Terra Quantum
Definitive (DA signed)Pre-revenueInformation Technology · quantum computing and quantum cybersecurity · St. Gallen, Switzerland · founded 2019
- What it is
- Asset-light SaaS / licensing. Per the deck: platform fee / seat licence (annual recurring), usage fees, contractual share of verified customer savings, PQC software subscriptions, QKD/QRNG hardware-adjacent products and paid PoCs/integration services. Explicitly no quantum hardware manufacturing.
- What it’s doing now
- Merging with Axiom Intelligence I (AXIN) — definitive (da signed), announced May 25, 2026; expected close H2 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 8% above the announced $3.5B.
The business, per its filings
SEC primaryTerra Quantum AG is a Swiss, capital-light, hardware-agnostic quantum SOFTWARE company: hybrid quantum-classical algorithms and AI-driven optimization (TQ42 Studio, QAI Hub, TetraOpt, ClearVu) plus quantum cybersecurity (post-quantum cryptography, QKD, quantum random number generators). NO REVENUE FIGURE HAS EVER BEEN DISCLOSED IN ANY SEC FILING. As of 2026-08-14 no S-4/F-4 has been filed for this deal, and the 33-page June 2026 investor presentation filed as EX-99.1 contains no historical revenue, no ARR, no EBITDA and no financial projections of any kind - only TAM slides and transaction sources-and-uses. Company language about revenue is uniformly future-tense ('unlocking near-term revenues', 'near-term revenue opportunities'). Treat as effectively PRE-REVENUE at a $3.5 billion equity valuation until audited financials appear in the F-4.
Source: 425, accession 0001213900-26-081484 · as of Jun 9, 2026 · extraction confidence: low
What the company says about itself
Web research — not auditedTerra Quantum describes itself as 'the leading independent full-stack quantum technology company', delivering quantum-as-a-service across quantum algorithm design, quantum computing and quantum security.
- Markets:
- Energy | Automotive | Life Sciences and Health Care | Financial Services | Quantum Security | Quantum AI | Optimization
- Products:
- TQ42 Studio | QAI Hub (no-code quantum machine learning) | Quantum Algorithms library (TQopt, TetraOpt, TQOptimaX, TetraBox) | ClearVu Suite | Quantum Computing hybrid cloud (GAIA-X compliant) | Quantum Security (post-quantum cryptography, QKD, QRNG)
- Customers:
- BBVA (completed exotic-derivatives pricing pilot); filings additionally name Thales, Uniper, Honda, U.S. Air Force and Melita
1) The website calls Terra Quantum a 'full-stack quantum technology company', while the SEC investor presentation is titled 'A Capital Light, Hardware Agnostic & Software-First Quantum Platform' and positions the company explicitly AGAINST hardware players ('No dependency on future hardware / modality'). Full-stack vs hardware-agnostic-software is a material positioning conflict. 2) The website states '$100M Accumulated funding raised'; the SEC deck states 'Funding (US$) $100M+' - consistent. 3) The website's only named customer case studies are BBVA and unnamed CFD/derivatives pilots; the SEC deck names Thales, Uniper, Honda, U.S. Air Force and Melita and claims '25+ Enterprise Customers' with a footnote that the count 'excludes few leading OEMs, technology companies, financial services companies and a U.S.-based Space agency'. Neither source ties any customer to a dollar of revenue. 4) Neither source discloses headcount as a hard employee number - the deck's '100+ Team Size' is footnoted 'FTEs and Close Network of Advisors', i.e. it deliberately blends employees with outside advisors, so the true employee count is unknown.
Source: https://terraquantum.swiss/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Terra Quantum is merging with Axiom Intelligence I (AXIN), a $200M SPAC currently marked Deal announced and trading at $10.35 against $10.21 in trust per share.
| Headline equity value | $3.5B |
| Effective valuation (all shares) | $3.8B+8% vs headline |
| Sponsor promote | 24.4% |
| Post-close ticker | TQ |
Structure per SEC accession(s) 0001213900-26-062447, 0001213900-26-056597, 0001213900-26-062446. 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
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Terra Quantum 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 press release0001213900-26-061057
EX-99 press release, 0001213900-26-061057: proFormaEnterpriseValueM "approximately $3.6 billion" — the sponsor rounding its own figure. A press release is a party's own claim, not a filed table: any stated capitalisation table supersedes it.
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
Terra Quantum 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 $3.6bn.
The company reports no meaningful sales yet, so there is nothing to divide the price by.
Pro-forma enterprise value as filed.
No meaningful revenue in the most recent reported period.
Not computable — the filings show no meaningful revenue for the most recent reported period.
$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 the figures above
- QUCY, QNT, SEQC, HQ, INFQ, RSKD have no revenue to divide by, so they are shown but left out of the peer median.
- RGTI, HUBC 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 sells quantum-safe / post-quantum encryption as licensed software to enterprises and governments with essentially no hardware - the closest listed match to Terra Quantum's capital-light quantum-security software model, and at a comparable (very small) revenue base and sub-$2B-to-few-$B market cap bucket.more ▾less ▴ |
| QUCY | Quantum Cyber NV | $10M | — | — | Direct comp: IT Services & Consulting (NEC); micro-cap ($10m); shares quantum, cryptography, cybersecurity, post, computing, security with the target's own description; forward EV/Sales 83.8x.more ▾less ▴ |
| QBTS | D-Wave Quantum Inc. | $6.0B | 586.4x | — | D-Wave is the listed quantum name with the largest quantum-software/hybrid-solver and Leap cloud services business (quantum-as-a-service to enterprises for optimization), which is the same commercial motion Terra Quantum runs; scale bucket is comparable to Terra Quantum's implied valuation.more ▾less ▴ |
| IONQ | IonQ, Inc. | $18.7B | 63.2x | — | Listed pure-play quantum company that also sells quantum networking and quantum-safe security alongside compute, and is the anchor comparable in essentially every quantum de-SPAC comp set; larger scale bucket but sets the sector multiple Terra Quantum is being priced against.more ▾less ▴ |
| QNT | Quantinuum Inc | — | — | — | Direct comp: IT Services & Consulting (NEC); shares quantum, random, computing, number, hardware, software with the target's own description; forward EV/Sales 556.5x.more ▾less ▴ |
| QUBT | Quantum Computing Inc. | $2.0B | 112.8x | — | Quantum Computing Inc sells quantum random number generators and quantum optimization software/services - directly overlapping Terra Quantum's QRNG and optimization lines, at a similarly minimal revenue base.more ▾less ▴ |
| SEQC | SeeQC Inc | — | — | — | Direct comp: IT Services & Consulting (NEC); shares quantum, classical, computing, hardware, software, for with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| HQ | Horizon Quantum Holdings Ltd | — | — | — | Operational comp: Software (NEC); shares quantum, agnostic, hardware, software, company, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| LAES | SEALSQ Corp | $642M | 8.0x | — | Operational comp: Semiconductors (NEC); small-cap ($724m); shares quantum, cryptography, post, hardware, for, company with the target's own description; forward EV/Sales 6.2x.more ▾less ▴ |
| INFQ | Infleqtion Inc | $812M | — | — | Operational comp: Electronic Equipment & Parts (NEC) (Information Technology group); small-cap ($812m); shares quantum, computing, language, uses, security, software with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| RSKD | Riskified Ltd | $736M | — | — | Operational comp: Software (NEC); small-cap ($736m); shares historical, transaction, billion, uses, security, software with the target's own description; forward EV/Sales 1.5x.more ▾less ▴ |
| RGTIcontext only | Rigetti Computing, Inc. | $6.3B | 441.5x | — | Rigetti is a hardware-first full-stack quantum builder; Terra Quantum's own deck explicitly differentiates itself from 'Quantum Hardware Players' with 'No dependency on future hardware / modality', so the business models diverge - included only as a sector-multiple reference.more ▾less ▴ |
| HUBCcontext only | Hub Cyber Security Ltd | $14M | — | — | Adjacent: Security Software — the businesses read alike, the vendor classification does not agree; micro-cap ($14m); shares quantum, hub, cybersecurity, computing, security, hardware 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 Terra Quantum going public?
Terra Quantum has a signed merger with the SPAC Axiom Intelligence I (AXIN), announced May 25, 2026. The combined company expects to trade as TQ. Deal status: Definitive (DA signed).
What is Terra Quantum's SPAC deal valuation?
The announced headline equity value is $3.5B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $3.8B, 8% above the headline.
Was Terra Quantum bought at an expensive or a cheap valuation?
Terra Quantum 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 $3.6bn.
Does Terra Quantum 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.
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