Quantum photonics · TFLN foundry
Quantum Computing Inc
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.
QUBT Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Quantum Computing Inc is directly linked to 1 companies (0 supply, 1 revenue relationships) and reaches 34 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue $682K
- Customer concentration · Tempe Fab 1; $1.5B+ liquidity.
- Segments · TFLN photonic chips · Quantum optics/Dirac · Government/academia
Revenue from
- Government · academia · optical communications (TFLN photonics) High confidence· Amount $682,000 · QUBT FY2025 매출(초기 단계)
Supplies TFLN photonic chips and quantum optics to government and academia, with TFLN's adjacency to datacenter optical modulators as the option beyond quantum.Confirms EN PR Newswire Published Mar 2, 2026: Quantum Computing Inc. Reports Fourth Quarter and Year-End 2025 Financial ResultsConfirms EN PR Newswire Published Aug 5, 2025: Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST - Amazon Low confidence· Amount $682,000 · QUBT FY2025 매출(초기 단계)
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. - NIST (US Dept. of Commerce TFLN photonic IC foundry contract) Low confidence· Amount $682,000 · QUBT FY2025 매출(초기 단계)
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.Confirms EN PR Newswire Published Aug 5, 2025: Quantum Computing Inc. Awarded TFLN Photonic Chip Contract by NIST
Pays to
- TFLN foundry · equipment · materials (undisclosed) Low confidence· Amount $682,000 · QUBT FY2025 매출(초기 단계)
Tempe Fab 1 TFLN foundry equipment and materials. - Fab 2 capacity expansion · R&D (undisclosed) Low confidence· Amount $682,000 · QUBT FY2025 매출(초기 단계)
Fab 2 expansion and R&D.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +80.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +34.1 |
| Corteva, Inc. | lead2 | +23.6 | +25.6 | -17.5 | +20.2 | +18.9 | +32 |
| Becton, Dickinson and Company | lead2 | +1.9 | +5.1 | -2.7 | -5.4 | -12.6 | +22.7 |
| Live Nation Entertainment, Inc. | lead2 | +62.9 | -41.7 | +34.2 | +38.4 | +10 | +21.8 |
| Carrier Global Corporation | lead2 | +45.3 | -22.7 | +41.5 | +20.3 | -21.8 | +14.3 |
| Rockwell Automation, Inc. | lead2 | +41.2 | -24.8 | +22.6 | -6.2 | +38.4 | +12.6 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Automatic Data Processing, Inc. | lead2 | +42.6 | -1.3 | -0.2 | +28.4 | -10.2 | +9.6 |
| Hilton Worldwide Holdings Inc. | lead2 | +40.2 | -18.7 | +44.7 | +36.1 | +16.5 | +8.5 |
| Waters Corporation | lead2 | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| 3M Company | lead2 | +4.9 | -29.6 | -3.3 | +46.1 | +26.4 | +6.8 |
| Salesforce, Inc. | lead2 | +14.2 | -47.8 | +98.5 | +27.8 | -20.2 | -1.6 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -1.8 |
| Comcast Corporation | lead2 | -2.2 | -28.7 | +29.1 | -11.8 | -17.3 | -1.9 |
| DoorDash, Inc. | lead2 | · | -67.2 | +102.6 | +69.6 | +35 | -6.5 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -6.7 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -7.3 |
| Workday, Inc. | lead2 | +14 | -38.7 | +65 | -6.5 | -16.8 | -8.8 |
| Stryker Corporation | lead2 | +10.2 | -7.4 | +23.8 | +21.3 | -1.5 | -13.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -16.5 |
| IDEXX Laboratories, Inc. | lead2 | +31.7 | -38 | +36.1 | -25.5 | +63.6 | -20.9 |
| Adobe Inc. | lead2 | +13.4 | -40.7 | +77.3 | -25.5 | -21.3 | -23.9 |
| Autodesk, Inc. | lead2 | -7.9 | -33.5 | +30.3 | +21.4 | +0.1 | -26.4 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -35.2 |
| Intuit Inc. | lead2 | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Quantum Computing Inc | node | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Quantum Computing Inc operates across Nasdaq, Quantum photonics, TFLN foundry. It remained weak at -38% in 2025 and -21.9% in 2026. The demand side (avg +12%) leads the stock (-21.9%), so customer moves come first here. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $21 · Price $8.01 (09-04) · Upside +162%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Rosenblatt Securities | Buy | $22 | Jun 29, 2026 | Report ↗ |
| Ascendiant Capital Markets | Buy | $30 | Jun 15, 2026 | Report ↗ |
| Cantor Fitzgerald | Neutral | $10 | Mar 3, 2026 | Report ↗ |
Coverage is thin but split: Rosenblatt and Ascendiant maintain Buy with $22-30 targets, while Cantor Fitzgerald stays Neutral at $10 on valuation concerns.