Shares of eponymous quantum computing company Quantum Computing Inc. (QUBT +3.08%) soared 8% through 12:45 p.m. ET Wednesday. And why?
That's not entirely clear. So far as I can tell, there's no significant quantum stock news concerning Quantum Computing stock today, nor concerning quantum stocks in general -- at least not here in the U.S.
Overseas, on the other hand, a quantum start-up called IQM just announced it will become Europe's first publicly listed quantum computing stock.
Image source: Getty Images.
Who is IQM?
As CNBC reports this morning, IQM is based in Finland -- but plans to list its stock on the NYSE.
IQM will go public in a SPAC transaction, with special purpose acquisition vehicle Real Asset Acquisition Corp (RAAQ +0.10%) doing the honors by buying IQM and reverse-merging the start-up into its own, already-listed stock.
The companies say they anticipate a valuation of $1.8 billion for IQM. Relative to the company's $35 million in annual revenue, that works out to a 51.4 price-to-sales ratio.
NASDAQ: QUBT
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What it means for Quantum Computing stock
But is any of this relevant to Quantum Computing stock? Perhaps -- but not in a way that's going to make Quantum Computing stock owners happy.
According to data from S&P Global Market Intelligence, Quantum Computing had a grand total of $546,000 in sales over the last 12 months, yet carries a market capitalization value of $1.8 billion. That's a P/S ratio of more than 3,600. If given the same price-to-sales valuation that IQM is getting, though, Quantum Computing stock would only be worth $28 million.
If anything, Quantum Computing stock should be going down today -- not up.
