Rankings Tech hardware & optics Infleqtion
Infleqtion
41
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs own history and peers−28
- Margin−10
- Insider trading−5
Strengths
- Net cash+4
How the score is built
From 100 to 41, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 8.15 USD
- Median analyst target
- 22.00 USD
- Upside to median
- +169.9%
- Analysts
- 7
- Target range
- 12.00 – 25.00 USD
- 52-week change
- –
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−16 of −30
- −10MarginThe gross margin fell to about 16% in Q2 and about 20% in the first half vs 36% in 2025. The operating result was −$29.9m in Q2 (−$10.4m a year earlier) and −$70m TTM on $42.4m revenue (margin −165%). The loss counts here and not again under ROIC.
- −4Quality of growthThe US accounted for USD 34.1m of 42.4m TTM (80%), primarily public defence and research contracts, and the UK's share fell from USD 11.3m (2024) to 2.9m. Growth (Q2 +157%) rests on a few government contracts, and the guidance raise from 43 to 45.1m was purely accounting-related.
- −2Technology and competitionInfleqtion is betting on neutral atoms and aims for 30 logical qubits in 2026, but competes with QuEra, Atom Computing and Pasqal in the same technology, and the share of revenue from the quantum computers themselves is not disclosed.
Price
Today's multiples against the company's own history and its peers. · 1 finding−28 of −35
- −28Multiples vs own history and peersP/S 59 and EV/Sales 48 TTM vs EV/Sales 31 at the end of 2025; forward P/S 52 on the 2026 estimate ($45m). That is on a par with IQM (approx. 41–48) and below IonQ (approx. 63), but over 45 times revenue for a company with a 16–20% gross margin and no profit in sight (EPS 2026e −$0.20).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −5Insider tradingInsiders sold 28.2m shares for approx. $443m over 90 days to mid-July: director David Singer 5.25m shares for $88m (22/5), Maverick Capital 1.8m shares for $28.9m (29/5) and another $2.6m in August; the CEO and CRO also sold. No insider buys.
- −3Earnings qualityThe Q2 report was corrected five days after publication: revenue went from 12.6 to 13.5m $ because revenue recognition on two government contracts had been timed incorrectly, and revenue in 2024–25 was lowered correspondingly. That raises questions about internal controls.
- −3DilutionThe share count has risen 209% over a year (17.4m to 224.7m shares at the SPAC merger), share-based pay is $21.5m TTM (about half of revenue) vs $3.1m in 2025, and there are listed warrants (INFQ WS).
- −2Macro and sentimentThe price has fallen from $15.60 at the turn of the year and about $16-17 in May to $11.04; 12.8% of float is sold short, and RSI is 33.
Plus
Only documented strengths. · 1 finding+4 of +15
- +4Net cashCash, restricted funds and securities of $582m and no financial debt at 30/6, about 23% of market cap; with underlying burn of about $14m per quarter the runway is long.
Caveats
What the score does not capture, or where the data is weak.
Listed on NYSE since February 2026 after the SPAC merger with Churchill Capital Corp X (0.09% redemption, about $551m gross). Only a short own history (EV/Sales 31 at end of 2025), so T2 is based primarily on peers and absolute level. Revenue comes both from quantum computers and from quantum sensors, clocks and RF systems (neutral atoms), but the split and the government share are not disclosed; the US accounted for 80% of revenue TTM. Operating cash flow in Q2 was flattered by $27.4m of unsettled payroll tax; underlying burn about $14m in the quarter. Warrant terms, earnout and lock-up not investigated. The $100m CHIPS letter of intent is not final and earns no points.
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