Quantinuum Inc. QNT
Quantinuum grew FY2025 revenue 34.6% to $30.9M with gross margins expanding from 53.0% to 62.2%, but operating losses widened to $530M and free cash flow burn deepened to $235M, making the ~993x price-to-sales multiple impossible to justify on near-term fundamentals. The $1.69B equity cushion funds R&D toward 2027–2029 product milestones, yet with only 39 institutional holders (smart money score of 0.017 as of Q2 2026) and the stock at $49.92 below its 50-day MA of $62.38, this remains a speculative bet on quantum commercialization rather than an investable earnings trajectory.
What could go wrong
- Valuation compression. At ~993x trailing sales, even strong execution may not support the price; any disappointment triggers outsized downside.
- Accelerating cash burn. Free cash flow burn worsened from $135M in FY2024 to $235M in FY2025; capex surged from $14M to $75M.
- Competitive gap. Recent coverage positions IonQ as the quantum leader on commercial adoption, potentially leaving QNT behind.
- Institutional apathy. Only 39 funds hold the stock with a smart money score of 0.017 as of Q2 2026, limiting upside from passive flows.
What would change my mind
Where this comes from: FMP FY2025 fundamentals; derived_metrics · FMP FY2025 fundamentals · FMP FY2024 fundamentals · peer_relative. Orin's read on QNT; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All QNT filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 13G | 13 Aug | — | on file |
| 10-Q | 13 Aug | Revenue for the three months ended June 30, 2026, was $7.998 million, a 279% increase year-over-year from $2.108 million. | read |
| 13G | 12 Aug | — | on file |
| 8-K | 11 Aug | Quantinuum reported Q2 2026 revenue of $8 million, a 279% year-over-year increase, and raised its FY2026 revenue outlook to $28-$32 million. | read |
| 13G | 17 Jul | — | on file |
| 13G | 6 Jul | — | on file |
| 13G | 22 Jun | — | on file |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Capital World Investors | $372.7M | 0.0% of fund |
| Citadel Advisors | $188.0M | 0.0% of fund |
| Capital Research Global Investors | $143.4M | 0.0% of fund |
| Wellington Management Group Llp | $92.4M | 0.0% of fund |
| Vanguard Portfolio Management | $84.1M | 0.0% of fund |
| Vanguard Capital Management | $77.6M | 0.0% of fund |
55 filers · quarter ended Q2 2026 · positions, not flows
Ask Orin about QNT
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Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/B | 4.1× | — | — |
What Wall Street published
$94
$85 – $100 · +84% against today's price
- 4 buy or overweight
- 0 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.