{"slug":"qubt","name":"Quantum Computing Inc","name_en":"Quantum Computing Inc","ticker":"QUBT","updated_at":"2026-07-12T08:21:15.312516+00:00","canonical":"https://valuechain.wiki/qubt","same_as":["https://finance.yahoo.com/quote/QUBT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1758009"],"citable":"밸류체인 그래프 기준 Quantum Computing Inc의 직접 연결 기업은 1곳(관계 기준 공급 0·매출 1)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Quantum Computing Inc is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 14 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 양자 포토닉스 · TFLN 파운드리","kicker_en":"Nasdaq · Quantum photonics · TFLN foundry","lead":"박막리튬나이오베이트(TFLN) 포토닉 칩과 양자광학을 다루는 가장 이른 단계의 프론티어 기업으로, FY2025 매출은 $682K에 불과하다. 밸류에이션을 지탱하는 건 실적이 아니라 서사와 자산 — 애리조나 템페의 TFLN 파운드리(Fab 1)와 NIST 첫 정부 파운드리 계약, 그리고 $15억+ 유동성이다. TFLN이 고속 광변조기 소재로 데이터센터 광통신과도 닿는다는 점이 양자 너머의 상업화 옵션이며, 관전점은 이 파운드리가 실제 매출로 전환되느냐다.","lead_en":"QUBT is an earliest-stage frontier in thin-film lithium niobate (TFLN) photonic chips and quantum optics, with FY2025 revenue of just $682K. What underpins its valuation is narrative and assets, not earnings — a TFLN foundry (Fab 1) in Tempe, Arizona, a first government foundry contract with NIST, and $1.5bn+ liquidity. That TFLN doubles as a high-speed optical-modulator material touching datacenter optics is the commercialization option beyond quantum; the question is whether the foundry converts into real revenue.","segments":{"fy":2025,"parts":[{"name":"TFLN 포토닉 칩"},{"name":"양자 광학·Dirac"},{"name":"정부·학계"}],"total":"2025 매출 $682K","concentration":"템페 Fab 1. 유동성 $1.5B+."},"segments_en":{"fy":2025,"parts":[{"name":"TFLN photonic chips"},{"name":"Quantum optics/Dirac"},{"name":"Government/academia"}],"total":"2025 revenue $682K","concentration":"Tempe Fab 1; $1.5B+ liquidity."},"returns_yearly":{"2021":-75.8,"2022":-55.7,"2023":-39.5,"2024":1712.7,"2025":-38,"2026":-15.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}}],"benefiting":[],"analysis":"QUBT의 논점은 '자산과 서사가 매출을 앞선다'는 초기 프론티어 특성이다. FY2025 매출 $682K로 사실상 매출 전이지만, 템페 TFLN 파운드리(Fab 1)와 NIST 첫 정부 파운드리 계약은 경쟁사 대비 실물 역량의 근거이고, $15억+ 유동성이 상용화까지의 소진을 버티게 한다. 핵심 옵션은 TFLN이 양자를 넘어 데이터센터 고속 광변조기 소재로 확장되는 경로다. 리스크는 P/S 수백 배의 밸류에이션·희석·상용화 지연으로, 가장 투기적인 양자 프론티어 중 하나다. 그래프 파급: 아마존(Dirac 클라우드 제공)·정부·학계가 초기 수요처이나 연결은 아직 얇다.","analysis_en":"QUBT's thesis is the earliest-stage trait that assets and narrative lead revenue. FY2025 revenue of $682K is effectively pre-revenue, but the Tempe TFLN foundry (Fab 1) and a first NIST government foundry contract evidence real capability versus peers, and $1.5bn+ liquidity funds the burn to commercialization. The key option is TFLN extending beyond quantum into datacenter high-speed optical modulators. Risks are a hundreds-of-times P/S valuation, dilution and commercialization delay — one of the most speculative quantum frontiers. Graph propagation: Amazon (Dirac via cloud), government and academia are early demand, but links are still thin.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"정부·학계·광통신 (TFLN 포토닉스)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":682000,"period":"QUBT FY2025 매출(초기 단계)","qualifier":"pre_revenue_early_stage"},"note":"정부·학계에 TFLN 포토닉 칩·양자광학을 공급하되, TFLN이 데이터센터 광변조기와 인접하다는 점이 양자 너머의 상업화 옵션.","note_en":"Supplies TFLN photonic chips and quantum optics to government and academia, with TFLN's adjacency to datacenter optical modulators as the option beyond quantum.","sources":[{"stance":"confirms","publisher":"뉴스1","publisher_en":"News1","kind":"news","lang":"ko","published_at":"2026-05-13","url":"https://www.news1.kr/world/usa-canada/6164692","title":"퀀텀컴퓨팅 주가 15% 랠리…매출 급증","title_en":"Quantum Computing stock rallies 15% on surging revenue","excerpt":"퀀텀컴퓨팅 주가 15% 랠리…매출 급증","excerpt_en":""},{"stance":"confirms","publisher":"PR Newswire","publisher_en":null,"kind":"news","lang":"en","published_at":"2026-03-02","url":"https://www.prnewswire.com/news-releases/quantum-computing-inc-reports-fourth-quarter-and-year-end-2025-financial-results-302701530.html","title":"Quantum Computing Inc. Reports Fourth Quarter and Year-End 2025 Financial Results","title_en":null,"excerpt":"Quantum Computing Inc. Reports Fourth Quarter and Year-End 2025 Financial Results","excerpt_en":""},{"stance":"confirms","publisher":"SEC EDGAR (QUBT 10-K)","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1758009/000121390026022417/ea0278445-10k_quantum.htm","title":"Quantum Computing Inc. Form 10-K (FY2025)","title_en":null,"excerpt":"Quantum Computing Inc. Form 10-K (FY2025)","excerpt_en":""},{"stance":"confirms","publisher":"StockAnalysis","publisher_en":"StockAnalysis","kind":"research","lang":"en","published_at":"2026-02-01","url":"https://stockanalysis.com/stocks/qubt/","title":"QUBT 2025 매출 $682K·포토닉스","title_en":"QUBT 2025 revenue $682K, photonics","excerpt":"정부·학계에 TFLN 포토닉 칩·양자광학(데이터센터 광변조기와도 인접).","excerpt_en":"TFLN photonic chips and quantum optics to government and academia (adjacent to datacenter optical modulators)."},{"stance":"confirms","publisher":"Quantum Computing Inc","publisher_en":"Quantum Computing Inc","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://quantumcomputinginc.com/news/press-releases/2025/quantum-computing-inc.-reports-third-quarter-2025-financial-results","title":"QUBT 3Q25 실적·TFLN Fab 1","title_en":"QUBT Q3 2025 results and TFLN Fab 1","excerpt":"정부·학계에 TFLN 포토닉 칩·양자광학(데이터센터 광변조기와도 인접).","excerpt_en":"TFLN photonic chips and quantum optics to government and academia (adjacent to datacenter optical modulators)."},{"stance":"confirms","publisher":"PR Newswire","publisher_en":null,"kind":"news","lang":"en","published_at":"2025-08-05","url":"https://www.prnewswire.com/news-releases/quantum-computing-inc-awarded-tfln-photonic-chip-contract-by-us-department-of-commerces-national-institute-of-standards-and-technology-302521889.html","title":"Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST","title_en":null,"excerpt":"Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST","excerpt_en":""}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"low","metric":{"type":"amount","unit":"USD","value":682000,"period":"QUBT FY2025 매출(초기 단계)","qualifier":"pre_revenue_early_stage"},"note":"아마존 클라우드를 통해 Dirac 최적화 엔진 접근을 제공 — 자체 영업망이 없는 초기 단계에서 유통·접근성을 클라우드에 얹은 구조.","note_en":"Offers access to its Dirac optimization engine via Amazon's cloud — layering distribution and reach onto the cloud while it lacks its own sales channel at this early stage.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.stocktitan.net/sec-filings/QUBT/8-k-quantum-computing-inc-reports-material-event-a1a22fdfd573.html","title":"QUBT 매출 급증·유동성 $1.5B","title_en":"QUBT revenue jump, $1.5B liquidity","excerpt":"클라우드를 통해 Dirac 최적화 접근 제공.","excerpt_en":"Offers Dirac optimization access via cloud."}]},{"direction":"cost","counterparty":"TFLN 파운드리·장비·소재 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"USD","value":682000,"period":"QUBT FY2025 매출(초기 단계)","qualifier":"pre_revenue_early_stage"},"note":"템페 Fab 1 TFLN 파운드리 장비·소재.","note_en":"Tempe Fab 1 TFLN foundry equipment and materials.","sources":[{"stance":"confirms","publisher":"Quantum Computing Inc","publisher_en":"Quantum Computing Inc","kind":"filing","lang":"en","published_at":"2025-11-01","url":"https://quantumcomputinginc.com/news/press-releases/2025/quantum-computing-inc.-reports-third-quarter-2025-financial-results","title":"QUBT 3Q25 실적·TFLN Fab 1","title_en":"QUBT Q3 2025 results and TFLN Fab 1","excerpt":"템페 Fab 1 TFLN 파운드리 장비·소재.","excerpt_en":"Tempe Fab 1 TFLN foundry equipment and materials."}]},{"direction":"cost","counterparty":"Fab 2 증설·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"USD","value":682000,"period":"QUBT FY2025 매출(초기 단계)","qualifier":"pre_revenue_early_stage"},"note":"Fab 2 증설·R&D.","note_en":"Fab 2 expansion and R&D.","sources":[{"stance":"confirms","publisher":"StockTitan","publisher_en":"StockTitan","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://www.stocktitan.net/sec-filings/QUBT/8-k-quantum-computing-inc-reports-material-event-a1a22fdfd573.html","title":"QUBT 매출 급증·유동성 $1.5B","title_en":"QUBT revenue jump, $1.5B liquidity","excerpt":"Fab 2 증설·R&D.","excerpt_en":"Fab 2 expansion and R&D."}]},{"direction":"revenue","counterparty":"NIST (美 상무부 TFLN 포토닉스 IC 파운드리 계약)","counterparty_slug":null,"confidence":"low","metric":{"type":"amount","unit":"USD","value":682000,"period":"QUBT FY2025 매출(초기 단계)","qualifier":"pre_revenue_early_stage"},"note":"미 상무부 NIST와 맺은 첫 정부 TFLN 광집적회로 파운드리 계약 — 매출은 작아도 초기 기업에 '실제로 만들 수 있다'는 레퍼런스이자 정부 신뢰의 증거.","note_en":"A first government TFLN photonic-IC foundry contract with NIST — small in revenue but a 'can actually fabricate' reference and mark of government trust for an early-stage firm.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":null,"kind":"news","lang":"en","published_at":"2025-08-05","url":"https://www.prnewswire.com/news-releases/quantum-computing-inc-awarded-tfln-photonic-chip-contract-by-us-department-of-commerces-national-institute-of-standards-and-technology-302521889.html","title":"Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST","title_en":null,"excerpt":"Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST","excerpt_en":""}]}]}