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Quantum Computing Inc. (Nasdaq: QUBT) is an integrated photonics company that develops room-temperature quantum machines for applications in high-performance computing, artificial intelligence, cybersecurity, and remote sensing. On October 3, 2025, QUBT shares closed at $25.49, reflecting a 27.58% increase with a trading volume of 41,230,604 shares on the NASDAQ.
Corporate Structure and Expertise
Founded in 2018 and headquartered in Hoboken, New Jersey, QCi employs between 11 and 50 people. Its leadership team includes Yuping Huang, Ph.D., as CEO and Chairman, alongside Vice Chairman Robert Fagenson and a board with extensive experience in finance, engineering, and technology. The core in-house expertise spans quantum physics, quantum optics, nanofabrication, FPGA and embedded design, mechanical and electrical engineering, firmware and software development, and quantum algorithm research. QCi maintains a growing portfolio of patents related to random-number generation, LIDAR applications, and thin-film lithium niobate (TFLN) photonic integrated circuits.
Quantum Computing by Michael Dziedzic
Developments and News
- September 24, 2025: QCi filed an 8-K covering material corporate events under Items 1.01, 3.02, 7.01, and 9.01.
- October 1, 2025: An S-3ASR registration statement was filed to register 26,867,276 existing shares for resale, with QCi being responsible for related registration costs.
- October 2, 2025: A Schedule 13G disclosed that Citadel Advisors LLC holds 5,828,555 shares, representing 3.1% of outstanding stock, with shared voting power.
- Q1 2025: Completion of a U.S.-based chip foundry in Tempe, Arizona, optimized for TFLN devices.
- Q2 2025: QCi received a NASA subcontract valued at $406,478 and made a sale of its EmuCore reservoir computing device to a global automaker; quarterly revenues increased to $61,000, up from $39,000 in Q1 2025.
- September 29 – October 1, 2025: QCi exhibited its Quantum Secure Solution at the ECOC 2025 conference in Copenhagen (Booth C4235).
- October 8, 2025: Pouya D., Chief Revenue Officer, is scheduled to speak about “Scaling Photonics Innovations in a Changing Global Economy” at the Optica Global Photonics Economic Forum in Málaga, Spain.
Financial and Strategic Analysis
| Metric | Value |
|---|---|
| Market Cap (intraday) | $3.73 billion |
| 52-Week Range | $0.65 – $27.15 |
| TTM Revenue | $0.26 million |
| TTM Net Income | –$76.41 million |
| Diluted EPS (TTM) | –0.76 |
| Total Cash (MRQ) | $348.76 million |
| Total Debt/Equity (MRQ) | 0.55% |
| Levered Free Cash Flow (TTM) | –$15.28 million |
| Beta (5Y Monthly) | 3.86 |
| Analyst 1-Year Target Price (Est.) | $20.33 |
QCi’s balance sheet indicates a substantial cash position against minimal debt, although revenue remains in the low hundreds of thousands. The company focuses on photonic quantum computing, supported by its in-house TFLN foundry and expanding intellectual property portfolio, positioning itself within emerging markets for quantum-secure communications and high-dimensional computing. Citadel's 3.1% stake represents institutional interest that could influence trading liquidity.
Market Position and Industry Context
Quantum Computing Inc. operates in the photonic quantum computing segment alongside competitors such as IonQ, Rigetti, D-Wave, Quantinuum, and PsiQuantum. The use of photonic qubits at room temperature and compatibility with existing telecom infrastructure are notable aspects of QCi's technology. According to Mordor Intelligence, the market for photonic integrated circuits was valued at $15.4 billion in 2024 and is projected to grow to $38.4 billion by 2029. While QCi's market capitalization exceeds $3.7 billion, its current revenue base reflects the early stage of commercial quantum photonics development and ongoing R&D activities.
tl;dr
On October 3, 2025, QCi shares increased by 27.58% to $25.49 with significant trading activity. Recent filings include an S-3ASR (October 1) and Schedule 13G (October 2), facilitating share resale and disclosing Citadel’s 3.1% stake. The company’s TFLN chip foundry in Tempe is operational, and product orders (including a $406,478 NASA subcontract) have contributed to Q2 2025 revenue of $61,000. Events at ECOC 2025 (September 29–October 1) and an upcoming panel on October 8 indicate ongoing market involvement. With $348.8 million in cash and minimal debt, the company’s prospects will depend on the scaling of photonic devices and the expansion of commercial applications in quantum-secure networking and optimization.
