Quantum software infrastructure bridging classical and quantum computing — a developer-focused, hardware-agnostic platform that makes quantum programming resemble conventional software development, working across quantum systems regardless of modality or vendor.
Deal facts
| Item | Detail |
| Announced / Closed | Sep 9, 2025 / Mar 19, 2026 |
| Pre-Money Equity Value | $500M |
| Post-Money Market Cap | $610M |
| PIPE | $110M+ anchored by IonQ and Dell; ~$118M expected to the balance sheet |
| Entry Valuation | $546M EV vs. public quantum peers at $1.15–$1.38B |
Sponser value-add
- Sourced the majority of the PIPE, exceeding the original target by >120%
- Quantum-market precedent from the IonQ de-SPAC created investor credibility
- Deep tech-transaction experience to expand commercial relationships
Outcome
A scarce pure-play quantum-software infrastructure company benefiting from its niche focus. Key upside: becoming a critical software layer within the broader quantum ecosystem, converting technical progress, strategic partnerships, and platform demand into commercial revenue.
