One Quantum Leap: Apollo Sets Stage for Quantum Inflection. Initiate w/ Buy

研报英文原文证据摘录

One Quantum Leap: Apollo Sets Stage for Quantum Inflection. Initiate w/ Buy

ecution of the roadmap. the gap on 2Q gate fidelity, P:L ratio, and time- • Slower-than-expected enterprise adoption, as

• Broad-based adoption of quantum computing to-solution. customers remain in research mode longer,

as each new system unlocks the commercial delaying the commercial inflection and pushing • Faster-than-expected enterprise adoption, as

inflection point across end-markets. meaningful revenue scale into the back half of Sol unlocks broad commercial workloads

• Price Target: $90 implies 13x our CY30 pulling forward the inflection from FY27 into the decade.

revenue of $2.5B discounted back. FY26. • Price Target: $31 implies 5x our CY30 revenue

of $1.9B discounted back.

• Price Target: $166 implies 20x our CY30

revenue of $3.1B discounted back.

Sustainability Matters Catalysts

Top Material Issue: Product Design & Lifecycle. Quantinuum builds room-temperature trapped- Key Catalysts: 1) Sol launch in 2027 (~100 logical

ion quantum computers based on its QCCD architecture, an inherently energy-efficient modality vs. qubits, commercial inflection point); 2) Apollo fault-

superconducting systems that require continuous millikelvin cryogenic cooling. The shift to barium ions tolerance in 2029; 3) CHIPS Act $100M funding

on Helios unlocks visible-light lasers and mature telecom-grade fiber optics, while voltage broadcasting finalization; 4) PQC migration tailwind for Quantum

collapses the control-electronics footprint per qubit. QNT's workloads (drug discovery, catalyst/battery Origin (NIST pilot YE27, federal compliance

chemistry, materials science, quantum cryptography) are also sustainability-adjacent. 2030/31); 5) New marquee customer wins