued a warning that the development of increasingly powerful quantum computers could undermine the encryption systems used to secure blockchain and financial transactions. However, no quantum computer currently exists that is powerful enough to carry out such an attack in practice.

DARPA has selected IBM and IonQ to lead the next phase of its Quantum Benchmarking Initiative, aimed at developing a fault-tolerant quantum computer. The two companies advanced to Stage C of the program, which moves beyond conceptual plans to hardware tests conducted by DARPA's independent verification and validation team. DARPA launched the Quantum Benchmarking Initiative in 2024 to determine whether an industrially useful fault-tolerant quantum computer can be built by 2033, and IBM and IonQ both took part in the first two stages. IBM is developing its Quantum Starling fault-tolerant computer and expects to deliver the first fault-tolerant system in 2029, according to Jay Gambetta, Director of IBM Research, while IonQ is pursuing continued improvement and deployment of its Superion systems. The Stage C agreement has a potential value of $300M to continue validating IonQ's approach to delivering large-scale fault-tolerant quantum computers, though funding beyond the initial obligation remains subject to future appropriations and DARPA funding actions.

IonQ has advanced to Stage C of the Defense Advanced Research Projects Agency's Quantum Benchmarking Initiative, signing an agreement with a potential value of up to $300 million to continue validating its approach to delivering large-scale fault-tolerant quantum computers. IonQ is among the first companies selected for Stage C, which runs through 2029 and will bring multiple generations of its Superion quantum systems into DARPA's independent verification and validation process. The company completed Stage A, where it defined the technical concept for a utility-scale quantum computer, and Stage B, where it developed a detailed R&D roadmap including technical requirements, designs, and risk-mitigation plans. Chairman and CEO Niccolo de Masi called the advancement a significant vote of confidence in IonQ's technology roadmap and architecture, pointing to the sixth-generation Superion 256 as evidence the work is already happening. Funding beyond the initial obligation remains subject to future appropriations and DARPA funding actions.

Xanadu Quantum Technologies has entered a multi-year manufacturing agreement with GlobalFoundries to produce photonic quantum components. The partnership moves Xanadu designs for fault-tolerant photonic qubits onto GlobalFoundries high volume semiconductor fabrication lines, with GlobalFoundries manufacturing integrated photonic chips intended to support Xanadu quantum computing systems beyond lab scale prototypes. The arrangement shifts Xanadu's SNSPDs and its ultra low loss SiN platform onto a 300 mm line, tying its roadmap to industrial processes that can support a quantum data centre model. The key marker now is whether Xanadu converts the deal into working fault tolerant demonstrator systems on GlobalFoundries made chips, with updates on timing and performance relative to the 2029 to 2030 data centre goal central from here. Investors still face a business that is currently unprofitable, has seen significant insider selling over the past 3 months, and where earnings are forecast to decline 20.1% per year over the next 3 years.

IonQ has signed a contract to deliver its Superion 256-qubit trapped ion quantum computer to Florida International University, making FIU its flagship academic partner in Florida. The agreement adds to a run of recent announcements that also include IonQ's role at NVIDIA's Accelerated Quantum Research Center and a cybersecurity contract with Congruity360. The company reported Q1 2026 revenue of $64.7 million, raised full-year revenue guidance to $260 to $270 million, and ended the quarter with Remaining Performance Obligations of $470 million. About 60% of Q1 revenue came from commercial customers, 35% from international customers, and 35% from multi-product customers. IonQ's most followed valuation narrative pegs fair value at $48.00 per share against a last close of $43.29, implying roughly 10% undervaluation, while the stock trades at a P/B of 5.2x versus 4.8x for the broader US Semiconductor group and a peer average of 15.6x.

D-Wave Quantum entered the third quarter with a definitive agreement with the U.S. Department of Commerce, providing access to up to $100 million in funding under the U.S. CHIPS and Science Act. The agreement, signed Sept. 8, builds on a previously announced Letter of Intent and supports efforts to advance domestic quantum computing capabilities. First-half bookings reached $35.5 million, up 1,120% year over year, while production applications accounted for 37.3% of first-half QCaaS revenues. On Aug. 5, D-Wave reported a research advance published in Nature involving its superconducting dual-rail architecture and quantum error correction, and on Jul. 27 it signed an agreement with AT&T to expand AT&T's use of its quantum computing technology, with early work cutting network optimization processing time from about one hour to less than 15 seconds. Among peers, IonQ completed the SkyWater acquisition on July 31 and updated its 2026 revenue outlook to $450-$460 million, while Rigetti received finalized CHIPS R&D funding of up to $100 million in September. D-Wave shares have lost 55.3% over the past year, and the stock carries a Zacks Rank #4 (Sell).