Infleqtion (INFQ) investor relations material

Industry context and technology overview

• Neutral atom quantum computing offers flexibility for both computing and sensing applications, distinguishing it from other quantum modalities focused solely on computing.

• Neutral atoms enable a broader range of quantum products, including atomic clocks, antennas, and gravimeters, with near-term commercial potential.

• The field has shifted from speculative to actionable since late 2023, when logical qubits were demonstrated for the first time.

• Quantum computing scales double exponentially with qubits, outpacing Moore’s law and traditional processor scaling.

• Many future quantum computing use cases remain unknown, with current focus on both obvious and yet-to-be-discovered applications.

Business milestones and financial outlook

• Revenue and logical qubits are the two most critical metrics; guidance is at least $40 million in revenue and 30 logical qubits by year-end, with a roadmap to 100 logical qubits by 2028.

• Near-term revenue is driven by quantum sensing products such as atomic clocks, antennas, and gravimeters, with NASA as a major customer.

• Three quantum computers have already been sold, contributing to the revenue mix.

• The company received a $100 million investment from the Department of Commerce, earmarked for milestones toward useful quantum computing.

• The U.S. government’s funding signals quantum as mission critical and recognizes the nearer-term potential of quantum computing.

Technical progress and challenges

• Achieving 100 logical qubits requires high-quality physical qubits, precision control (via lasers), and improved error correction software; current gate fidelity is 99.73%.

• Scaling to 1,000 or 10,000 logical qubits will require further engineering and some scientific breakthroughs.

• The transition from physical to logical qubits marks a key inflection point, with the first logical qubit achieved in late 2023.