SpaceX is one of the most anticipated potential initial public offerings (IPOs) on Wall Street. Recent reports suggest SpaceX could seek a valuation of as much as $1.75 trillion, driven largely by the rapid growth of its Starlink satellite internet business and reusable rocket systems.
However, the quantum computing industry is also producing new public companies, giving investors new ways to gain exposure to the long-term potential of this emerging technology.
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1. Infleqtion
Infleqtion (INFQ +6.60%) became a public company in February 2026 through a special purpose acquisition company (SPAC) merger with Churchill Capital Corp X. The company raised more than $550 million in new funding to strengthen its balance sheet and support future growth across quantum computing.
NYSE: INFQ
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Infleqtion is focused on neutral-atom quantum computing technology, which avoids the use of massive ultra-cold cooling systems used by some competing quantum computing approaches. The company also develops quantum technologies across sensing, networking, atomic clocks, and navigation systems, which gives it exposure to multiple potential quantum markets beyond just quantum computing.
The company is already generating revenue largely from government and defense clients. The company reported revenue of $32.5 million in fiscal 2025 and expects revenue of around $40 million in fiscal 2026.
Infleqtion recently delivered the United Kingdom's first operational 100-qubit neutral-atom quantum system to the National Quantum Computing Centre. The company aims to build quantum computing systems with more than 30 logical qubits (more stable units of quantum information than physical qubits) by 2026 and more than 100 logical qubits by 2028.
Infleqtion has also built relationships across U.S. government programs, including projects tied to Defense Advanced Research Projects Agency (DARPA), NASA, and the U.S. Navy. Furthermore, it is working with Nvidia to integrate its quantum computing systems into AI-powered supercomputing environments to support hybrid quantum workloads.
Infleqtion is a risky investment and is still recording losses. However, its growing government relationships, expanding commercial quantum technology portfolio, and improving balance sheet could position the company as an attractive quantum computing pick for long-term investors.
2. Horizon Quantum Computing
Horizon Quantum (HQ +22.23%) also went public through a SPAC merger with dMY Squared Technology Group. The transaction added roughly $120 million in gross proceeds to the company's balance sheet, helping it continue developing its quantum software platform.
NASDAQ: HQ
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While the majority of publicly traded quantum companies are focused on building quantum hardware, Horizon is focused on developing programming tools to help developers write quantum applications that can run across different types of quantum computers. The company's Triple Alpha platform is designed to support multiple types of quantum computers, while Horizon is also developing a programming language called Beryllium to make quantum software development more accessible to users who are not quantum hardware specialists.
Horizon has also started building its own hardware systems to help test and improve its quantum software platform. The company recently completed Ember One, an in-house quantum system at its Singapore headquarters built using Rigetti Computing's Novera quantum processor. Horizon has also entered an agreement to purchase one of IonQ's first 256-qubit quantum systems.
Horizon reported no revenue and an operating loss of $6.5 million in the first quarter of fiscal 2026. However, if quantum computing eventually becomes commercially useful at scale, Horizon could emerge as an important software infrastructure player within the broader quantum computing ecosystem.
3. Xanadu Quantum Technologies
Canada-based Xanadu Quantum Technologies (XNDU 4.90%) recently went public by combining with a publicly traded SPAC, Crane Harbor Acquisition Corp. The transaction added roughly $302 million in gross proceeds to Xanadu's balance sheet, which could be used to fund long-term expansion plans. The company generated roughly $4.6 million in revenue and a net loss of $70.7 million in fiscal 2025 (ending Dec. 31, 2025).
NASDAQ: XNDU
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Xanadu is focused on photonic quantum computing, which uses particles of light, or photons, to process quantum information. Photonic systems could eventually offer advantages in energy efficiency, networking, and scalability because they may be built using manufacturing techniques similar to those used to produce today's computer chips.
In 2025, Xanadu introduced Aurora, the world's first scalable, networked, and modular photonic quantum computer. The system was designed to support real-time error correction, a major challenge across the quantum computing industry. Recently, the company also reported additional progress in reducing quantum computing errors and lowering light signal loss within its photonic systems. Management now aims to build even more reliable quantum computers by 2028 and build systems with up to 500 logical qubits by 2030.
In addition to advancements in quantum computing hardware, Xanadu's open-source quantum software platform, PennyLane, has seen rapid adoption among researchers and developers. The company has partnered with Oak Ridge National Laboratory to integrate PennyLane with the Frontier supercomputer to support hybrid classical-quantum programs.
Xanadu is also seeing increasing government adoption. The company advanced to the next stage of DARPA's quantum computing initiative, making it eligible for up to $15 million in U.S. funding. The company has also partnered with companies including Lockheed Martin, Advanced Micro Devices, Tower Semiconductor, Applied Materials, and Volkswagen.
Despite this momentum, the company remains highly speculative and continues to report operating losses. However, if photonic quantum computing gains broader commercial adoption over the next decade, Xanadu could emerge as an important long-term player in the industry.
