Full-Stack Platform To Generate Value In Hybrid Quantum-Classic Compute Architecture: Initiate Coverage With Overweight Rating & $90 Price Target

研报英文原文证据摘录

Full-Stack Platform To Generate Value In Hybrid Quantum-Classic Compute Architecture: Initiate Coverage With Overweight Rating & $90 Price Target

June 29, 2026

Revenue Drivers

Quantinuum's business growth strategy is to accelerate commercial adoption across the quantum

ecosystem. The strategy drives advances in hardware, which results in improvements in performance,

reliability, and scalability. Capturing value requires integrating hardware and software, in collaboration

with customers, to expand use cases. As Quantinuum offers a full-stack platform, it is focused on system

outcomes most relevant to customers to drive repeat usage, long-term engagement, and expand customer

workflows as the platform matures. Quantinuum’s business model is driven by four revenue levers.

1. Access to quantum computing systems: Customer can access Quantinuum’s quantum

computing systems with an on-premises system or via the cloud.

2. Licensing quantum software and developer tools: the tools can be accessed via an on-

premises system or the cloud.

3. Offering research and application-development services: the company can work directly

with its partners to build high-value use cases.

4. Monetize outcome-oriented intellectual property: the IP can be developed internally or

in partnership with customers.

Hardware – Pursuing the development of trapped ion quantum computers.

In November 2025, Quantinuum released its 3rd generation system, Helios. Prior generations include the

System Model H2 and System Model H1. Neither the H1 nor the H2 system is locked into a single

configuration; both allow all-to-all qubit connectivity across four or more parallel gate zones. Emulators

support the development of quantum algorithms and are designed to model each system’s specific ion

transport and error rates.