Initiate at Buy: Ion Trap and Full-Stack Lead to Accelerate Commercial Adoption

研报英文原文证据摘录

Initiate at Buy: Ion Trap and Full-Stack Lead to Accelerate Commercial Adoption

Semiconductors

Quantinuum

TD SECURITIES (USA) LLC INITIATING COVERAGE

June 29, 2026

Price: $75.57 (06/26/2026) Initiate at Buy: Ion Trap and Full-Stack Lead to

Price Target: NA Accelerate Commercial Adoption

BUY (1)

Krish Sankar THE TD COWEN INSIGHT

415 646 7372

We initiate on QNT with a Buy rating as its 3rd gen ion trap quantum tech already achieves

krish.sankar@tdsecurities.com

99.9%+ fidelity rates. Combined with a full-stack software platform and high accuracy logical

Steven Chin qubits, we think QNT could see a commercial customer demand inflection for its quantum

415 646 7374 cloud service by 2028. Strong cash position post-IPO offers optionality for accelerating its

steven.chin@tdsecurities.com

strategy further.

Robert Mertens, CFA

646 562 1338 We initiate coverage on QNT with a Buy rating. QNT is a leader in the ion trap quantum

robert.mertens@tdsecurities.com technology and among the first companies to achieve a 99.9%+ fidelity rate with commercially

Eddy Orabi ready systems. We believe this solid technical progress combined with further quantum

415 646 7371 processor (QPU) performance scaling to 100+ logical qubits, error correction advancements,

eddy.orabi@tdsecurities.com and full-stack software platform positions QNT well to realize a demand inflection for its

quantum-as-a-service (QaaS) by 2028. With $2B+ of cash following its Jun '26 IPO, the

Key Data

company should have the funds to reach its quantum hardware milestones and drive its go-to-

Symbol NASDAQ: QNT

market (GTM) strategy into the next decade. Commercial customer interest is building steadily

52-Week Range: $77.46-$51.40

and its selection for US DARPA QBI project participation and US federal funding awards is a