Infleqtion, Inc. (INFQ)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$40.6M

Gross margin

29.6%

Market value

$2.2B

Cash

$59.3M

Debt

$0

Debt to equity

0.00

Shares outstanding

224.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 18 August 2026.

• Q2 revenue revised up to $13.5M. Second-quarter revenue was $13.5 million, up 157% year over year, against $12.6 million in the August 12 release. Growth was 100% organic and entirely from quantum.
• Full-year revenue guidance raised. The full-year 2026 revenue figure is now approximately $45.1 million, up from approximately $43 million, to include accounting-based revenue adjustments.
• GAAP operating loss widened. GAAP operating loss was $29.9 million, against $10.4 million in Q2 2025. The August 12 release showed $30.6 million for the quarter.
• Net loss and per-share figures revised. Net loss was $24.7 million, or $(0.11) per share, against $(0.59) a year earlier. The August 12 release showed $25.5 million and $(0.12).
• Two government contracts adjusted. Management said an immaterial adjustment on two government contracts moved revenue between periods, and that cash was not affected.
• Fiscal 2024 and 2025 revised. The adjustment is also reflected in the previously issued financial statements for fiscal 2024 and 2025, as shown in the second-quarter 10-Q.
• Updated results match the 10-Q. The updated results are stated to be consistent with the financial information in the Form 10-Q filed the same day, which holds additional information.
• Quantum sensing drove year-over-year growth. Execution on NASA’s Quantum Gravity Gradiometer program was a major driver of year-over-year revenue growth in Q2, per the August 12 release.
• Tiqker clocks sold with Safran. The company is selling its third-generation Tiqker optical atomic clock systems, supported by a global co-selling partnership with Safran.
• Eaton uses Sqale for energy. Eaton is using private-cloud access to Sqale to explore quantum computing applications for complex energy problems.
• Logical qubit circuits for customers. The company has defined logical qubit circuits for customer workloads in finance, energy, and precision medicine.
• Operating expenses rose with strategy. Management attributed the higher operating loss to higher operating expenses from investment in the strategy, along with higher stock-based compensation.
• R&D and SG&A expense increased. R&D was $12.7 million and SG&A $19.8 million, against $5.3 million and $6.3 million a year earlier. Stock-based compensation totaled $12.1 million.
• Gross profit and cost of revenue. Gross profit was $2.2 million, against $0.7 million a year earlier, on total cost of revenue of $11.4 million. The August 12 release showed $1.4 million.

Company events

The newest 8-K filings of 18 held.

Every filing

The newest filings with the SEC of 86 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

277 funds held it at 30 Jun 2026: 219 added and 24 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Automatic Data Processing Inc. (ADP): revenue $21.9B, market value $113.5B
• Workday, Inc. (WDAY): revenue $10.2B, market value $50.3B
• Reddit, Inc. (RDDT): revenue $2.8B, market value $27.2B
• Verisk Analytics, Inc. (VRSK): revenue $3.1B, market value $24.7B
• Toast, Inc. (TOST): revenue $6.8B, market value $18.9B
• RingCentral, Inc. (RNG): revenue $2.6B, market value $7.6B
• Applied Digital Corp. (APLD): revenue –, market value $6.1B
• Pegasystems Inc. (PEGA): revenue $1.7B, market value $5.8B
• Bilibili Inc. (BILI): revenue $4.2B, market value $5.4B
• SharonAI Holdings Inc. (SHAZ): revenue –, market value $4.8B

What the company does

Infleqtion develops and commercializes quantum technology products built on neutral atoms. Its offerings cover quantum sensing, quantum computing and software. The company was previously known as ColdQuanta, and it became part of a listed company when the business combination with Churchill Capital Corp X closed on 13 February 2026. It operates as a single operating and reportable segment. As of 31 December 2025 it had 205 employees, including over 160 physicists and engineers, and its customers and partners include the U.S. Department of Defense, DARPA, NASA, SAIC, Lockheed Martin, NVIDIA and the United Kingdom National Quantum Computing Centre.

What it sells

All of the company's products use cesium or rubidium atoms that are trapped and manipulated with lasers. The company says it has been selling neutral atom systems since 2008.

- Sensing. Tiqker is a compact optical atomic clock. Sqywire is a quantum RF sensor, tunable from kHz to high GHz. Exaqt is a family of inertial and gravitational sensors for navigation where GPS is unavailable. - Computing. Sqale is a room-temperature neutral atom quantum computer. As of December 2025 it supported arrays of up to 1,600 trapped atoms, had demonstrated 12 logical qubits and had reached 99.73% two-qubit CZ gate fidelity. - Software. Superstaq is a compiler and middleware stack that also works with third-party quantum hardware. CML is a quantum-inspired tool for AI workloads that runs on classical GPUs.

The company also sells Quantum Core, the atom-trapping building block used across its products, as a standalone product line.

How it makes money

The company describes a hybrid model with four sources of revenue: product sales, quantum computing as a service, government-funded research and development contracts, and software licensing. Sensor products are sold per unit or as part of larger system purchases. Quantum computing as a service is metered in units called "shots" and is accessed over the cloud. The filing says this service remains at a very early stage of commercialization. Superstaq and CML are sold by subscription, with optional customization. Government contracts are often milestone-based or fixed-price. The company says Sqale can also be developed on-premises for a customer.

Who it sells to

Sales efforts are concentrated on customers in the United States, the UK, Australia and other allied nations. Government and defense customers include the U.S. Department of Defense, Department of Energy, NASA, DARPA, the U.S. Air Force, U.S. Navy, U.S. Space Force and U.S. Army. In the UK, the company delivered a Sqale computer to the National Quantum Computing Centre testbed program. In Japan, it delivered a quantum processor designed for 529 physical qubits to the Institute for Molecular Sciences, and says it is the only foreign quantum computing partner selected by Japan's Science and Technology Agency for the Quantum Moonshot program.

The company sells directly and through partners. It names SAIC, L3Harris, Safran and QinetiQ as defense contractor relationships. It also names NVIDIA and the J.P. Morgan Chase Global Technology Applied Research Team as collaborators. Distribution agreements cover the United States, UK, Europe, Japan and Australia.

Where it makes things

The company calls its manufacturing vertically integrated. It makes vacuum and vapor cells, control electronics, optical assemblies, calibration systems and firmware in house. Manufacturing and integration take place in Boulder, Colorado and Oxford, United Kingdom, and production of components can shift between the two sites with added equipment and training. Quantum Core is made in Colorado, and certain Quantum Cores-family systems are made in Oxford. The filing says the company may outsource parts of manufacturing as it scales. About 55% of employees are in the greater Denver area, and about 78% hold advanced engineering and scientific degrees. None are represented by a labor union.

How it competes

In timing, the company names Microchip Technology, SiTime, Safran Electronics & Defense and Oscilloquartz as incumbent suppliers. In computing, it names IonQ (trapped ion), IBM and Rigetti (superconducting circuits) and PsiQuantum (photonic qubits). It says its neutral atom approach avoids cryogenics and allows flexible qubit layouts. It describes itself as the only company developing and commercializing quantum solutions across sensing, computing and software. In software, Superstaq competes in the quantum middleware layer.

Intellectual property and rules

As of 31 December 2025 the company held 125 issued patents and 108 pending applications, with issued patents expiring between 2028 and 2044. It also licenses patents from the University of Colorado and the Wisconsin Alumni Research Foundation, paying royalties on sales. The company says it is subject to export controls, and its sensing products may fall under International Traffic in Arms Regulations or Export Administration Regulations restrictions. It must also register Tiqker with the U.S. Food and Drug Administration as an electronic product before commercialization.

The company says it targets 100 logical qubits by 2028.

*From Infleqtion's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/2007825/000119312526134544/d94946d10k.htm)*

From the company's 10-K.