SEEQC
TerminatedTechnology · Quantum computing chips / superconducting foundry · Elmsford, United States · founded 1965
- What it is
- Two legs: (1) commercial superconducting foundry services (SFQ wafer fabrication for third parties - the currently commercial revenue line), and (2) development of integrated digital-quantum-management chips (control/readout at millikelvin temperatures) sold to quantum system developers/integrators; ~95% of 2025 revenue was quantum-related engineering services and integration, 5% product.
- What it’s doing now
- Merging with Allegro Merger Corp. (ALGR) — terminated, announced Jan 16, 2026; shareholder vote Jul 9, 2026.
- What you should know
- At 81967316× revenue the deal prices it above its listed peers, which trade at 112.85×.
The business, per its filings
SEC primaryOperates a casual dining restaurant chain with a historic American bar concept, while simultaneously running a franchise business and licensing branded consumer packaged goods (CPG). The company focuses on delivering handcrafted food and beverages, enhancing the social bar experience, and driving off-premise sales through partnerships and digital platforms.
| Revenue | $5.8M (FY2025A (year ended 2025-12-31; $2.8M in FY2024)) |
Source: DEFM14A, accession 0001213900-26-074267 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedseeqc.com positions 'Quantum Computing on a Chip - the first company to put all core functions of a quantum computer on a digital chip', anchored by a Nature paper ('A quantum computer controlled by superconducting digital electronics at millikelvin temperature'); technical specs and published research are front and center - a substantive deep-tech site.
- Markets:
- Quantum system developers/integrators; government/defense superconducting electronics; quantum data centers
- Products:
- Digital quantum computing platform - superconducting chips combining qubits and SFQ classical logic in one cryogenic system; on-chip readout/feedback; superconducting foundry & fabrication services
- Customers:
- Not named on homepage; DEFM14A cites customer testing and integration projects with quantum system developers
None; site and DEFM14A align closely.
Source: https://seeqc.com/ · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
SEEQC is merging with Allegro Merger Corp. (ALGR), a $150M SPAC currently marked Deal terminated.
| Headline equity value | — |
| PIPE | ≈ $65M · unsourcedAllegro common stock @ $5.00/share, contingent on Merger closing (Section 4(a)(2) private placement; upsized via 2026-04-01 and 2026-04-22 8-Ks) |
| Post-close ticker | SEQC |
Structure per SEC accession(s) 0001213900-26-005217. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
What the filings actually value
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
$475,410,433M ÷ $5.8M of FY2025A (year ended 2025-12-31; $2.8M in FY2024) revenue. $1 of SEEQC, Inc.'s 2025 reported sales is being bought for $81967316.00.
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for SEEQC, 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.
All figures above are stated in EX-99 investor presentation0001213900-20-003240
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced above its listed peers
The deal values SEEQC, Inc. at $475410.43bn, or 81967316× the FY2025A (year ended 2025-12-31; $2.8M in FY2024) actual revenue it actually reported. That is 726338.6× what the market pays for its closest listed peers (median 112.85×) — an expensive price. It is priced above 100% of them.
Pro-forma enterprise value as filed.
FY2025A (year ended 2025-12-31; $2.8M in FY2024) — a reported actual.
81967316× FY2025A (year ended 2025-12-31; $2.8M in FY2024) actual revenue. Put another way: $1 of its annual sales is being bought for $81967316.00.
$1 of their sales costs $112.85 on the open market. Median of 5 listed companies we judged a true comparable, which individually run from 7.97× to 586.39×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- SEQC, HQ, QUCY, QNT, ALMU, SUCH have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| RGTI | Rigetti Computing, Inc. | $6.3B | 441.5x | — | Rigetti Computing - the listed superconducting-qubit pure-play with its own fab; the same modality and manufacturing model, making it the single closest comparable.more ▾less ▴ |
| SEQC | SeeQC Inc | — | — | — | Direct comp: IT Services & Consulting (NEC); shares superconducting, quantum, seeqc, readout, chip, foundry 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 - the largest-cap listed quantum computing company; sets the sector's valuation ceiling and sentiment beta. |
| QBTS | D-Wave Quantum Inc. | $6.0B | 586.4x | — | D-Wave Quantum - superconducting-hardware (annealing) quantum company with single-digit-millions revenue like SEEQC. |
| HQ | Horizon Quantum Holdings Ltd | — | — | — | Operational comp: Software (NEC); shares quantum, ibm, integration, than, control, from with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| QUBT | Quantum Computing Inc. | $2.0B | 112.8x | — | Quantum Computing Inc - small-cap quantum hardware/photonics story stock; marks the speculative end of the comp range. |
| QUCY | Quantum Cyber NV | $10M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($10m); shares quantum, computing, digital, based, technology, for with the target's own description; forward EV/Sales 83.8x.more ▾less ▴ |
| QNT | Quantinuum Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, computing, real, operates, services, inc with the target's own description; forward EV/Sales 556.5x.more ▾less ▴ |
| ALMU | Aeluma Inc | $260M | — | — | Operational comp: Semiconductors (NEC); micro-cap ($260m); shares quantum, chip, wafer, integration, computing, rapid with the target's own description; forward EV/Sales 57.1x.more ▾less ▴ |
| LAES | SEALSQ Corp | $642M | 8.0x | — | Operational comp: Semiconductors (NEC); small-cap ($724m); shares quantum, chips, electronics, develops, corp, based with the target's own description; forward EV/Sales 6.2x.more ▾less ▴ |
| SUCH | Suchness Tech Ltd | — | — | — | Operational comp: Semiconductors (NEC); shares quantum, fab, wafer, engineering, integration, control 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 SEEQC going public?
SEEQC has a signed merger with the SPAC Allegro Merger Corp. (ALGR), announced Jan 16, 2026. The combined company expects to trade as SEQC. Deal status: Terminated.
Was SEEQC bought at an expensive or a cheap valuation?
The deal values SEEQC, Inc. at $475410.43bn, or 81967316× the FY2025A (year ended 2025-12-31; $2.8M in FY2024) actual revenue it actually reported. That is 726338.6× what the market pays for its closest listed peers (median 112.85×) — an expensive price. It is priced above 100% of them.
Does SEEQC have revenue?
The filings report a revenue figure of $5.8M (FY2025A (year ended 2025-12-31; $2.8M in FY2024)).
Educational content, not investment advice.
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