据科技日报8月7日报道，最新一期《自然·通讯》杂志报道，美国南加州大学领衔的研究团队提出一种 实现通用拓扑量子计算的新方法，只需引入一种过去被视为无用的粒子，便可使原本计算能力受限的伊 辛任意子具备通用性。 点评：现阶段量子计算设备面临的最大难题之一，是用于储存和处理信息的量子比特极易受干扰。为克 服这一挑战，科学家提出将信息编码在某些奇异粒子的几何属性中，来实现更强的抗干扰能力。其中， 伊辛任意子的粒子因其稳定性和可控性，成为目前的热门研究对象。 此次研究指出，这种新任意子是从更广泛的数学框架中自然涌现的，可让任意子具备通用量子计算能 力，恰好填补了原有计算能力中的"缺口"。 公司方面，据上市公司互动平台表示， 国盾量子：国内量子产业龙头。 天融信：公司2018年开始在量子计算领域进行投入和布局，投资安徽问天量子，并推出了量子网络密码 机产品。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 根据赛迪顾问的数据，2025年中国的量子计算产业规增长至115.6亿元人民币（16.1亿美元），并保持超 过30%的年增长率。在未来五年里，量子计算很可能从实验室走向应用，而AI与量子 ...

Core Insights - Rigetti Computing has achieved a significant technical milestone with its 36-qubit Ankaa system, demonstrating a two-qubit gate fidelity of 99.5%, the highest fidelity recorded for its quantum systems, validating its modular architecture and fabrication improvements [1][6] - Despite these advancements, Rigetti has not yet established a clear path to meaningful revenue growth, with its financial results indicating early stages of customer adoption and product-market fit [1][2] - The company plans to launch its 36-qubit system on August 15, 2025, and aims to release a 100+ qubit chiplet-based system targeting 99.5% median two-qubit gate fidelity by the end of 2025 [2] Industry Comparisons - D-Wave Quantum has focused on annealing-based quantum systems and has built early-stage commercial relationships in optimization-heavy industries, resulting in more consistent revenue from paying customers [3] - Quantum Computing Inc. is pursuing a software-centric model with its Qatalyst platform, which remains in early commercialization stages and faces challenges in proving real-world value [4] Financial Performance - Rigetti's shares have increased by 3.6% year-to-date, while the industry has grown by 21.5% [5] - The company has a price-to-book ratio of 22.41, which is above the industry average, and carries a Value Score of F [7] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 86.1% increase from the previous year [8]

Core Insights - IonQ reported a net loss of $0.70 per share in Q2 2025, which was significantly wider than the Zacks Consensus Estimate of a loss of $0.13 and also larger than the previous year's loss of $0.18 [1][9] - Revenues for the second quarter reached $20.69 million, representing an 81.8% year-over-year increase and exceeding the Zacks Consensus Estimate by 21.59%, as well as surpassing the top end of the company's prior guidance by 15% [1][9] Financial Performance - IonQ's adjusted EBITDA loss for Q2 was $36.5 million, compared to a loss of $23.7 million in the same period last year, driven by a 231.2% increase in R&D costs to $103.4 million and a 77.2% rise in sales and marketing costs to $10.9 million [3][4] - General and administrative costs surged 268.6% to $48.1 million, primarily due to increased professional services and payroll-related expenses [4] Cash Position and Capital Raise - As of June 30, IonQ had cash, cash equivalents, and investments totaling $656.8 million, and in July, the company raised $1 billion in an equity offering at a 25% premium, resulting in a pro forma cash balance of $1.6 billion as of July 9, 2025 [5][9] Revenue Guidance - For the full year 2025, IonQ now expects revenues in the range of $82 million to $100 million, up from the previous guidance of $75 million to $95 million, with the Zacks Consensus Estimate currently at $85 million [6] - Expected revenues for Q3 are projected to be between $25 million and $29 million, with the consensus mark at $24.7 million [6] Adjusted EBITDA Outlook - IonQ previously projected an adjusted EBITDA loss of $162 million for the full year 2025, but with the acquisition of Oxford Ionics, the company anticipates that costs may increase, potentially widening the adjusted EBITDA loss to $211 million [7] Strategic Developments - IonQ completed significant capital raises and expanded its global footprint through partnerships, including collaborations with Japan's National Institute of Advanced Industrial Science and Technology and a world-first partnership with AstraZeneca, AWS, and NVIDIA [8][10] - The company also made progress in its quantum networking acquisitions and is on track to achieve its AQ 64 application performance benchmark [10]

Financial Data and Key Metrics Changes - Revenue for the second quarter of fiscal year 2025 totaled $3.1 million, an increase of approximately $900,000 or 42% from the 2024 revenue of $2.2 million [18] - Net loss for the second quarter was $167.3 million or $0.55 per share, an increase of $149.5 million or $0.45 per share from the 2024 net loss of $17.8 million or $0.10 per share [21] - Adjusted EBITDA loss for the second quarter was $20 million, an increase of $6.1 million or 44% from the 2024 adjusted EBITDA loss of $13.9 million [22] Business Line Data and Key Metrics Changes - Bookings for the second quarter totaled $1.3 million, an increase of approximately $600,000 or 92% from the 2024 bookings of $700,000 [19] - GAAP gross profit for the second quarter was $2 million, an increase of approximately $600,000 or 42% from the 2024 GAAP gross profit of approximately $1.4 million [21] - Non-GAAP gross profit for the second quarter was $2.2 million, an increase of approximately $600,000 or 39% from the 2024 non-GAAP gross profit of approximately $1.6 million [21] Market Data and Key Metrics Changes - The company has over 100 revenue-generating customers, including customers in the commercial, government, and research sectors, and nearly 2,000 Forbes Global 2000 companies [20] - The LaunchPad program has received more than 1,300 applications spanning business, government, and academic institutions since its introduction in January 2025 [16] Company Strategy and Development Direction - The company announced a new strategic development initiative focused on advanced cryogenic packaging to support both gate model and annealing quantum processor development [7] - The company aims to help organizations accelerate the use of annealing quantum computers in AI applications and has introduced a collection of developer tools for quantum AI and machine learning innovation [9] - The company is exploring M&A opportunities to accelerate R&D and product development activities [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the accelerating momentum across the business and highlighted the importance of the Advantage 2 quantum computer in achieving quantum supremacy [4][45] - The management noted that while there is a strong cash position, the timing of M&A activities is uncertain and will depend on market conditions [35] - Management emphasized the need for both annealing and gate model systems to address a full range of customer problems [13] Other Important Information - The company raised over $500 million in equity during the fiscal year, significantly improving its cash position to $819.3 million [24][25] - The company is investing in superconducting bump bond processes and upgrading its manufacturing operations to support future growth [26][27] Q&A Session Summary Question: What types of M&A does the company believe would make sense? - Management indicated that M&A is a strategic priority and will focus on accelerating R&D and product development activities [32][34] Question: Can you elaborate on the cryogenic news and its impact on the roadmap? - Management highlighted the importance of cryogenic control for scaling both annealing and gate model systems, noting faster-than-expected progress in this area [40][42] Question: What is the status of Advantage 2 and its deployment? - Management confirmed that Advantage 2 is crucial for demonstrating quantum supremacy and is driving increased customer interest [45][46] Question: Can you discuss the developer tools released? - Management explained that the new AI toolkit allows integration with PyTorch and enables the use of discrete data for machine learning, which is beneficial for quantum processes [54][56] Question: What is the retention rate for customers? - Management reported a retention rate exceeding 90% over a four-quarter period, with a focus on helping customers transition from experimentation to production applications [86]

Financial Data and Key Metrics Changes - Revenue for the second quarter of fiscal year 2025 totaled $3.1 million, an increase of approximately $900,000 or 42% from the 2024 revenue of $2.2 million [18] - GAAP gross profit for the second quarter was $2 million, an increase of approximately $600,000 or 42% from the 2024 GAAP gross profit of approximately $1.4 million [20] - Net loss for the second quarter was $167.3 million or $0.55 per share, an increase of $149.5 million or $0.45 per share from the 2024 net loss of $17.8 million or $0.10 per share [20] - Adjusted EBITDA loss for the second quarter was $20 million, an increase of $6.1 million or 44% from the 2024 adjusted EBITDA loss of $13.9 million [22] - The consolidated cash position as of June 30 was $819.3 million, representing over a 1900% increase from the fiscal 2024 second quarter consolidated cash balance of $40.9 million [24] Business Line Data and Key Metrics Changes - Bookings for the second quarter totaled $1.3 million, an increase of approximately $600,000 or 92% from the 2024 bookings of $700,000 [19] - The company signed new and renewing customer engagements with various organizations, including EON, GE Vernova, and the University of Oxford [13] Market Data and Key Metrics Changes - The company is experiencing high demand for purchasing systems, with numerous organizations globally interested in acquiring a D Wave quantum computer [9] - The LaunchPad program has received over 1,300 applications from business, government, and academic institutions since its introduction [15] Company Strategy and Development Direction - The company announced a strategic development initiative focused on advanced cryogenic packaging to support both gate model and annealing quantum processor development [5] - The company aims to accelerate its development efforts in support of its aggressive product roadmap towards 100,000 qubits [5] - The company is exploring M&A opportunities to enhance its R&D and product development activities [31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong cash position and its ability to explore M&A activities to propel business growth [17] - The management highlighted the importance of both annealing and gate model quantum computers in addressing a broad range of problems [12] - Management noted that while progress is being made, the government’s focus on gate model quantum computing may overlook the capabilities of annealing quantum computing [66] Other Important Information - The company is investing in superconducting bump bond processes and upgrading its manufacturing operations to support future growth [26] - The company is also expanding its professional services organization to meet growing demand for quantum optimization customer engagements [26] Q&A Session Summary Question: What types of M&A does the company believe would make sense? - Management indicated that M&A is now a strategic priority, focusing on accelerating R&D and product development activities [31] Question: Can you elaborate on the cryogenic news and its impact on the roadmap? - Management emphasized the importance of cryogenic control for scaling both annealing and gate model systems, noting faster-than-expected progress [39] Question: What is the status of Advantage Two and its deployment? - Management confirmed that Advantage Two is crucial for demonstrating quantum supremacy and is driving increased customer interest [42] Question: Can you elaborate on the developer tools released? - Management explained the introduction of a quantum AI toolkit that integrates with PyTorch, allowing for better machine learning model training [51] Question: What are the next milestones for Quantum AI? - Management stated that while no new announcements have been made, they are working on various approaches to AI and machine learning model training [56] Question: How has the tenor in the US government shifted regarding quantum annealing? - Management noted slow but steady progress in government interest, emphasizing the need for a broader focus on quantum computing approaches [66] Question: What is the customer retention rate? - Management reported a retention rate exceeding 90%, with efforts to help customers transition from experimentation to production applications [76]

Product & Technology - D-Wave announced the general availability of its Advantage2 quantum computer, featuring a more advanced quantum processor with increased connectivity, reduced noise, and greater coherence[6] - D-Wave is developing advanced cryogenic packaging, leveraging expertise from NASA JPL, aiming for a 100,000 qubit Advantage3 system[8] - D-Wave released new quantum AI/ML developer tools, including an open-source toolkit, to integrate quantum computers into modern ML architectures[11] Customer & Partnerships - D-Wave has a strong customer base and is a market leader in quantum annealing[5] - D-Wave is engaged in exciting customer engagements for both commercial and research applications, including EON, GE Vernova, Nikon Corporation, NTT Data Corp, NTT DOCOMO, Sharp Corporation, and The University of Oxford[16, 17] - D-Wave established a strategic relationship with Yonsei University and Incheon Metropolitan City to promote quantum computing in South Korea, including a potential Advantage2 system acquisition[13, 14] Financials - D-Wave completed a $400 million At-the-Market equity offering[19] - D-Wave's cash balance as of June 30, 2025, was approximately $8193 million[20] - D-Wave's Q2 2025 revenue was $22 million, with a gross profit of $20 million[23] - D-Wave's 1H 2025 revenue was $181 million, with a gross profit of $159 million and a gross margin of 876%[24, 26]

Core Viewpoint - Defiance ETFs has launched the Defiance 2X Daily Long Pure Quantum ETF (Ticker: QPUX), which aims to provide investors with 2X daily leveraged exposure to a selected group of quantum computing companies, highlighting the potential of this transformative technology sector [1][4]. Company Overview - Defiance ETFs, founded in 2018, specializes in thematic, income, and leveraged ETFs, positioning itself as a leader in ETF innovation [5]. ETF Structure and Strategy - QPUX seeks to deliver daily investment results of 200% of the daily performance of its equal-weighted Target Portfolio, which includes IONQ, Inc. (IONQ), Rigetti Computing, Inc. (RGTI), D-Wave Quantum Inc. (QBTS), and Quantum Computing Inc. (QUBT) [2][16]. - The portfolio is rebalanced daily to maintain equal weighting among the four companies [2][16]. - The ETF utilizes derivatives, including swaps and listed options, to achieve its leveraged exposure [3][17]. Industry Context - Quantum computing leverages advanced phenomena like superposition and entanglement, enabling faster and more efficient information processing compared to classical computing [4]. - The companies within QPUX's portfolio are focused on developing quantum hardware, software, and related technologies, positioning them to benefit from advancements in the industry [4].

Financial Data and Key Metrics Changes - The company reported revenue of $20.7 million for Q2 2025, exceeding the high end of guidance by 15% [36] - Adjusted EBITDA loss for Q2 2025 was $36.5 million, compared to a loss of $23.7 million in the prior year [37] - Total operating costs for Q2 2025 were $181.3 million, up 201% from $60.3 million in the prior year [37] - Net loss for Q2 2025 was $177.5 million, compared to a net loss of $37.6 million in the prior year [38] - Cash, cash equivalents, and investments as of June 30, 2025, were $656.8 million, with a pro forma cash balance of $1.6 billion after a $1 billion capital raise [40] Business Line Data and Key Metrics Changes - The company is diversifying its revenue streams with Quantum Key Distribution and Quantum Networking efforts, although the majority of revenue still comes from quantum computing [45][47] - Significant projects for existing customers contributed to the revenue beat, indicating a mix of quantum computing and networking [46][47] Market Data and Key Metrics Changes - The company signed a Memorandum of Understanding (MOU) with Japan's AIST to advance quantum computing and was named the primary quantum partner by South Korea's KISTI Institute [10] - A $22 million deal was announced to build the first commercial quantum computing and networking hub in the U.S. with EPB [10] Company Strategy and Development Direction - The company aims to achieve 800 logical qubits by 2027 and 80,000 logical qubits by 2030, supported by acquisitions and technological advancements [13][15] - The integration of acquisitions like LightSync and OXTRONIX is expected to enhance the company's quantum computing roadmap [13] - The company is focused on building a quantum internet and enhancing cybersecurity through quantum networking solutions [19][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and potential, highlighting the strong balance sheet and ability to invest in growth [9][27] - The company anticipates an increase in adjusted EBITDA loss for the full year 2025 due to continued investments and integration costs [41] - Management emphasized the importance of talent acquisition and integration to drive future success [20][26] Other Important Information - The company completed the largest capital raise from a single institution in the quantum industry, growing its net cash position by $1 billion [9] - The company has a strong patent portfolio with over a thousand patents and patents pending, ensuring competitive advantages [14] Q&A Session Summary Question: Revenue generation from non-quantum computing efforts - Management indicated that the revenue beat was primarily due to projects that included both quantum computing and networking components [46][47] Question: Progress on the DARPA quantum benchmarking program - Management expressed confidence in the combined strength of IonQ and the announced acquisition, indicating strong prospects for future phases of the program [49] Question: Encryption capabilities at 80,000 logical qubits - Management highlighted the low cost of achieving a high number of logical qubits compared to competitors, with significant application potential in various fields [56] Question: Integration of multiple acquisitions - Management noted their experience in acquisitions and emphasized cultural fit and mutual curiosity among teams, which aids in successful integration [63] Question: Return of Chris Monroe and its implications - Management viewed Monroe's return as a strong vote of confidence in the company's strategy and talent pool, highlighting the collective expertise now within the organization [72][74] Question: LIGHT Sync's operational requirements - Management clarified that LIGHT Sync technology requires cryogenic temperatures for optimal performance, but ongoing developments aim to improve this aspect [79][80] Question: Ranking of company priorities - Management stated that all aspects of the business are equally important, focusing on both quantum computing and networking to maintain a competitive edge [85] Question: Operational expenditure trends post-acquisitions - Management indicated that while they will be cautious with spending, the accelerated roadmap will lead to long-term savings [90]

Financial Data and Key Metrics Changes - The company reported revenue of $20.7 million for Q2 2025, exceeding the high end of guidance by 15% [34] - Adjusted EBITDA loss for Q2 2025 was $36.5 million, compared to a loss of $23.7 million in the prior year period [35] - Total operating costs for Q2 2025 were $181.3 million, up 201% from $60.3 million in the prior year [35] - Net loss for Q2 2025 was $177.5 million, compared to a net loss of $37.6 million in the prior year [37] - Cash, cash equivalents, and investments as of June 30, 2025, were $656.8 million, with a pro forma cash balance of $1.6 billion after a $1 billion capital raise [39][40] Business Line Data and Key Metrics Changes - The company is diversifying revenue streams with Quantum Key Distribution and Quantum Networking efforts, although the majority of revenue still comes from quantum computing [45][47] - Significant projects include a $22 million deal to build a commercial quantum computing and networking hub in the U.S. [8] Market Data and Key Metrics Changes - The company signed an MOU with Japan's AIST to advance quantum computing and was named the primary quantum partner by South Korea's KISTI Institute [8] - The partnership with the U.S. government continues, with selection by DARPA to help inform quantum industry standards [8] Company Strategy and Development Direction - The company aims to extend its leadership in quantum computing and networking, with a roadmap targeting 800 logical qubits by 2027 and 80,000 logical qubits by 2030 [11] - Recent acquisitions, including LightSync and OXTRONIX, are expected to enhance the company's quantum computing capabilities [11][12] - The company is focused on integrating quantum computing and networking solutions, with a vision for a quantum internet [16][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum and potential, highlighting the strong balance sheet and ability to invest in growth [7][24] - The company anticipates an increase in adjusted EBITDA loss for the full year 2025 due to continued investments and integration costs [40] Other Important Information - The company has made significant progress in attracting top talent, including world record holders in quantum technology [19][21] - The company is focused on delivering practical quantum advantages in various applications, including drug development and energy optimization [9][57] Q&A Session Summary Question: Revenue diversification and non-quantum computing revenue - Management noted that the revenue beat was primarily due to two projects for existing customers, which included both quantum computing and networking components [46][47] Question: Progress on the DARPA quantum benchmarking program and acquisition of Oxford IONIQs - Management expressed confidence in the combined strengths of IonQ and Oxford IONIQs, indicating strong prospects for future phases of development [48][49] Question: Encryption capabilities with 80,000 logical qubits - Management highlighted the company's leading roadmap and the potential for significant advancements in encryption and optimization problems with increased qubit capacity [55][56] Question: Integration of multiple acquisitions - Management emphasized their experience in acquisitions and the cultural fit among the teams, indicating that integration is progressing well [62][66] Question: Return of Chris Monroe and talent acquisition - Management viewed the return of Chris Monroe as a strong vote of confidence in the company's strategy and highlighted the influx of world-class talent [70][72] Question: LIGHT Sync technology and integration plans - Management confirmed that LIGHT Sync technology requires cryogenic temperatures and that integration plans are in place to combine different technology stacks [78][81] Question: Ranking of company progress and excitement - Management expressed enthusiasm for the overall progress across both quantum computing and networking, emphasizing the importance of maintaining a leading technical roadmap [85][86] Question: Operational expenditure trends and profitability - Management indicated that the focus is on accelerating the roadmap and customer satisfaction, with careful spending to ensure long-term savings [90][91]

Market Opportunity & Financial Performance - The quantum computing and networking market is projected to create up to $880 billion in economic value by 2040[8] - IonQ anticipates FY25 revenue between $82 million and $100 million[12] - The company's cash, cash equivalents, and investments balance was $697 million as of March 31, 2025[12] Technology & Roadmap - IonQ is targeting 2 million qubits and 80,000 logical qubits by 2030[10] - The company plans to release a 100-qubit system in 2025[10] - IonQ's error correction overhead is exceedingly low at 13:1[10] Expansion & Acquisitions - IonQ has been expanding its global footprint across 5 countries[10] - The company intends to acquire Oxford Ionics, with the agreement signed in June 2025[12] - IonQ acquired a majority stake in ID Quantique in April 2025[14] Applications & Partnerships - Quantum machine learning applications are expected to impact most industries[9] - Ansys simulation times improved by up to 12% using IonQ's quantum solution[58] - AstraZeneca simulations achieved 20x faster time-to-solution using IonQ's quantum solution[59]