Quantum Computing Inc. Secures Major Order for Photonic Chip Technology

Share Prices Surge Following Milestone Announcement

Key Details: Today, shares of Quantum Computing Inc. QUBT are experiencing an uptick. The company revealed it has received its first secured order for thin film lithium niobate (TFLN) photonic chip technology. This development marks an important achievement for its foundry services.

The order originated from a leading research and technology institute in Asia. It will utilize QCi’s proprietary TFLN processing capabilities, which are crucial for creating high-performance photonic integrated circuits (PICs) and devices vital for the telecom and datacom industries.

Initial deliveries of the photonic chips are scheduled for December 2024, with the project expected to be completed by early 2025.

Dr. Pouya Dianat, director of PICs and Foundry Services at QCi, commented, “Integrating TFLN into our quantum technology enhances the precision and performance of our systems. QCi is proud to play a pivotal role in the future of integrated photonics. We look forward to more orders as the photonics community increasingly adopts TFLN.”

Recently, QCi also entered into two memorandums of understanding (MOUs) with industry partners. These agreements aim to develop process design kits (PDKs) and photonic chip design services, aligning with the expected opening of the QCi Foundry in Tempe, Arizona, in the first quarter of 2025.

Analyst Insights: Analyst Edward Woo from Ascendiant Capital reaffirmed a “Buy” rating for QCi and slightly adjusted the price target from $8.25 to $8.50.

Current Stock Performance: As of Wednesday’s publication, shares of QCi rose by 89.12%, pricing at $2.61, according to Benzinga Pro.

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