Core Insights - Quantum computing is gaining traction as an investment theme, but it remains years away from commercial viability, complicating predictions on which companies will succeed [2][9] - Amazon's investment in IonQ, a leading player in quantum computing, provides a vote of confidence, making IonQ an attractive investment option [3][4][6] Company Analysis - Amazon holds over 850,000 shares of IonQ, representing approximately 0.3% of IonQ's total shares outstanding, indicating that while Amazon is not a controlling shareholder, its investment is still significant [5][6] - IonQ differentiates itself by using a trapped-ion approach, which operates at room temperature and offers higher accuracy compared to the superconducting technology used by most competitors [7][8] - IonQ is currently a leader in accuracy within the quantum computing sector, holding two world records, which positions it as a compelling investment choice [8] Market Outlook - IonQ's stock has surged approximately 90% since early September, reflecting the rising interest in quantum computing, but this volatility suggests potential risks for investors [8][10] - The company projects profitability with sales nearing $1 billion by 2030, indicating a long-term investment horizon for potential returns [9] - Investors should focus on IonQ's progress and announcements rather than short-term stock price fluctuations, as the stock is expected to be highly volatile [11][12]

Core Insights - Rigetti Computing, Inc. (NASDAQ:RGTI) has experienced a stock surge of over 20% since October 13, following JP Morgan's announcement of a $1.5 trillion investment in the U.S. over the next decade, which includes quantum computing as a critical industry [1] - The company secured purchase orders for two quantum computing systems valued at approximately $5.7 million, with delivery expected in the first half of 2026 [2] - Wall Street shows a bullish sentiment towards Rigetti, with Benchmark Co. raising the price target from $20 to $50 while maintaining a Buy rating [3] Company Developments - Rigetti Computing is advancing in the quantum computing sector, having announced the acquisition of two 9-qubit Novera quantum computing systems [2] - The systems are designed to be upgradeable, allowing customers to increase qubit capacity for more complex research [2] - The company operates full-stack quantum computers that are accessible via its Quantum Cloud Services platform [3]

Core Insights - D-Wave Quantum Inc. (NYSE:QBTS) is identified as a promising growth stock following a price target increase from $20 to $50 by Roth Capital, maintaining a Buy rating [1][2] - The price target adjustment is attributed to a new agreement with Swiss Quantum Technology for deploying a D-Wave Advantage2 quantum computer in Europe, valued at 10 million euros [1][2] Company Developments - The recent agreement in Europe is seen as a significant step for D-Wave Quantum Inc., potentially leading to hardware sales and validating the company's growth thesis [2] - D-Wave Quantum Inc. specializes in quantum computing systems, software, and cloud services aimed at enterprises and developers [2]

Core Insights - Artificial intelligence (AI) stocks have significantly influenced the stock market, but quantum computing is emerging as another transformative technology attracting investor interest [1][2] - IonQ, a key player in quantum computing, has seen its stock price increase by over 1,200% in the past three years, raising questions about the timing for new investments [2] Industry Overview - Quantum computing is positioned to solve complex problems that classical computers cannot, utilizing qubits instead of traditional bits for data processing [3] - Major tech companies like Alphabet and Microsoft are investing in quantum technology, alongside emerging pure-play quantum computing firms like IonQ [4] Company Profile: IonQ - IonQ aspires to be the "Nvidia of quantum computing," aiming to provide a comprehensive range of products and services similar to Nvidia's offerings in the AI sector [5] - The company currently sells quantum hardware, networking products, and related services, making its quantum computers available through major cloud platforms such as Microsoft Azure, Amazon Web Services, and Google Cloud [6] - IonQ is generating revenue from its quantum systems, although it is experiencing a deepening net loss [7]

As filed with the Securities and Exchange Commission on October 17, 2025 Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 RF Acquisition Corp III (Exact name of registrant as specified in its charter) Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Michael J. Blankenship Winston & Strawn LLP 800 Capito ...

Core Insights - Quantum stocks experienced a pullback after a strong rally earlier in the week, driven by significant investments and advancements in the quantum computing sector [1] Group 1: JPMorgan's Investment Initiative - JPMorgan Chase & Co. announced a direct equity investment of up to $10 billion as part of a $1.5 trillion initiative focused on national security needs, particularly in quantum computing [1] Group 2: Rigetti Computing (RGTI) - Rigetti Computing's stock surged 113% over the past month, supported by strong fundamentals and strategic wins, including a price target increase to $50 from Benchmark [2] - The company has secured $21 million in contracts for 2025 and holds $571 million in cash reserves, enhancing its financial stability [2] - Key partnerships, such as one with Nvidia, and a focus on a 1,000+ qubit roadmap have bolstered investor confidence [3] - Recent contracts with the U.S. Air Force and the UK's National Quantum Computing Centre validate its technology roadmap [3] Group 3: IonQ - IonQ shares rose after achieving a significant milestone in quantum chemistry simulations, demonstrating precise atomic-level force calculations using its QC-AFQMC algorithm [4] - Despite the initial rally, IonQ's stock pulled back, declining 11% over the past five days [5] Group 4: D-Wave Quantum (QBTS) - D-Wave Quantum's stock rallied 25% on Monday, making it the largest mover among quantum stocks, although it later experienced a nearly 5% decline on Friday [5][6] - The stock remained up by more than 16% over the week despite the pullback [6] Group 5: Quantum Computing, Inc. (QUBT) - Quantum Computing, Inc. shares slid 2.47% over the past five days, indicating a downward trend in the latter half of the week [7]

Core Insights - D-Wave Quantum's balance sheet has significantly improved compared to the previous year, indicating low near-term liquidity and solvency risk, but the challenge remains in translating this capital strength into operational momentum and shareholder value in Q3 [1][2]. Financial Position - As of June 30, 2025, D-Wave held $819.3 million in cash and cash equivalents, with total assets of $843.6 million, providing ample liquidity that exceeds near-term obligations [2][3]. - Current liabilities were limited to $19.3 million, while total liabilities stood at $149.3 million, resulting in stockholders' equity of $694.3 million, highlighting low leverage and solid solvency fundamentals [2][3]. Capital Raising Initiatives - The strengthened cash position is primarily due to aggressive capital-raising efforts, generating approximately $675.0 million in financing cash flows during the first half of 2025 through various methods, including ATM equity offerings and warrant exercises [3][7]. Operational Performance - Despite the strong financial position, D-Wave's operational performance remains mixed, with net cash used in operating activities totaling $34.6 million in the first half of 2025 and continued GAAP losses driven by non-cash items [4][5]. Q3 Expectations - The market anticipates narrowing losses and steady revenue growth from D-Wave's quantum cloud and annealing offerings in Q3 2025, with expected earnings improvement of 36.4% and revenue growth of 66.8% [5][6][7]. Valuation Concerns - D-Wave's shares are currently considered overvalued, trading at a forward price/sales ratio of 387.37X, significantly higher than the sector median of 6.62X and its one-year median of 118.53X [12][14]. - The stock's valuation suggests that much of the optimism is already priced in, with profitability still distant and sensitivity to non-cash swings [14].

Core Insights - J.P. Morgan Chase announced a $1.5 trillion "Security and Resiliency Initiative" with $10 billion allocated for direct equity investments in four strategic sectors, including quantum computing [1][2] - The initiative reflects a growing recognition of quantum computing as essential for U.S. competitiveness and national security [2] Quantum Computing Sector - D-Wave Quantum (QBTS) has seen a remarkable stock increase of 3,558% over the past year, driven by successful public relations efforts and genuine technological breakthroughs [4] - D-Wave's financial position is strong, with $819.3 million in cash as of Q2, despite a free cash flow loss of $35.88 million for the quarter [5] - The issuance of approximately $681 million in common stock in Q2 has positively impacted D-Wave's cash flow, enhancing its ability to fund quantum computing research [6] Other Quantum Computing Companies - Rigetti Computing (RGTI) has also benefited from the quantum computing surge, with its stock more than doubling in the past month, despite a lower media profile compared to competitors [8]

Core Insights - BTQ Technologies is focused on postquantum cryptography and quantum computing, primarily developing near-term monetizable postquantum encryption products and services as global governments mandate these technologies [2][12] - The company has achieved a significant milestone by creating the first quantum safe Bitcoin, which is crucial for maintaining the value proposition of Bitcoin as its current encryption standard is set to be deprecated by 2030 [5][6] - There is an increasing recognition of the risk posed by quantum computers to existing encryption standards, with potential breaks in encryption for Bitcoin and other digital assets anticipated within a 1 to 3-year timeframe [7][8] Company Overview - BTQ Technologies has been operational for about 13 years, initially focusing on postquantum cryptography and expanding into quantum computing [1][2] - The company operates in two verticals within digital assets: centralized digital assets like stable coins and decentralized assets such as Bitcoin and Ethereum [9] - BTQ has developed a quantum secure stable coin network (QSSN) that has been mandated into law in Korea, indicating regulatory support for its technology [10][11] Market Context - Major tech companies and nation-states are racing towards quantum supremacy, which poses a threat to existing encryption standards globally [4] - The company believes that quantum technologies will be utilized at scale primarily in the digital asset ecosystem, including stable coin technologies [7][12] - BTQ Technologies is generating profits and scaling rapidly, with previous blockchain-related ventures generating over $1.5 billion in revenue [13][14]

Core Insights - Major quantum computing firms experienced significant declines in stock prices, with some dropping by double digits [2][4] - The decline affected the "Quantum Four" companies: Rigetti Computing, IonQ, Quantum Computing Inc, and D-Wave Quantum [2][3] Company Performance - Rigetti Computing saw the largest drop, with a 15% decrease on October 16, followed by an additional 7.65% decline in premarket trading [3] - IonQ's shares fell similarly, with a 2.23% drop on Friday after a significant decline on Thursday [3] - Quantum Computing Inc experienced an 11.73% drop, while D-Wave's shares were down 9.65% [4] Market Context - The broader stock market faced shocks due to Zions Bancorporation's fraud accusations against borrowers, raising concerns about the credit health of regional banks [7] - Stock futures retreated as investors reacted to the news, with a shift towards safe-haven assets like gold, which reached a record price of over $4,300 per ounce [8] Investor Behavior - Investors in quantum computing may be engaging in profit-taking after substantial gains over the past year, with Rigetti's shares soaring nearly 5,000% [9] - The speculative nature of the quantum computing sector has led to concerns about overvaluation of stocks [10]