Core Viewpoint - IonQ is positioned as a high-risk, high-reward stock with significant potential in the quantum computing sector, which is expected to be a transformative technology in the coming decade [1] Growth Catalysts - IonQ's revenue grew by 222% year-over-year in Q3, reaching $39.9 million, exceeding management's guidance by 37% [3] - The company has a strong balance sheet with $3.5 billion in pro forma cash and no debt [3] - IonQ is securing large-scale contracts and implementing a land-and-expand strategy across various sectors, including quantum computing, networking, sensing, and cybersecurity [4] Technological Milestones - The fifth-generation Tempo system has achieved an algorithmic qubit score of 64 and 99.99% two-qubit fidelity, indicating high performance in error-free computations [5] - IonQ aims to develop quantum systems with 256 physical qubits by 2026 and 10,000 physical qubits by 2027, which would enable solving complex problems beyond the capabilities of classical computing [6] Market Outlook - Jefferies initiated coverage of IonQ with a buy rating and a target price of $100 by 2026, citing the company's unique trapped ion quantum computing architecture as a key differentiator [2] - Long-term investors who can handle short-term volatility may consider investing in IonQ now, despite the challenges in execution and maintaining investor confidence [8]

Core Viewpoint - The emergence of quantum computing poses significant risks to current cryptographic systems, particularly those used in blockchain technology, necessitating proactive measures to mitigate these threats [3][8][23]. Quantum Computing Overview - Quantum computing represents a fundamentally different approach to computation compared to traditional semiconductors, with the potential to revolutionize the industry if developed efficiently [2]. - Major players in the semiconductor industry, such as Intel, ASML, and TSMC, dominate the current landscape, but quantum computing is seen as a future advantage for those who can lead in this technology [2]. Risks to Cryptography - Quantum computing has the capability to break widely used cryptographic algorithms, which protect digital assets on blockchains, presenting a significant risk to the security of these assets [3][10]. - The urgency to address these risks is emphasized, as nation-states are investing heavily in quantum computing research, indicating that the threat is imminent [3][23]. Regulatory and Policy Developments - The Quantum Preparedness Act, enacted in 2022, and the approval of quantum-resilient cryptographic standards by the NIST provide a framework for transitioning to more secure cryptographic methods [8][23]. - There is a growing international focus on establishing cryptographic standards, with various countries, including South Korea and China, developing their own frameworks, which will necessitate a flexible approach to cryptography [15][23]. Crypto Agility - The concept of "crypto agility" is introduced, allowing digital asset owners to adapt their cryptographic methods dynamically in response to emerging threats, contrasting with the current static approach [12][16]. - This flexibility is crucial as it enables asset owners to make timely decisions regarding their security measures, thereby enhancing the overall resilience of blockchain technologies [12][17]. Market Dynamics - The market for quantum computing companies has seen significant investment, with some stocks experiencing volatility as investors speculate on the future of this technology [20][21]. - The disparity in funding between private and public quantum research initiatives is noted, with countries like China leading in government investment, which raises concerns about national security implications [22][23].

The quantum computing company is an exciting investment opportunity, but it isn't cheap.IonQ (IONQ +4.39%) has consistently surpassed expectations this year. Most recently, it reported $39.9 million in revenue in the third quarter of 2025, which was 37% more than the top end of the expected range and 222% year-over-year growth.Given the recent results and the growth potential of the quantum computing industry, you may be wondering if now is a good time to invest $500 in IonQ. While it's exciting to invest i ...

Group 1: Hedge Fund Activity - Three hedge fund billionaires bought small positions in Rigetti Computing while selling shares of Amazon in the third quarter [1] - All three hedge fund managers outperformed the S&P 500 over the past three years, indicating their investment decisions may be worth noting [2] - Israel Englander sold 787,900 shares of Amazon, Ken Griffin sold 1.6 million shares, and Steven Schonfeld sold 253,700 shares, reducing their positions significantly [9] Group 2: Amazon Overview - Amazon holds a strong position in three industries: the largest online marketplace in North America and Western Europe, the largest retail advertiser globally, and the largest public cloud provider through AWS [4] - The company is leveraging artificial intelligence to enhance sales and efficiency, with its AI shopping assistant expected to generate $10 billion in sales this year [5] - Amazon's revenue increased by 13% to $180 billion in the third quarter, with operating income rising 25% to $21.7 billion, indicating improved profitability [7] Group 3: Rigetti Computing Overview - Rigetti Computing specializes in superconducting quantum computing, with a focus on developing qubits for quantum computers [11] - The company reported revenue of $5 million but a net loss of $198 million year-to-date, indicating significant financial challenges [12] - Rigetti's valuation is extremely high at 860 times sales, with a 71% increase in outstanding shares over the past year due to stock issuance [13] Group 4: Investment Rationale - The hedge fund managers' investment in Rigetti may be driven by momentum, with the potential for quick profits rather than long-term conviction [15] - Rigetti benefits from vertical integration, controlling much of its supply chain, which may provide cost efficiencies [14]

Core Insights - The quantum computing investment landscape has experienced significant volatility, with stocks initially selling off in early 2025 but later showing upward momentum before declining again in October due to reduced market risk appetite [2][16] - IonQ and Rigetti Computing have both seen substantial declines from their October highs, with IonQ down approximately 43% and Rigetti down about 60% [3] - The success of quantum computing stocks in 2026 will largely depend on the market's risk appetite rather than the companies' actual technological advancements [15][16] Company Analysis - IonQ utilizes trapped ion qubits, which offer high fidelity and accuracy, achieving a notable 99.99% two-qubit gate fidelity, significantly surpassing competitors using superconducting qubits [9][7] - Rigetti Computing employs superconducting qubits but has struggled to close the gap with IonQ, facing challenges in securing research contracts that are crucial for long-term viability [11][12] - IonQ's leadership in the trapped ion approach positions it favorably, but it must establish a strong market foothold before competitors potentially catch up in accuracy and speed [10][17] Market Dynamics - The Quantum Benchmarking Initiative by DARPA aims to identify quantum technologies that can operate cost-effectively at a commercial scale, with IonQ selected for Stage B while Rigetti was not [12][14] - The current market for quantum computers is limited, primarily consisting of research contracts, which makes winning these contracts essential for companies like IonQ and Rigetti [11] - The volatility of quantum computing stocks is influenced by broader market conditions, with speculative valuations making them sensitive to shifts in investor sentiment [15][16]

As filed with the Securities and Exchange Commission on December 19, 2025 Registration No. 333-290947 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to 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 (I.R.S. Employer Identification Number) RF Acquisition Corp ...

Core Insights - IBM's quantum computing roadmap indicates the first fault-tolerant quantum computer may arrive in 2029, potentially marking the sector's growth [1] - Quantum error correction (QEC) is crucial for transforming fragile physical qubits into reliable logical qubits, enabling quantum advantage over classical computing [2] Company Summaries Honeywell International Inc. - Honeywell is not typically viewed as a quantum computing company but has significant advantages, including its role in the military industrial complex and aerospace systems [2] - The Aerospace Technologies division accounted for approximately 42% of Honeywell's total revenue in Q3 2025, generating $4.5 billion, a 15% year-over-year increase, from a total revenue of $10.4 billion [3] - Honeywell holds a majority stake in Quantinuum, valued at $10 billion after a $600 million fundraising round, with Quantinuum's Helios being touted as the most accurate quantum computer [4] - Helios achieved a single-qubit gate fidelity of 99.9975% using 98 physical qubits, providing 94 logical qubits for operations [5] - Honeywell's stock (HON) is down 5.5% year-to-date, with a current price of $199.32 and a consensus target of $235.95 per share, indicating potential for optimal exposure entry [7] D-Wave Quantum - D-Wave offers an alternative quantum approach using quantum annealers for optimization solutions, contrasting with companies pursuing universal quantum computers [8] - The quantum annealing process finds the global minimum energy state of a problem, which corresponds to the optimal solution for combinatorial optimization challenges [9] - D-Wave's cash position increased significantly to $836.2 million in Q3 2025 from $29.3 million a year prior, supporting its hybrid approach to quantum computing [12] - The current price of QBTS shares is $24.38, below the bottom price target of $35, with an average price target of $39.64 per share [13] IonQ Inc. - IonQ focuses on trapped-ion qubits, which have higher coherence times and lower error rates, similar to Honeywell's Quantinuum [14] - IonQ has developed a commercial portfolio, progressing from the Aria system with 25 algorithmic qubits to the Tempo system targeting 100 qubits with 99.9% fidelity [15] - IonQ has secured partnerships with notable organizations such as Hyundai and AstraZeneca, and is involved in DARPA's Quantum Benchmarking Initiative [16] - With $3.5 billion in net cash as of Q3, IonQ is the most funded among quantum-focused companies, with analysts bullish on its stock, currently priced at $47.12, close to its bottom target of $47 and an average target of $75.50 per share [17]

Core Viewpoint - D-Wave Quantum has seen a significant increase in its stock price, rising by 390% over the past year, driven by investor interest in quantum computing, but the company faces challenges with minimal sales and substantial losses [1][6]. Sales and Revenue - D-Wave offers a full-stack quantum computing solution, including software and hardware, and is targeting a potential market worth $100 billion by 2035 [2]. - Current sales are minimal, with revenue reported at just $3.7 million in the third quarter, despite a doubling of revenue compared to previous periods [3]. - The company is expected to maintain minimal sales over the next year, with predictions indicating that the quantum computing market will not see real-world applications for another five years [5]. Financial Performance - D-Wave reported a net loss of $140 million in the same quarter, with operating expenses increasing by 40% to $30 million, indicating a trend of widening losses as the company invests in expansion and technology [4]. - The company's price-to-sales ratio stands at 286, significantly higher than the tech sector's average of under 9, suggesting that D-Wave's shares are overvalued [7]. Market Outlook - The outlook for D-Wave's revenue remains bleak, with expectations of continued significant losses and overpriced shares over the next year [8].

Company Overview - IonQ is a pure-play quantum computing company based in College Park, Maryland, specializing in trapped-ion quantum computers and networks, providing access via cloud platforms like AWS, Azure, and Google Cloud, with a market capitalization of $16 billion [3]. Stock Performance - IonQ's shares have declined 42% over the past two months from an October peak near $85, currently trading around $48, reflecting a continued losing streak after a 5% drop in the past week due to insider sales and market unease [1]. - The stock reached an all-time high of $84.64 in October but has since corrected sharply, although it remains up significantly year-to-date from earlier lows [4]. Market Sentiment - The sentiment around quantum computing stocks has cooled, with peers like Rigetti Computing, D-Wave Quantum, and Quantum Computing also experiencing sharp declines as the market shifted to a risk-off stance [2]. Financial Performance - IonQ reported record revenue of $39.9 million for Q3, up 222% year-over-year, exceeding Wall Street estimates of $27 million, while adjusted losses of $0.17 also topped forecasts of a $0.44 loss [7]. Valuation Metrics - IonQ trades at a forward price-sales ratio of over 100 times its 2025 revenue guidance of $106 million to $110 million, indicating high expectations for revenue scaling but also suggesting overvaluation compared to historical norms for pre-profit companies [5][6].

Industry Overview - Quantum computing is transitioning from academic research to early commercialization, with potential to contribute over $1 trillion to the global economy by 2035 according to The Quantum Insider [1] - The main challenges in quantum computing include error reduction, error correction, reliability, scalability, deployability, cost control, and power management [2] - Governments and enterprises are exploring quantum computing for solving complex problems that exceed the capabilities of traditional supercomputers [3] Company Analysis: IonQ - IonQ has achieved a remarkable 222% year-over-year revenue growth, reaching $39.9 million in Q3, with projected revenues for 2025 now estimated between $106 million and $110 million, an increase from previous guidance [5] - The company has a strong financial position with a pro forma cash balance of $3.5 billion and no debt, indicating no immediate funding risks despite not being profitable [6] - IonQ specializes in universal, gate-based quantum computers using trapped-ion qubits, achieving a two-qubit gate fidelity of 99.99% [7] - The combination of rapidly growing revenue and a substantial contracted backlog of $141.1 million provides strong visibility into future revenues [5][8] Company Analysis: D-Wave Quantum - D-Wave Quantum's quantum annealing technology has shown practical applications in real-world scenarios [8] - Both IonQ and D-Wave Quantum are currently trading at high valuations, indicating a competitive investment landscape [8]