Quantum Leap: D-Wave study highlights ‘quantum supremacy’ in real-world test

Welcome to the latest edition of “Quantum Leap” where The Fly decodes news and activity in the quantum computing space.

QUANTUM SUPREMACY: SkyWater Technology (SKYT) and D-Wave Quantum (QBTS) announced that D-Wave’s Advantage2 annealing quantum computer prototype, fabricated by SkyWater, was used to achieve computational supremacy in quantum simulation. The research was published by the American Association for the Advancement of Science, in its journal, Science. The article details the work which demonstrates that D-Wave’s superconducting annealing quantum computing processors can efficiently solve problems beyond the practical reach of classical computers. The company said this breakthrough also underscores the vital role of U.S.-based manufacturing in advancing global technology leadership. The peer-reviewed paper, “Beyond-Classical Computation in Quantum Simulation,” confirms that D-Wave’s annealing quantum computer outperformed one of the world’s most powerful classical supercomputers in solving complex magnetic materials simulation problems with relevance to materials discovery.

QUANTUM CLOUD COMPUTING: Sealsq (LAES) and ColibriTD are launching a Quantum Cloud Computing Service to enable enterprises and research institutions to leverage quantum-powered solutions. On note, earlier this year, Sealsq announced a strategic investment in ColibriTD to integrate its quantum-as-a-service platform into Sealsq’s Quantum Roadmap. With the launch of Quantum Cloud Computing Service, Sealsq integrates ColibriTD’s advanced Quantum-as-a-Service platform into its Quantum Roadmap, fostering a hybrid quantum-classical computing environment that bridges the gap between current computational limits and future quantum breakthroughs.

PATENT PORTFOLIO: IonQ (IONQ) announced momentum toward its technological roadmap with a portfolio of nearly 400 granted and pending quantum networking patents that IonQ owns or controls in the U.S. and internationally. In support of its networking roadmap, IonQ acquired the quantum networking company Qubitekk at the end of 2024 and last week announced it has secured a controlling stake of ID Quantique. The IDQ transaction expanded IonQ’s owned or controlled patent portfolio with nearly 250 networking patents from IDQ. Qubitekk’s and IonQ’s progress and achievements have resulted in two quantum networking contracts with the U.S. Air Force Research Laboratory for $54.5M and $21.1M. IonQ also won a $5.7M contract with the Applied Research Laboratory for Intelligence and Security to build and install quantum network infrastructure.

EQUITY OFFERING: IonQ announced that under its “at-the-market” equity offering program it has sold a total of 16,038,460 shares of its common stock for an aggregate amount of approximately $372.M, netting aggregate proceeds of approximately $360M. The company has determined that it has raised a sufficient amount under the program to meet its currently anticipated capital needs. The company also determined that given overall recent market disruptions, the trading prices for its shares, and the overhang from having an ATM Program in effect, the ATM Program should be terminated.

DISTRIBUTION PACT: Sealsq announced the signing of new distribution and sales agreements, significantly expanding the company’s global footprint across Europe, Asia, and the Middle East, EMAE. These agreements will enhance Sealsq’s ability to deliver its secure microcontrollers, post-quantum-ready solutions, and secure hardware platforms to a broader range of customers and industries worldwide.

SECURE CHIP: Sealsq announced the launch of its QS7001 Post-Quantum Secure Chip, a solution designed to protect cryptocurrency wallets from the emerging threat of quantum computing. With quantum advancements posing a significant risk to conventional cryptographic security, Sealsq’s technology provides a safeguard against future quantum-enabled attacks.

INTERCONNECT SOLUTIONS: FormFactor (FORM) and Delft Circuits have teamed up to integrate Delft Circuits’ Cri/oFlex product portfolio into FormFactor’s cryogenic test systems. This partnership addresses the growing demand for scalable, high-density interconnect solutions in quantum computing, enabling the industry to meet growing demands for computation power and efficient system interfacing. As quantum technology continues to evolve, systems must support higher channel densities to meet increasing computational requirements. FormFactor’s systems, currently equipped with 12 ISO-100 ports supporting up to 300 channels, will now integrate Delft Circuits’ high-density Cri/oFlex cabling. This partnership enables up to 160 channels per port, with a total of 1920 channels.

EARNINGS RECAP: Rigetti (RGTI) reported Q4 results last week, missing EPS expectations, but surpassing revenue expectations. As of December 31, 2024 cash, cash equivalents and available-for-sale securities totaled $217.2M. In its report, the company highlighted the complementary nature of its pact with Taiwan-based Quanta Computer. “Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market. Our companies’ complementary strengths — Rigetti as a pioneer in superconducting quantum technology, with open, modular architecture enabling integration of innovative solutions across the stack, and Quanta as the world’s leading notebook/server manufacturer with $43B in annual sales — will support us in our goal to be at the forefront of the quantum computing industry,” says Subodh Kulkarni, Rigetti CEO. Alliance Global Partners increased the firm’s price target on Rigetti to $16 from $15 and reiterated a Buy rating on the shares following the company’s Q4 results. Quanta, the second-largest revenue-generating contract electronics manufacturer in Taiwan, will invest $35M at $11.59 per share and become the hardware supplier for Rigetti’s technology stack, noted the analyst, who argues that this strategic investment by a large technology partner after a year-long evaluation is “yet another validation” of Rigetti’s leadership positioning. While Microsoft (MSFT) and Amazon (AMZN) recently announced quantum chips using the superconducting modality, the 8 or 9 qubit sizes they use suggest they are behind the “three most advanced superconducting quantum computer OEMs,” namely Google (GOOGL), IBM (IBM) and Rigetti, the analyst told investors.