Quantum Computing, Inc. focuses on providing software tools and applications for quantum computers in Virginia. The company offers Qatalyst, a quantum application accelerator that enables developers to create and execute quantum-ready applications on conventional computers, while being ready to run on quantum computers as well as provides multiple quantum processing units including DWave, Rigetti, and IonQ. It focuses on serving commercial and government entities. The company, formerly known as Innovative Beverage Group Holdings, Inc. Quantum Computing, Inc. was founded in 2018 and is based in Leesburg, Virginia.
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Here are 1-3 brief analogies to describe Quantum Computing Inc. (QUBT):
- Red Hat for quantum computing software.
- NVIDIA's CUDA platform for quantum developers.
- Palantir for quantum algorithms.
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- Qatalyst Software Platform: A platform designed to enable users to develop and run quantum algorithms and applications across diverse quantum and classical computing resources without requiring deep quantum expertise.
- QAmplify Software Platform: A platform that integrates quantum-inspired and classical computational techniques to enhance the performance and applicability of quantum solutions for complex problems.
- Quantum Random Number Generation (QRNG): Provides true random numbers derived from quantum mechanical processes, vital for cryptography and high-fidelity simulations.
- Professional Services: Offers consulting, support, and custom solution development to help organizations apply quantum and quantum-inspired technologies to their specific business challenges.
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Quantum Computing Inc. (symbol: QUBT) primarily sells its quantum computing software, solutions, and entropy quantum computers to other companies and government entities (B2B).
Based on publicly available information and company disclosures, a major named customer company is:
- Airbus (Euronext Paris: AIR) - A leading global aerospace company that is the first customer for QCI's Dirac-1™ entropy quantum computer.
The company's SEC filings indicate a concentration of revenue from a very limited number of customers, with two customers accounting for 97% of revenue in 2023. While Airbus is a publicly identified major customer, the specific names of other significant customer companies or organizations are not publicly disclosed by Quantum Computing Inc. The company also frequently mentions engaging with and securing contracts from U.S. Government agencies and targets large enterprises in sectors such as financial services, life sciences, and logistics, but specific customer names in these categories are generally not publicized.
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- D-Wave Systems Inc. (QBTS)
- IonQ, Inc. (IONQ)
- Quantinuum LLC
- Amazon.com, Inc. (AMZN)
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Yuping Huang, Ph.D., Chief Executive Officer and Chairman
Dr. Huang is the Chairman of the Board and Chief Executive Officer for Quantum Computing Inc. He is also the founding director of the Center for Quantum Science and Engineering and Gallagher Associate Professor of Physics at Stevens Institute of Technology. He has over 20 years of pioneering research and development experience in quantum physics and technology. Dr. Huang founded QPhoton Inc., a company focused on commercializing quantum devices, which QCi acquired in June 2022. He has managed quantum research initiatives worth over $40 million from various government agencies and private sector partners.
Christopher Roberts, Chief Financial Officer and General Counsel
Mr. Roberts was appointed as the Chief Financial Officer and General Counsel of Quantum Computing Inc. effective June 20, 2025. He previously served as the Company's Chief Financial Officer from 2018 to June 2023 and as a consultant from July 2023 to June 2025. Mr. Roberts brings over 39 years of experience in public and private corporate finance and government contracting. His career includes serving as Chief Financial Officer for public and private companies such as Secure Point Technologies, Systems Made Simple Inc. (a subsidiary of Leidos), Integral Systems Inc. (a subsidiary of Kratos), and Pearson Analytic Solutions (a subsidiary of General Dynamics). He began his career at Raytheon Co. and practiced law at two large New York City law firms. Mr. Roberts holds a law degree from the University of Virginia School of Law, and a B.S. in Electrical Engineering and an M.B.A. from the Massachusetts Institute of Technology, with his M.B.A. concentrated in Finance and Management of Technology.
Milan Begliarbekov, Ph.D., Chief Operating Officer
Dr. Begliarbekov was promoted to Chief Operating Officer of Quantum Computing Inc. in May 2025. He joined QCi in September 2022 as the Director of Quantum Foundry, where he was responsible for the design and construction of the company's foundry in Arizona and overseeing the development and production of photonic materials and devices. He possesses over 17 years of experience in nanofabrication, materials science, and scientific leadership. Prior to joining QCi, Dr. Begliarbekov served as a Research Assistant Professor and Director of the Nanofabrication Facility at the City University of New York (CUNY).
Pouya Dianat, Ph.D., Chief Revenue Officer
Dr. Dianat was promoted to Chief Revenue Officer of Quantum Computing Inc. in May 2025. He has over 18 years of experience in the photonics industry, including more than a decade in the commercialization of photonic technology. Before his promotion, he was the Director of Photonic Integrated Circuits (PICs) and Foundry Services at QCi, where he led the commercial offerings of the company's thin-film lithium niobate technology. Dr. Dianat previously served as the Chief Technology Officer for Nanograss Solar LLC. He also served as the Market Expert and Director of PIC and Quantum Technologies at OPTICA, an optics and photonics association. He received his Ph.D. and Master of Science degrees in Electrical Engineering from Drexel University.
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Key Risks to Quantum Computing Inc. (QUBT)
Quantum Computing Inc. (QUBT) faces significant risks primarily due to its early stage of commercialization, the highly competitive nature of the quantum computing industry, and its reliance on external financing.
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Minimal Revenue and High Unprofitability: QUBT is currently generating very minimal revenue while incurring substantial operating losses. For the third quarter of 2025, the company reported total revenue of $384,000, significantly overshadowed by total expenses exceeding $10 million, resulting in a net loss and an operating margin of approximately -12474.9%. This extreme unprofitability indicates that the core business is far from scalable or efficient. The company is consuming cash much quicker than it generates meager revenue, leading to concerns about its ability to achieve sustained profitability and execute its long-term business strategies, which involve significant investments in technology development and manufacturing.
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Intense Competition and Technological Uncertainty: The quantum computing market is characterized by intense competition from well-funded pure-play quantum companies and tech giants like IBM, Google, and Microsoft, who are investing billions in the space. QUBT faces the ongoing challenge of keeping pace with rapid technological advancements and the risk that competitors could develop more advanced or cost-effective solutions, potentially devaluing QUBT's current technology. The quantum computing industry itself is still in its nascent stages, with widespread commercial application and adoption years away, creating uncertainty around the market demand and the specific technologies that will ultimately prevail.
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Shareholder Dilution and Stock Volatility: QUBT has frequently relied on issuing new shares to raise capital, which has resulted in significant shareholder dilution. Despite a strong balance sheet bolstered by these capital raises, the ongoing need for funding due to unprofitability suggests that further dilution remains a risk. Furthermore, the stock exhibits high volatility and weak resistance to market downturns, having plummeted significantly during broader market declines. Its valuation is often disconnected from its fundamental financial reality, making it a high-risk, speculative investment susceptible to market sentiment shifts.
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The clear emerging threat for Quantum Computing Inc. (QUBT) is the potential for major technology companies (e.g., IBM, Google, Microsoft, Amazon) to establish dominant, fully integrated quantum computing software and cloud ecosystems. These companies possess vast resources, existing customer bases, and comprehensive cloud platforms, enabling them to develop and promote end-to-end quantum solutions (hardware access, SDKs, high-level software, and services). If one or more of these giants successfully creates a widely adopted, robust, and seamlessly integrated quantum software stack, it could marginalize or displace specialized quantum software providers like QUBT by becoming the preferred choice for enterprises seeking a one-stop, trusted quantum computing solution.
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Quantum Computing Inc. (QUBT) operates in the broader quantum computing market, offering quantum computing software, solutions, and photonic-based quantum machines and components.
The addressable markets for their main products and services can be identified within the global quantum computing market, with specific breakdowns for quantum computing software.
- Global Quantum Computing Software Market: The global quantum computing software market was estimated at USD 779.2 million in 2023 and is projected to reach USD 2.51 billion by 2030. Another estimate places the global quantum computing software market at USD 1.1 billion in 2024, projected to grow to USD 31.8 billion by 2034. North America held a significant share of this market, with the U.S. market for quantum computing software valued at approximately USD 0.32 billion in 2024.
- Global Overall Quantum Computing Market (including hardware, software, and services): The global quantum computing market was estimated at USD 2.70 billion in 2024 and is predicted to increase to USD 20.20 billion by 2030. Other estimations for the global quantum computing market size include USD 1.42 billion in 2024, projected to reach USD 4.24 billion by 2030, and USD 1,160.1 million in 2024, projected to grow to USD 12,620.7 million by 2032. The U.S. market size for quantum computing is estimated to be USD 386.1 million in 2025.
QUBT specifically focuses on quantum photonics applications such as sensing, imaging (including LiDAR), and Reservoir Computing for AI tasks, and provides entropy quantum computers for optimization problems. They also offer foundry services for fabricating photonic computing engines using thin-film lithium niobate. These specialized offerings contribute to the overall quantum computing market, with their software solutions falling under the quantum computing software market segment.
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Quantum Computing Inc. (QUBT) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives:
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Commercialization and Scaling of the Thin Film Lithium Niobate (TFLN) Photonic Chip Foundry: The company's TFLN chip fabrication facility is expected to be fully operational by the end of March 2025, with initial deliveries of preorders anticipated in early Q2 2025. Management anticipates significant revenue growth from both the foundry services and the sale of photonic chips, particularly targeting high-demand sectors such as data communications and telecommunications.
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Expansion of Quantum Machine Sales and Solutions: QUBT aims to increase revenue through the sales of its quantum machines, such as the DIRAC3 Quantum Optimization Machine. The company's strategy focuses on democratizing quantum computing by offering cost-effective and user-friendly systems. Additionally, advancements in portable quantum machines and quantum authentication systems are expected to solidify its market position.
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Strategic Partnerships and Customer Base Growth: A core driver for QUBT is the expansion of its industry partnerships and customer base. The company is actively pursuing collaborations with enterprises and government entities to provide quantum solutions for complex problems, including areas like drug discovery, supply chain optimization, and cybersecurity. This approach is intended to secure larger, solution-based contracts and broaden market penetration.
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Strategic Acquisitions and Capital Deployment: Quantum Computing Inc. has articulated plans to raise capital to support the full rollout of its commercialization initiatives and to explore potential strategic acquisitions. Recent funding successes, including significant private placements, are intended to strengthen the company's financial position and accelerate growth through strategic M&A activities and increased production capabilities.
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Share Issuance
- Quantum Computing Inc. completed an oversubscribed private placement in October 2025, resulting in approximately $750 million in gross proceeds through the issuance of 37,183,937 shares of common stock to institutional investors.
- In September 2025, the company closed an oversubscribed private placement, issuing 26,867,276 shares of common stock for gross proceeds of $500 million, with participation from existing shareholders and a new global alternative asset manager.
- The company secured $200 million in gross proceeds from a private placement in June 2025, selling 14,035,089 shares of common stock to institutional investors.
Outbound Investments
- Quantum Computing Inc. completed a merger with QPhoton, Inc. in June 2022, which was accounted for as a business combination.
- The company plans to use net proceeds from recent offerings to pursue strategic acquisitions, alongside funding commercialization efforts and general corporate purposes.
Capital Expenditures
- A central aspect of Quantum Computing Inc.'s growth strategy in 2025 involves the operational rollout of its U.S.-based Quantum Photonic Chip Foundry in Tempe, Arizona, for in-house production of thin-film lithium niobate (TFLN) photonic integrated circuits (PICs).
- Proceeds from recent capital raises are intended to establish volume production capabilities, expand sales and engineering personnel, and enhance manufacturing capabilities.
