olivLaw · US equity research
Infleqtion, Inc. INFQ
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Infleqtion is a quantum technology company developing quantum computers, quantum sensors and software built on neutral atoms, with a focus on defense, security and energy applications. The company listed in February 2026 and reports fast revenue growth but still large operating losses, as government demand for quantum technology strengthens. Second-quarter 2026 revenue reached $12.6 million and the full-year outlook was raised to about $43 million.
At the close of 04 Nov 2026, Infleqtion, Inc. (INFQ) stock was 8.56 USD (+1.42% on the day), with market capitalisation 1.9 bn USD, beta 4.28, 52-week range 8.15–19.87 USD. Latest reported quarter (Q2 2026): revenue of 13.5 m USD (+156.5% YoY), net income of -24.7 m USD, diluted EPS -0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 7.62 – 10.93
- in the lower half of the band · %B 0.28 · band width 35.7%
- SMA 50 / 200
- 11.67 / unavailable
- MACD (12, 26, 9)
- -0.90 / -0.94
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −32.4% | −1.1% | −31.3 pp | — |
| 3 months | −21.1% | −0.5% | −20.7 pp | — |
| 6 months | −36.8% | +4.4% | −41.2 pp | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −19.2% |
| 3 years | unavailable | +76.4% | unavailable | −18.1% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 8.3 m | 5.3 m | 7.3 m ≈ | — | 9.5 m | 13.5 m |
| Cost of revenue | — | — | 4.9 m | 4.6 m | 3.6 m ≈ | — | 7.4 m | 11.4 m |
| Gross profit | — | — | 3.4 m | 678.0 k | 3.7 m ≈ | — | 2.5 m | 2.2 m |
| Research & development | — | — | 5.2 m | 5.3 m | — | — | 10.0 m | 12.7 m |
| SG&A | — | — | 5.8 m | 6.3 m | — | — | 26.3 m | 19.8 m |
| Operating income | -69 | 0 | -7.0 m | -10.4 m | -7.3 m | 15.9 m | -33.0 m | -29.9 m |
| Depreciation & amortisation | — | — | 701.0 k | 900.0 k | — | — | 948.0 k | 1.0 m |
| Pre-tax income | — | — | -6.0 m | -9.2 m | -6.2 m ≈ | — | -29.7 m | -24.7 m |
| Income tax | — | — | 0 | 0 | — | — | 0 | 0 |
| Net income | -69 | 0 | -6.0 m | -9.2 m | -33.4 m | -45.7 m | -29.7 m | -24.7 m |
| Diluted EPS | — | — | -0.41 | -0.59 | -0.32 ≈ | — | -0.25 | -0.11 |
| Operating cash flow | 0 ≈ | 0 | -7.0 m | -2.8 m ≈ | -6.2 m ≈ | 13.7 m | -19.2 m | 13.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -51.9 k | -66.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -210.7 m USD
- Total assets
- 113.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.16x
- ROE
- unavailable
- ROA
- -118.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | -51.9 k | -8.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -51.9 k | -66.9 m | SEC (XBRL)· 31 Mar 2026verified |
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 48.1 m | 11.7 m | SEC (XBRL)· 15 May 2026verified |
| Receivables | — | 9.5 m | SEC (XBRL)· 15 May 2026verified |
| Inventories | — | 4.3 m | SEC (XBRL)· 15 May 2026verified |
| Current assets | 0 | 72.5 m | SEC (XBRL)· 18 Aug 2026verified |
| Property, plant & equipment, net | — | 8.7 m | SEC (XBRL)· 15 May 2026verified |
| Goodwill | — | 9.3 m | SEC (XBRL)· 15 May 2026verified |
| Total assets | 157.9 k | 113.2 m | SEC (XBRL)· 18 Aug 2026verified |
| Accounts payable | — | 5.6 m | SEC (XBRL)· 15 May 2026verified |
| Current liabilities | 184.8 k | 23.0 m | SEC (XBRL)· 18 Aug 2026verified |
| Total liabilities | 184.8 k | 27.1 m | SEC (XBRL)· 18 Aug 2026verified |
| Equity | -185.2 m † | -210.7 m † | SEC (XBRL)· 18 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 0 | -2.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Investing cash flow | 0 | -413.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 0 | 416.0 m | SEC (XBRL)· 31 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 6.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
6% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 6.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | unavailable | unavailable | — |
| EBIT margin · Quality | unavailable | unavailable | — |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 9.3x | 100 (on a fixed band) | 100% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INFLEQTION, INC. (INFQ). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: ROE -70.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 6.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 9.3x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Gross margin, EBIT margin, FCF margin, Revenue CAGR 3Y, Revenue growth (YoY), Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −79% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
1- and 3-year price returns: for INFQ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Infleqtion is a quantum technology company developing quantum computers, quantum sensors and software built on neutral atoms, with a focus on defense, security and energy applications. The company listed in February 2026 and reports fast revenue growth but still large operating losses, as government demand for quantum technology strengthens. Second-quarter 2026 revenue reached $12.6 million and the full-year outlook was raised to about $43 million 3.
SWOT
Strengths
- The full-stack platform with neutral-atom architecture and vertical integration gives a stated technical advantage and a base for diversified products 1.
- The company has a strong financial position after listing, with substantial liquidity and no debt, which allows it to fund development 3.
- Quantum sensors are already delivered and used in real applications, giving concrete revenue and references for government customers 13.
Weaknesses
- The company reports large operating losses and an accumulated deficit, and profitability is not predictable in the near term 13.
- The technology is not yet mature and the systems have not reached broad quantum advantage, which limits quantum computing revenue 1.
- The company has not yet produced at large scale and has not fully validated a high-volume manufacturing process, which could cause delays 1.
Opportunities
- Proposed government funding and energy and defense programs could accelerate commercialization if they become definitive contracts 3.
- Work with Eaton and other energy customers could open new markets for quantum computing in industrial applications 23.
- Demand for GPS-independent navigation and precision sensing could grow in defense, space and critical infrastructure 1.
Threats
- If other competitors reach broad quantum advantage first, the company could lose customers and the relevance of its technology 1.
- Progress in classical computing could delay or reduce the quantum advantage and the appeal of the products 1.
- Government projects are subject to approvals and conditions, and delays or changes could affect growth plans 3.
Risks
- Immature technologyhigh
Quantum products are still in development, and reaching technical goals could be delayed or prove insufficient for commercial use 1.
- Persistent operating losseshigh
The company has not reached profitability and expenses are rising with investment, which could affect long-term funding capacity 13.
- Dependence on government fundingmedium
A significant part of demand depends on public programs, and the proposed funding remains subject to definitive agreements and approvals, which could change the timeline 3.
- Manufacturing and product defectsmedium
Complex products may contain defects, and the lack of a validated manufacturing process could lead to delays, returns or recalls 1.
- Competition and uncertain market estimatesmedium
Market estimates rely on unverified data, and other quantum modalities or classical progress could reduce market share 1.
Investment thesis
What would need to be true (bull case)
- If revenue growth from the second quarter of 2026 holds and the annual outlook is met, the company could show that the move from research to commercialization is real 3.
- A debt-free balance sheet and high liquidity could let the company fund development without immediate financing pressure 3.
- If the goal of 30 logical qubits in 2026 is reached, the company could strengthen its technical position and attract new government and commercial contracts 23.
What would break the thesis
- Operating losses have grown sharply from the prior year, and if revenue does not follow the same path, pressure on results could persist 3.
- Part of the second-quarter cash improvement came from a temporary effect tied to payroll taxes that are due to be paid in the third quarter 3.
- The technology has not reached broad quantum advantage, and if other competitors get there first, the company could lose customers or product relevance 1.
What to watch
- Third-quarter results and revenue progress against the annual outlookQ3 2026
- Signing of definitive agreements with the Commerce Department2026
- Reaching the target of 30 logical qubits2026
- Delivery of the Illinois quantum computer2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Infleqtion develops and commercializes quantum products as part of a full-stack platform that includes quantum sensors, quantum computers and software 1. Sensing products such as the Tiqker optical atomic clock, the Sqywire quantum RF sensor and the Exaqt inertial sensors are sold directly to government customers and through strategic partners 1. The neutral-atom Sqale computer can be delivered on-premises or as a managed cloud service, and the Superstaq and CML software complete the offering 1.
Revenue comes from direct product sales, quantum computing as a service, government-funded R&D contracts and software licensing 1. Since the February 2026 business combination with Churchill Capital Corp X, the company trades on the New York Stock Exchange, and the private ColdQuanta business (d/b/a Infleqtion) was the accounting acquirer 2. The company reports a single operating segment 1.
Infleqtion ties its development to fault-tolerant quantum computing, moving from 12 logical qubits toward 30 in 2026 and over 100 over the longer term 23. The Illinois system, planned for 2027, could be scaled through modular upgrades 3.
Segments
Quantum sensors
Quantum sensors, including the Tiqker optical atomic clocks and Sqywire RF receivers, are already delivered for timing and signal detection applications 1. Execution on NASA's Quantum Gravity Gradiometer program was a major driver of revenue growth in the second quarter of 2026 3.
Quantum computers and software
The Sqale system is offered through cloud access and on-premises installation, and Superstaq is used by a limited number of customers 12. Eaton is exploring energy applications through private-cloud access to Sqale, which could open a new revenue channel if these projects expand 23.
Market context
The quantum computing and sensing market is moving from research toward real-world deployment, supported by substantial public and private investment 1. Governments are funding the technology heavily, and part of the demand for Infleqtion comes from defense and security programs, which could accelerate adoption if funding stays steady 13.
The company's market estimates are uncertain and partly based on unverified third-party data, and advances in classical computing could delay quantum advantage 1. The true size of the market therefore remains hard to predict.
Trends
- Rising government investment in quantum technologytailwind
Governments are investing more in quantum technology, and the proposed Commerce Department funding and the Department of Energy Genesis Mission projects show growing public demand 3. If these programs become definitive contracts, they could support revenue growth.
- Move toward fault-tolerant quantum computingmixed
The industry is moving from the NISQ era toward fault tolerance, and neutral-atom technology is seen as a strong candidate for scaling 1. Progress toward 30 and then 100 logical qubits could open commercial applications, but delays are a risk 13.
- Demand for GPS-independent navigation sensorstailwind
The need for navigation where GPS is unavailable, including in space, underwater and contested areas, is increasing interest in inertial and gravimetric sensors 12. The company is developing them, and defense demand could become a growth driver.
- High costs and margin pressureheadwind
Investment in research, manufacturing and public-company structure raises expenses, and operating losses have grown sharply from the prior year 23. If revenue does not grow fast enough, pressure on results could persist.
Competitive position
The company competes with other quantum computing modalities such as superconducting qubits, trapped ions and photonics, each with different trade-offs between fidelity and scalability 1. It also faces competition from other companies building quantum computers or quantum sensors, as well as classical alternatives that could stay competitive 1.
The company's stated advantages are its neutral-atom architecture, vertical integration and partnerships with defense contractors such as Lockheed Martin and Safran 12. If other competitors reach broad quantum advantage first, the company could lose customers 1.
- Lockheed MartinLMT
Defense contractor and strategic partner of Infleqtion named in its sources; the relationship is more partnership than direct competition.
- Safran Electronics & Defense
Co-selling partner for the Tiqker atomic clocks, named in the company's sources.
- NVIDIANVDA
Partner named in the company's sources, relevant mainly to the CML software running on classical GPUs.
- Quantum computer makers using other modalities
Companies using superconducting qubits, trapped ions or photonics that compete for the same quantum computing contracts 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Is This A $20 Million Reason to Buy Infleqtion Stock Now?Yahoo Finance — News · 19 Sept 2026 · EN
- Why B. Riley Just Issued a $23 Price Target on Infleqtion StockYahoo Finance — News · 08 Sept 2026 · EN
- Infleqtion Landed a $20 Million NASA Contract — Here's What Else Happened RecentlyYahoo Finance — News · 08 Sept 2026 · EN
- Quantum Stocks Unwind a Revenue-Headline Rally: Rigetti Computing and Infleqtion Down 7%, IonQ Down 6%Yahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 24 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report24 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)18 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report18 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Departure or appointment of officers
- Current report08 Apr 2026Results of operations · Financial statements and exhibits
- Current report (amendment)31 Mar 2026Results of operations · Financial statements and exhibits
- Current report (amendment)31 Mar 2026Item 4.01 · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Infleqtion, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Infleqtion, Inc. · 18 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Infleqtion, Inc. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.