Quantum Computing, Inc. (QUBT): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see the real mechanics behind Quantum Computing, Inc., and what you find is a fascinating dual-engine business model: high-level quantum software paired with a physical Thin-Film Lithium Niobate (TFLN) photonics foundry. It's a classic pre-revenue growth story, backed by serious liquidity-they hold over $\mathbf{\$1.5}$ billion in cash-but you have to watch the burn rate, given R&D hit $\mathbf{\$5,975.0K}$ in Q2 2025 while Q3 revenue was just $\mathbf{\$384,000}$. This canvas distills exactly how Quantum Computing, Inc. is deploying that capital through key partnerships like POET Technologies and targeting segments from NASA to major banks; dive in below to see the specific value propositions they are betting on to bridge that revenue gap.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Key Partnerships

You're looking at the network of external entities Quantum Computing, Inc. (QUBT) relies on to build out its photonic and quantum capabilities, which is crucial given their current revenue profile-think $384,000 in revenue for the third quarter ending September 30, 2025. These partnerships are the engine for their future commercialization, especially for their Arizona-based foundry.

The key relationships driving their integrated photonics roadmap are detailed below. Honestly, these strategic alliances are where you see the near-term value being built, even if the stock price movement lately, like the 30% drop in November 2025, reflects broader market sentiment on speculative tech.

The collaboration with POET Technologies is massive, aiming at a segment projected to be worth close to $12 billion by 2030 for 3.2T pluggable and CPO formats. POET is funding the modulator development, which is a significant commitment from a company valued at $660 million.

Regarding government work, the $406,478 subcontract with NASA Langley Research Center is a clear, quantifiable milestone, though it's modest compared to the federal agencies' collective $1 billion a year investment in quantum information science for FY 2025. Critics have pointed to a previous NASA contract allegedly being only $26,000.

The foundry's customer pipeline shows geographic reach and specific contract types:

• Partial delivery of the first foundry order completed in December 2024 to an Asian customer.
• Receipt of the third and fourth purchase orders in January 2025 from a European technical university and a Canadian design house.
• The Canadian order involved taping out a custom TFLN PIC chip, with delivery expected in Q2, 2025.
• Quantum Computing, Inc. began its first customer shipments in Q2 2025, moving beyond pure research contracts.
• A direct government contract with the National Institute of Standards and Technology (NIST) for TFLN design and fabrication was announced, valued at $69,500.
• The company also secured a chip order from an unnamed Fortune 500 science and technology firm.

These foundry activities are central to QUBT's strategy to diversify revenue beyond government research, aiming for high-margin sales. The company is definitely building a base for future scale, supported by over $1.5 billion in liquidity following a recent $750 million private placement.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Quantum Computing, Inc. (QUBT) right now, which is clearly a massive capital deployment phase focused on building out manufacturing and accelerating technology. Honestly, the numbers from Q3 2025 tell you they are spending aggressively to win the race.

Manufacturing Thin-Film Lithium Niobate (TFLN) chips at Fab One

The operational focus here is scaling the QCi Foundry, which was set to open in Q1 2025. This facility is designed with front-end and packaging capabilities for a 150 mm wafer line. You saw early validation with the first order from an Asian research institute, which involved two separate fabrication runs, expected to be fully completed by the end of Q1 2025. Furthermore, the technology itself is being pushed, with a collaboration with POET Technologies targeting breakthrough data-transfer speeds of 3.2 Tbps using the advanced TFLN technology.

Extensive Research and Development (R&D) for quantum algorithms

The commitment to R&D is unmistakable in the spending figures. For the third quarter of 2025, Quantum Computing, Inc. (QUBT) reported R&D expenses of $4.5 million. That figure represents a massive year-over-year increase of 100.9%, signaling an accelerated development phase. This spending is directed toward highly specialized engineers, PhD talent, and procuring exotic materials necessary for technical breakthroughs.

Commercialization of the Dirac-3 quantum optimization platform

Commercial traction is starting to register in the top line. Quantum Computing, Inc. (QUBT) began recognizing revenue for cloud-based access to the Dirac-3 quantum optimization system during the three months ended September 30, 2025. This early commercialization effort contributed to the Q3 2025 revenue of approximately $384,000, a 280% jump compared to Q3 2024's $101,000. A key validation point was securing a purchase order for their quantum cybersecurity solutions from a top 5 U.S. bank.

Here's the quick math on the revenue base:

• Q3 2025 Revenue: $384,000
• Q3 2025 Gross Margin: 33%
• Year-to-Date Revenue (9 months ended Sept 30, 2025): $484,000

Developing quantum cybersecurity and remote sensing applications

The application development is clearly tied to government and strategic partnerships. Beyond the cybersecurity sale to the major bank, Quantum Computing, Inc. (QUBT) was awarded a contract to support NASA's spaceborne LIDAR data analysis, which falls under their remote sensing platform development. The company also previewed the development of the Neurawave, a photonics-based reservoir computer, set to make waves in high-performance computing.

• NASA Contract Focus: Quantum remote sensing technology for spaceborne LIDAR imaging.
• Cybersecurity Validation: First commercial sale to a top 5 U.S. bank.
• New Platform Preview: Neurawave (photonics-based reservoir computer).

Strategic hiring and planning for high-volume Fab Two production

While specific Fab Two numbers aren't public yet, the scale of recent financing dictates planning for the next level of volume. The company ended Q3 2025 with $352.4 million in cash and $460.6 million in investments, and then raised an additional $750 million subsequently, creating a substantial liquid position of over $1.5 billion. This war chest is explicitly to fund the execution of their long-term growth strategy, which includes scaling manufacturing beyond Fab One. The aggressive spending on operations reflects this scaling effort; total operating expenses hit $10.5 million in Q3 2025, with General and Administrative (G&A) expenses growing 84.3% year-over-year to $5.2 million, covering the expansion of the operational backbone needed for future high-volume production.

If onboarding takes 14+ days, churn risk rises, but here, the capital runway is definitely long enough to plan for Fab Two.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Key Resources

You're looking at the core assets Quantum Computing, Inc. (QUBT) is counting on to make their quantum vision a reality. Honestly, right now, the balance sheet is the loudest signal they're sending.

Strong Liquidity and Capital Position

The company has built a substantial war chest through recent capital raises, giving them a long runway to fund their aggressive development schedule. This isn't just a small cash pile; it's a significant financial foundation for a company at this stage.

This massive capital injection, including a $500 million private placement in September 2025 and an additional $750 million subsequent to the quarter, is designed to fund their technology build-out. The debt load is minimal, with total liabilities at $20.3 million against shareholder equity of $877.9 million, resulting in a debt-to-equity ratio of just 2.3%. That screams solvency and flexibility.

Manufacturing and Fabrication Assets

A key physical asset is their operational foundry capability, specifically focused on next-generation components.

• Operational foundry for TFLN (Thin-Film Lithium Niobate) photonic chip production.
• Collaboration with POET Technologies announced in November 2025 to develop TFLN engines.

Proprietary Technology and Software

Quantum Computing, Inc. relies heavily on its unique hardware and software stack to deliver its value proposition, which is centered around room-temperature operation.

• Proprietary Dirac systems, with revenue now recognized from cloud-based access to the Dirac-3 quantum optimization system starting in Q3 2025.
• The company's portfolio includes capabilities in high-performance computing, AI, and cybersecurity.

Specialized Intellectual Property

The firm's competitive moat is built on its specialized knowledge base, which differentiates it from competitors relying on cryogenic approaches.

The core intellectual property centers on nanophotonic-based quantum optics, supporting their integrated photonics approach. This IP underpins their ability to offer accessible, room-temperature quantum machines.

Highly Skilled Personnel and R&D Investment

To advance this complex technology, Quantum Computing, Inc. is heavily investing in its technical team, which is reflected in their operating expenses.

In Q3 2025, total operating expenses reached $10.5 million, with Research and Development (R&D) being the primary focus area. R&D spending nearly doubled year-over-year, increasing 100.9% to hit $4.5 million for the quarter. This aggressive spending is directed toward securing specialized engineering talent and advancing technical breakthroughs in a competitive race. Finance: draft 13-week cash view by Friday.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Value Propositions

You're looking at the core value Quantum Computing, Inc. (QUBT) is trying to deliver to its customers as of late 2025. It's a mix of hardware innovation and early-stage commercial deployment, which is typical for a company at this stage in the quantum race.

Room-temperature, low-power, and affordable quantum machines.

The company's foundational pitch is that its photonic-based approach avoids the extreme cooling required by many competitors. This is key to making the technology more accessible and affordable for broader use cases. The Dirac-3 system, for instance, is positioned as a quantum optimization machine that uses quantum digits (qdits), where each qdit supports 200 discrete modes, which is a significant step beyond standard qubit systems.

Quantum cybersecurity solution sold to a top-five U.S. bank.

This is a concrete validation point. Quantum Computing, Inc. secured a purchase order from one of the top five banks in the United States for its quantum communication system. The value of this initial U.S. commercial sale was approximately $332,000. This order included the hardware, professional services, and an extended warranty, establishing a partnership for quantum technology adoption.

High-performance, energy-efficient TFLN chips for AI and data centers.

The company's Arizona-based Thin Film Lithium Niobate (TFLN) photonic chip foundry is central to this value. They are manufacturing components for high-performance computing and datacom. Quantum Computing, Inc. secured a direct government contract from the National Institute of Standards and Technology (NIST) for TFLN design and fabrication, running from June 16, 2025, through April 15, 2026. Also, they received a chip order from a Fortune 500 science and technology company for mission-critical photonic components.

Quantum random number generator (uQRNG) for genuine randomness.

The genuine randomness offered by the uQRNG is a direct benefit tied to the quantum cybersecurity offering. The testbed deployed at the top-five bank is designed to validate technologies including quantum random number generation (QRNG). This device provides true randomness derived directly from quantum processes, eliminating vulnerabilities found in classical cryptographic schemes.

Accessible cloud-based quantum optimization via Dirac-3 platform.

Quantum Computing, Inc. is starting to monetize its optimization platform through the cloud. They began recognizing revenue for cloud-based access to the Dirac-3 quantum optimization system in the quarter ending September 30, 2025. This early cloud income contributed to their Q3 2025 revenue of $384,000, which represented a 280% year-over-year increase.

Here's the quick math on the financial performance supporting these commercial efforts as of the third quarter of 2025:

The company's ability to secure significant capital-raising $500 million in Q3 and an additional $750 million subsequently-is directly tied to funding the scaling of these value propositions, particularly the foundry and R&D efforts.

You should track the conversion rate of their R&D contracts into recurring revenue streams, as the current revenue base is still quite small, with Q1 2025 revenue at only $39,000.

• Cybersecurity Contract Value: $332,000.
• NIST TFLN Contract Period: June 16, 2025 to April 15, 2026.
• Dirac-3 Cloud Revenue Recognition Start: Q3 2025 (ending September 30, 2025).

Finance: draft 13-week cash view by Friday.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Customer Relationships

You're looking at how Quantum Computing, Inc. (QUBT) interacts with its customers as they transition from pure R&D to early commercialization. It's a mix of deep technical hand-holding for foundational work and securing lighthouse customers for validation.

High-touch, contract-based R&D services and custom hardware

The relationship here is deeply embedded, project-by-project, which is typical when developing nascent technology. The financial results from the third quarter of 2025 clearly show this is where the initial revenue traction is coming from. Revenue for Q3 2025 hit approximately $384,000, which is a massive jump of 280% compared to the $101,000 recorded in Q3 2024. This growth is explicitly tied to increases in the number, size, and level of effort on these research and development services and custom hardware contracts. Honestly, at this stage, the revenue isn't material relative to operating scale, but the trend is what matters for relationship validation.

Here's a quick look at the revenue underpinning these service contracts:

The gross margin on this revenue was 33% in Q3 2025, up significantly from 9% in Q3 2024, suggesting better cost management or pricing power on the services rendered.

Direct engagement with early adopters for TFLN foundry pilot program

Quantum Computing, Inc. (QUBT) actively courted early adopters for its Thin-Film Lithium Niobate (TFLN) photonic chip foundry services. This engagement started with a 2024 Pilot Launch Program, which successfully concluded as 2025 began, paving the way for full foundry services starting in Q1 2025. This direct involvement is crucial for gathering feedback and validating manufacturing processes.

The conclusion of the pilot program involved specific commitments:

• Secured the third and fourth purchase orders for the TFLN foundry.
• The third order came from a renowned European technical university focusing on PPLN structures for advanced telecommunications.
• The fourth order was the first from a non-research-based customer, a Canadian photonic integrated circuit (PIC) design house.
• The Canadian customer's order included taping out a custom TFLN PIC chip, with expected delivery set for Q2 2025.
• This commercial order also provided priority access to a future multi-project wafer run anticipated in the second half of 2025.
• Partial delivery of the first foundry customer's order (an Asian client) was completed in December 2024.

The company is using these early engagements to build a pipeline for its full foundry services, which officially launched in Q1 2025.

Dedicated sales and support for complex enterprise quantum solutions

For complex enterprise solutions, the relationship is shifting toward direct, high-value sales, which requires dedicated, high-touch support. The company secured its first U.S. commercial quantum cybersecurity sale to a top-five bank during the third quarter of 2025. This is a significant validation point for their enterprise-readiness, even if the revenue from this single sale isn't yet reflected in the quarterly total of $384,000. Furthermore, Quantum Computing, Inc. continues its deep engagement with government entities, having been awarded a subcontract from NASA's Langley Research Center valued at up to $406,478 to apply its Dirac-3 quantum computer to LIDAR data processing.

These complex sales necessitate a focused, dedicated approach, which is supported by the company's increased investment in engineering and personnel as they scale operations.

Long-term strategic collaboration for technology co-development

Quantum Computing, Inc. is actively pursuing long-term strategic collaborations to de-risk technology development and secure future market positioning. The most prominent example as of late 2025 is the strategic collaboration announced on November 11, 2025, with POET Technologies. This partnership is focused on the co-development of advanced 3.2 Tbps optical engines, leveraging their shared TFLN technology base to target AI connectivity and hyperscalers. This is a clear move toward technology co-development rather than just service provision.

Other foundational collaborations include:

• Memorandum of Understanding (MOU) with Spark Photonics Design, Inc. to introduce evaluation chip kits in 2025.
• Second MOU with Alcyon Photonics (European) to advance Process Design Kits (PDKs) and design services.
• Ongoing work with NASA, which reinforces their role in government-backed, long-term technology application development.

Finance: draft 13-week cash view by Friday.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Channels

You're looking at how Quantum Computing, Inc. (QUBT) gets its products and services into the hands of customers as of late 2025. The strategy is clearly multi-pronged, balancing direct engagement with technology access platforms.

Direct sales force targeting enterprise and government clients.

The direct sales channel secured several high-profile wins that are now starting to translate into recognized revenue. For instance, Quantum Computing, Inc. reported its first U.S. commercial quantum cybersecurity sale to a top-five bank during the third quarter of 2025. Also, a subcontract valued at approximately $406,000 was awarded by Analytical Mechanics Associates to support NASA's Langley Research Center, utilizing the Dirac-3 quantum computer. Revenue for the third quarter of 2025 totaled $384,000, which was driven by these expanded R&D contracts and custom hardware agreements, alongside other deals like one with a global automaker.

Cloud access to the Dirac-3 quantum optimization system.

Quantum Computing, Inc. began recognizing revenue from cloud-based access to its Dirac-3 quantum optimization system during the three months ended September 30, 2025. This new revenue stream contributed to the total Q3 2025 revenue of $384,000. The company is building a healthy pipeline of sales and partnership opportunities expected to support future growth as customer adoption increases.

Direct sales of TFLN chips from the Fab One foundry.

The company's U.S.-based semiconductor foundry in Tempe, Arizona, which focuses on thin-film lithium niobate (TFLN) devices, was scheduled for full-scale production starting in the first quarter of 2025. By the third quarter of 2025, the Fab 1 facility was operational and fulfilling foundry orders, with reports indicating 10+ orders fulfilled. The remaining capital expenditure (CapEx) needed for high-speed test equipment was modest, around $2 million. Prior to this, in late 2024, Quantum Computing, Inc. secured its third and fourth purchase orders for TFLN photonic chips, including one from a European technical university and another from a Canadian photonic integrated circuit design house, marking their first non-research customer.

International sales expansion in Europe, South Korea, and Singapore.

The channel strategy shows clear global reach, even with revenue still in the early commercialization phase. The company has been engaged in contract negotiations with partners and customers across North America, Europe, and Asia. The second quarter of 2025 saw the first commercial shipments of quantum technologies to institutions in Europe, Asia, and the U.S. The following table summarizes the geographic and customer traction points relevant to these channels as of late 2025:

The company raised over $1.5 billion in capital in 2025, including a $500 million financing in Q3 and a subsequent $750 million raise, which is explicitly positioned to fund engineering, manufacturing, and sales investments to support this expansion.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Customer Segments

You're looking at Quantum Computing, Inc. (QUBT) and trying to map out exactly who is buying their technology as of late 2025. The customer base is clearly bifurcated between government/research R&D work and early commercial adoption, especially for their Thin-Film Lithium Niobate (TFLN) chip technology.

The overall revenue picture for Q3 2025, which reflects sales across these segments, was approximately $384,000, a 280% increase year-over-year from $101,000 in Q3 2024, with a gross margin of 33%. The company raised over $1.5 billion in capital in 2025, giving them a substantial runway to serve these segments.

Government and Defense Agencies (e.g., NASA) for R&D Contracts

This segment is characterized by specialized, often smaller-value, high-profile contracts that serve as validation points for the technology. Quantum Computing, Inc. has been active in this space, building on prior work.

• Prior NASA contract allegedly valued at $26,000.
• Secured a significant contract with the National Institute of Standards and Technology (NIST) for TFLN circuit design and fabrication, running from June 16, 2025, through April 15, 2026.
• Critics suggested the NIST contract value was $69,500.
• Revenue growth in Q3 2025 was driven in part by increased R&D services contracts.

Large Financial Institutions Requiring Quantum Cybersecurity

This represents a key commercial milestone, moving from research validation to direct enterprise sales in a high-value sector. The focus here is on quantum security solutions.

• Quantum Computing, Inc. announced its first U.S. commercial sale of quantum cybersecurity solutions to a top 5 U.S. bank during the third quarter of 2025.
• The company's portfolio includes capabilities in cybersecurity.

Telecom, AI, and Hyperscaler Data Center Companies for TFLN Chips

This segment targets the high-volume, high-bandwidth needs of modern data infrastructure using the company's core photonic chip technology. The TFLN foundry is central to serving this market.

The global market for Photonic Integrated Circuits (PICs), which Quantum Computing, Inc.'s TFLN chips address, is projected to grow from $15.1 billion in 2024 to an estimated $38.4 billion by 2029.

Enterprise Clients Needing Complex Optimization and AI Solutions

This group utilizes the company's quantum machine capabilities, including cloud access to their optimization system, which began generating revenue in Q3 2025.

• The company started recognizing revenue for cloud-based access to the Dirac-3 quantum optimization system in the three months ended September 30, 2025.
• A sale of the EmuCore reservoir computing device was secured with a major global automotive manufacturer in Q2 2025.
• The company's portfolio includes capabilities in high-performance computing and artificial intelligence.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Quantum Computing, Inc. (QUBT)'s business model, and honestly, it's a story of aggressive, capital-intensive investment right now. The structure is heavily weighted toward building future capability rather than current revenue generation.

The single largest cost driver is the commitment to innovation. Heavy R&D investment, reaching $5,975.0K in Q2 2025, dwarfs the revenue generated in that period, which was only $61,000. This signals a clear strategic choice to pour capital into developing proprietary quantum algorithms and software engineering to secure a long-term technological moat.

Overall spending is escalating rapidly. Operating expenses, which hit $10.5 million in Q3 2025, nearly doubled from $5.4 million the prior year. This burn rate reflects the scaling of the entire organization to support the growth roadmap.

The cost breakdown for the key operational periods in 2025 looks like this:

Costs of revenue for delivering advanced quantum solutions are present, though small in absolute terms compared to OpEx. For Q2 2025, the Cost of Revenue was $35.0K, resulting in a gross profit of $26.0K on $61,000 in revenue. This moderate margin reflects the high cost associated with providing early-stage, advanced quantum services and infrastructure support.

Personnel costs are the engine behind the rising operating expenses. The year-over-year increase in Q3 operating expenses to $10.5 million was explicitly attributed to substantial growth in personnel across several key areas. You can see this investment focus clearly:

• Substantial growth in personnel for research and development.
• Increased staffing in engineering teams.
• Hiring to support manufacturing scale-up.
• Expansion in sales and marketing, and administration functions.

Capital expenditure (CapEx) is focused on solidifying current manufacturing and planning for future volume. The company is advancing its manufacturing strategy with Fab One in Tempe, Arizona, which is fully operational. There are plans for $2M in additional CapEx specifically earmarked for high-speed testing equipment at Fab One. Furthermore, the planning for Fab Two is underway, supported by the strong liquidity position, with the goal of supporting high-volume production of thin film lithium niobate chips within three years.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Quantum Computing, Inc. (QUBT) as of late 2025, and honestly, the numbers show a company moving from pure development into early commercialization, though the base is still quite small. The top-line growth is what catches the eye first, but you need to look closer at the drivers behind that growth to see the real story.

The most concrete figure we have is the most recent quarterly result. Q3 2025 revenue totaled $384,000, a massive 280% increase year-over-year from the $101,000 recorded in Q3 2024. This jump is significant, but remember, it's off a very low starting point.

Here's a quick look at how the key financial metrics stacked up for that quarter:

The revenue growth itself is being fueled by a few distinct activities, showing a broadening base of income sources:

• Revenue from R&D services and custom hardware contracts.
• Initial revenue from cloud access to the Dirac-3 platform.
• Commercial sales of quantum cybersecurity products.

The R&D services and custom hardware contracts are the primary engine right now. The increase in Q3 2025 revenue is explicitly attributed to increases in the number of, size of, and level of effort performed on these engagements. Also, Quantum Computing, Inc. started recognizing revenue from cloud-based access to its Dirac-3 quantum optimization system during Q3 2025. This signals the shift toward productized service offerings, which is a key step for any hardware company.

On the commercial front, there's tangible validation. The company secured its first U.S. commercial quantum cybersecurity sale to a top 5 U.S. bank during the period. That kind of anchor customer win is important for credibility, even if the dollar amount isn't broken out separately in the headline revenue figure.

Looking ahead, the future revenue stream hinges on manufacturing capacity. Management anticipates modest initial revenue from the TFLN photonic chip foundry in 2025, with significant revenue acceleration expected in 2026 as capacity scales. This is tied to the completion of their Quantum Photonic Chip Foundry, which is a critical infrastructure milestone for future TFLN (thin film lithium niobate) photonic chip production. For context, Q1 2025 revenue was only $39,000, so the Q3 number represents a sharp, albeit early, ramp.

To give you a sense of the scale, the revenue for the last twelve months, ending September 30, 2025, totaled $546,000, representing a year-over-year growth of 41.45%. Finance: draft 13-week cash view by Friday.