Quantum Computing

HQ

Horizon Quantum Holdings Ltd.

Valuation N/A

Technology

Price$23.78

Model IV—

P/IV—

Limited data — see page

INFQ

Infleqtion, Inc.

Valuation N/A

Technology

Price$12.31

Model IV—

P/IV—

Limited data — see page

IONQ

IonQ, Inc.

Valuation N/A

Technology

Price$49.12

Model IV—

P/IV—

Market implies +60.0%/yr vs model +50.0% · above model

QBTS

D-Wave Quantum Inc.

Valuation N/A

Technology

Price$22.53

Model IV—

P/IV—

Market implies +84.7%/yr vs model +40.7% · above model

QUBT

Quantum Computing Inc.

Deep Overvalued

Technology

Price$9.05

Model IV$3.21

P/IV3.73

Premium +182% Return to IV: -64.5%

Market implies +22.4%/yr vs model +15.0% · above model

RGTI

Rigetti Computing, Inc.

Valuation N/A

Technology

Price$17.94

Model IV—

P/IV—

Market implies +147.8%/yr vs model +2.0% · above model

XNDU

Xanadu Quantum Technologies Ltd

Valuation N/A

Technology

Price$11.62

Model IV—

P/IV—

Limited data — see page