EigenQ
Definitive (DA signed)Pre-revenueInformation Technology · quantum security, communications, networking, and sensing · Austin, United States · founded 2025 · 2 employees
- What it is
- Hardware-first: sale of PQC+ server bundles, PCIe retrofit boards and M.2 embedded modules through OEM design-wins, distributors and VARs (HPE, AMD, WNC/Wistron, TD SYNNEX), plus intended recurring software/SDK royalties, per-unit OEM licensing royalties and annual attestation/renewal revenue. Company describes itself as B2B and B2G with a projected long-term revenue split of 50% government / 30% private sector / 20% IP monetisation.
- What it’s doing now
- Merging with Silicon Valley Acq (SVAQ) — definitive (da signed), announced Jun 17, 2026; expected close Q4 2026.
- What you should know
- It reports no meaningful revenue yet — this deal is priced on a story, not on financials. The real share count puts the effective valuation 7% above the announced $2.9B.
The business, per its filings
SEC primaryEigenQ is a PRE-REVENUE quantum-security company selling hardware-rooted post-quantum cryptography (PQC+ server bundles, PCIe retrofit boards, M.2 edge modules, quantum entropy/QRNG, qTPM device identity, qTEE trusted execution) into US federal, defense and critical-infrastructure buyers via OEM and distribution partners. Its own SEC Form C-AR for FY2025 reports total revenue of $6,194.47 - about six thousand dollars, from a single $4,600 invoice - against a negative gross profit of -$73,786, a net loss of $1,444,376, and TWO employees. The company was incorporated 13 February 2025 and its investor deck states flatly that it 'has not commenced product sales' and 'has not commenced generating revenues or achieved profitability'. Its $1.20 billion of reported total assets is essentially one line item: 'Intangible Assets - IP Licenses' of exactly $1,200,000,000, being four exclusive technology licences bought entirely with non-cash equity warrants that are not exercisable before 2028. The deal values this at a ~$3.0 billion pro forma enterprise value against illustrative management projections of $10M revenue in 2026E rising to $299.5M in 2028E.
| Revenue | $0M (FY2025) |
| Gross margin | -1191.2% |
| Cash | $3.5M |
| Debt | $0M |
| Book value | $1,203.5M |
Source: 425, accession 0001213900-26-091671 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedEigenQ delivers hardware-rooted post-quantum security infrastructure solutions enabling systems to operate securely in the quantum era.
- Markets:
- Telecom | Data Centers | Defense | Government | Automotive | Smart Devices
- Products:
- QMA Quantum Entropy | qTPM Device Identity | qTEE Trusted Execution | PQC+ Cryptographic Layer | PCIe Retrofit module | M.2 Embedded Module
- Customers:
- Hewlett Packard / HPE | TD SYNNEX | Wistron (WNC) | AMD | Super Micro | Amentum | Defense Innovation Unit | World Economic Forum
1) HEADQUARTERS - three different SEC-sourced answers: the 2026-06-17 press release datelines 'Austin, Texas'; the Form C-AR cover names 701 Brazos Street Ste 500, Austin TX 78701; but the audited-statement Note 1 inside the SAME Form C-AR says 'The Company is headquartered at 9175 Guilford Rd, Ste 300, Columbia, MD 21046, USA', which is also the business address on EDGAR. Unresolved. 2) HEADCOUNT - the website and the SPAC investor deck project scale ('Engaged with 50+ researchers globally', a 13-person named 'Key Management Team' slide), while the Form C-AR states 'Current Number of Employees: 2'. The named executives are therefore largely advisors/contractors or unpaid, not employees. 3) CUSTOMERS - the website and press release present HPE, AMD, TD SYNNEX, Wistron, Super Micro, Amentum and the Defense Innovation Unit as commercial relationships; the Form C-AR says 'While EigenQ has not yet recognized commercial revenue from direct end customers' and the deck footnotes that the partner material 'does not represent contracted revenue, purchase orders, backlog, bookings, committed sales volume, or guaranteed customer adoption'. FY2025 produced exactly one invoice, for $4,600. 4) IP OWNERSHIP - marketing implies proprietary technology; the Form C-AR discloses that the portfolio is LICENSED IN from four third parties (Lakes Environmental USA, GoQuantum SpA Chile, Qombat Ltd Israel, WiseP2P OU Estonia) and that EigenQ 'intends to develop proprietary quantum technologies and file patents' in future.
Source: https://www.eigenq.com/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
EigenQ is merging with Silicon Valley Acq (SVAQ), a $215M SPAC currently marked Deal announced and trading at $10.05 against $10.00 in trust per share.
| Headline equity value | $2.9B |
| Effective valuation (all shares) | $3.1B+7% vs headline |
| Sponsor promote | 25% |
| Pro-forma shares | 312.7M |
| Post-close ticker | EIGQ |
Structure per SEC accession(s) 0001213900-26-069434, 0001213900-26-057805, 0001213900-26-071185. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Three different numbers are all called the deal value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What EigenQ, Inc. on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
assumes 53% redemptions
Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.
assumes 53% redemptions
Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for EigenQ, Inc. appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- The equity and cash figures above are already struck AFTER an assumed 53% of the trust is redeemed — so they are not the same kind of figure as a deal whose table assumes none, and comparing them directly compares two different transactions. The enterprise value is the figure the assumption does not move.
- The announced headline of $2,930M and the filed pro-forma equity value of $3,127.1M are not the same number. Both are recorded as stated; we have not reconciled them for you.
All figures above are stated in EX-99.2 investor deck (8-K)0001213900-26-069434
THE REDEMPTION ASSUMPTION HERE IS NOT ZERO, AND IT IS THE ONE IN THIS SET THAT IS NOT. The deck's note 1: "Assumes ~53% redemptions from SVAQ's $215M cash in trust in absence of a PIPE." So the $110.0M of pro-forma cash and the $3,127.1M of pro-forma equity are already struck AFTER half the trust is assumed to walk — they are not the same kind of figure as the 0%-redemption tables filed by IPFX, BLRK, BBCQ and APXT, and comparing them without that label compares two different transactions. The enterprise value is the one figure the rate does not move. Two further caveats the deck states itself: the subtracted line is labelled "PF Net Cash", not cash on the balance sheet, and note 6 says "Assumes cash free debt free on a pre-money basis"; and note 3 says the "Sponsor promote shares [are] subject to negotiation", so the 312.7M share count is not final. Pre-money is taken from the Uses table ("Rollover to EigenQ $2,930"), not from the "~$2.9B" prose.
Each row is one filing. A forecast that moves while the transaction price does not is a change in what the deal costs, and the filings that make that change are months apart.
Revenue
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2026E | FY2027E | FY2028E |
|---|---|---|---|
| 8-K — EX-99 investor deck2026-06-17 · the target's own filing or deck | $10M | $138.4M | $299.5M |
Gross margin
The underlined figure in each column is the ledger’s current answer for that year. The rest are not wrong; they are earlier, and they are kept.
| Document | FY2026E | FY2027E | FY2028E |
|---|---|---|---|
| 8-K — EX-99 investor deck2026-06-17 · the target's own filing or deck | 68.3% | 63.8% | 65.1% |
What that does to the price of a dollar of forecast revenue
- FY2026E: 301.7x enterprise value to forecast revenue, unchanged across every document that states it.
- FY2027E: 21.8x enterprise value to forecast revenue, unchanged across every document that states it.
- FY2028E: 10.1x enterprise value to forecast revenue, unchanged across every document that states it.
No document in this chain has revised a forecast. That is a finding too: it means every multiple above is the one struck at announcement, and it is what a reader should expect to see change first if the deal starts to slip.
The tables these figures were read out of, verbatim
- 8-K — EX-99 investor deck (0001213900-26-069434) — EX-99.2 investor deck, appendix — Illustrative Base Case forecasts — "Total Revenues (Core Channel Sales + OEM Licensing) $10.0 $138.4 $299.5"
- 8-K — EX-99 investor deck (0001213900-26-069434) — EX-99.2 investor deck, appendix — Illustrative Base Case forecasts — "Gross Margin (%) 68.3% 63.8% 65.1%"
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
EigenQ, Inc. has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $3.02bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Pro-forma enterprise value as filed.
FY2025 — a reported actual.
Not computable — the filings record only $0M of revenue and treat the company as pre-revenue — a multiple struck on a nominal figure is noise, not a valuation.
$1 of their sales costs $88.02 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 7.97× to 338.04×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- QUCY, HQ, QNT, SEQC, ALAB have no revenue to divide by, so they are shown but left out of the peer median.
- QBTS, RGTI, ICMB shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| ARQQ | Arqit Quantum Inc. | $413M | 338.0x | — | Arqit Quantum is the closest listed analogue: a quantum-safe / post-quantum encryption vendor selling into government, defence and telecom with negligible revenue and a valuation driven entirely by the PQC-mandate narrative - same buyer, same catalyst (NIST/CNSA 2.0 migration), same near-zero-revenue scale bucket.more ▾less ▴ |
| QUCY | Quantum Cyber NV | $10M | — | — | Direct comp: IT Services & Consulting (NEC); micro-cap ($10m); shares quantum, cryptography, against, post, security, infrastructure with the target's own description; forward EV/Sales 83.8x.more ▾less ▴ |
| LAES | SEALSQ Corp | $642M | 8.0x | — | SEALSQ sells post-quantum-ready secure semiconductors and hardware root-of-trust chips into IoT, automotive and infrastructure - the same hardware-rooted PQC silicon model EigenQ is pursuing with its PQC+ modules, at a small-cap scale.more ▾less ▴ |
| QUBT | Quantum Computing Inc. | $2.0B | 112.8x | — | Quantum Computing Inc sells quantum random number generators and photonic quantum devices - directly overlapping EigenQ's QMA quantum-entropy/QRNG line - and is similarly valued on a projected rather than realised revenue base.more ▾less ▴ |
| HQ | Horizon Quantum Holdings Ltd | — | — | — | Operational comp: Software (NEC); shares quantum, execution, hardware, infrastructure, from, technology with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| IONQ | IonQ, Inc. | $18.7B | 63.2x | — | IONQ has built out a quantum-networking and quantum-security arm alongside its compute business and is the sector's anchor listed comparable that sets the multiple EigenQ is being priced against; much larger scale bucket, included as the sector reference.more ▾less ▴ |
| QNT | Quantinuum Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, hardware, device, with, for, its with the target's own description; forward EV/Sales 556.5x.more ▾less ▴ |
| SEQC | SeeQC Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, hardware, assets, into, critical, value with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| ALAB | Astera Labs, Inc. | $28.1B | — | — | Operational comp: Semiconductors (NEC); large-cap ($28.1bn); shares pcie, boards, modules, form, infrastructure, has with the target's own description; forward EV/Sales 27.0x.more ▾less ▴ |
| QBTScontext only | D-Wave Quantum Inc. | $6.0B | 586.4x | — | D-Wave is a listed quantum pure-play at a broadly comparable enterprise value to EigenQ's ~$3.0B, useful as a scale-bucket comparable, but it sells quantum computing systems and cloud optimisation rather than PQC security hardware - different product and different buyer.more ▾less ▴ |
| RGTIcontext only | Rigetti Computing, Inc. | $6.3B | 441.5x | — | Rigetti is superconducting quantum-computer hardware for research buyers, not post-quantum security infrastructure for federal IT; sector-adjacent only, included for multiple context.more ▾less ▴ |
| ICMBcontext only | Investcorp Credit Management BDC Inc | $39M | — | — | Adjacent: Closed End Funds — the businesses read alike, the vendor classification does not agree; micro-cap ($39m); shares dollars, warrants, before, total, equity, form with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is EigenQ going public?
EigenQ has a signed merger with the SPAC Silicon Valley Acq (SVAQ), announced Jun 17, 2026. The combined company expects to trade as EIGQ. Deal status: Definitive (DA signed).
What is EigenQ's SPAC deal valuation?
The announced headline equity value is $2.9B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $3.1B, 7% above the headline.
Was EigenQ bought at an expensive or a cheap valuation?
EigenQ, Inc. has no meaningful revenue yet, so no multiple is computable — this is priced on a story, not on financials. The deal still values it at $3.02bn.
Does EigenQ have revenue?
No meaningful reported revenue in its most recent filed period — the deal is priced on a story and projections, not on financial results. Treat every valuation multiple accordingly.
Educational content, not investment advice.
- Forge Nano — with ATII ($1.2B)
- ProLogium — with TDAC ($3.8B)
- TECfusions — with APXT ($4.0B)
- Pasqal — with BBCQ ($2.0B)
- Terra Quantum — with AXIN ($3.5B) · pre-revenue
- Yellow.ai — with BLRK ($300M)
- CCCT — Columbus Circle Capital III · Searching
- BCCQ — Bleichroeder Acquisition III · Deal announced
- IPFX — Inflection Point Acq VI · Deal announced
- CMII — Inflection Point Acquisition Corp. VII · Deal announced
- PTOR — Praetorian Acquisition · Searching
- BBCQ — Bleichroeder Acquisition II · Closed (deSPAC)