Shares of Infleqtion (INFQ 14.10%) have soared 41% this week, according to data from S&P Global Market Intelligence. The quantum research firm is receiving $100 million in funding from the United States government to further its research into the exciting new technology.
The stock went public earlier this year, but is already catching the eye of Wall Street. Should you follow and buy some Infleqtion stock for your portfolio?
NYSE: INFQ
Key Data Points
New funds for research
Infleqtion is a publicly traded quantum research lab with technologies spanning both hardware and software across its "single neutral atom" platform. The United States government has deemed quantum computing a strategic interest and has therefore invested $2 billion across the sector, including $100 million into Infleqtion.
Looking at the business, it is clear that the company is still well in the research stage. It generated just $9.5 million in revenue last quarter and had an operating loss of $33.5 million. Expect losses like these for many years to come.
Image source: Getty Images.
Time to buy?
Quantum technologies are exciting. However, it is meaningless that the U.S. government has invested in them. The technology has never been commercialized, even though hundreds of research labs have invested in it over the last few decades. Don't think Infleqtion is the magic quantum stock that will take you to the moon.
