Nasdaq · 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
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).
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 |
|---|---|---|---|---|---|---|---|
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +89.4 |
| Palo Alto Networks | lead2 | +56.7 | -24.8 | +111.3 | +23.4 | +1.2 | +76.9 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +59.7 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +45 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +19.2 |
| Airbnb Inc | lead2 | · | -48.6 | +59.2 | -3.5 | +3.3 | +9.5 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | -7.8 |
| MercadoLibre, Inc. | lead2 | -19.5 | -37.2 | +85.7 | +8.2 | +18.5 | -8 |
| Uber | lead2 | -17.8 | -41 | +149 | -2 | +35.5 | -8.8 |
| The Walt Disney Company | lead2 | -14.5 | -43.9 | +4.3 | +24.4 | +3.3 | -15.3 |
| Coupang | lead2 | · | -49.9 | +10.1 | +35.8 | +7.3 | -20.3 |
| Netflix | lead2 | +11.4 | -51.1 | +65.1 | +83.1 | +5.2 | -21.7 |
| Amazon | lead1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Quantum Computing Inc | node | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -15.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $21 · Price $8.66 (07-10) · Upside +142%
| 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.