Quantum technology is moving from an idea on a whiteboard to something companies are actually trying to commercialize, and Infleqtion (INFQ) is building its business around that shift. It has built a full-stack platform, bringing together neutral-atom quantum hardware, multiple product lines, and its own software stack. That gives the company exposure to quantum computing, sensing, timing, and more.
And now, B. Riley Securities is putting a brighter spotlight on the stock, initiating coverage with a “Buy” rating and a $23 price target. The call reflects B. Riley’s confidence in Infleqtion’s technology, growing commercial opportunities, and potential catalysts as quantum computing moves closer to real-world use.
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Of course, INFQ is still a young and volatile stock. Shares remain well below their April high, and there are plenty of risks that come with an unprofitable early-stage quantum company stock. But with its full-stack approach, expanding applications, and improving business momentum, Infleqtion could be one quantum name worth keeping on the radar.
About Infleqtion Stock
Founded in 2007, Infleqtion is a quantum technology company built around neutral-atom technology. What makes the company interesting is that it is not simply betting on the future of quantum computing—it is already generating revenue from commercial and government applications.
Infleqtion takes a full-stack approach, combining quantum hardware with its proprietary Superstaq software platform. Its portfolio spans neutral-atom quantum computers, optical atomic clocks, quantum RF sensors, inertial navigation systems, and quantum networking solutions.
The company serves customers across government and commercial sectors, including space, defense, energy, finance, and telecommunications. Its technology is already being used by U.S. government agencies, NASA, and the U.K. government, while collaborations with Nvidia (NVDA) have expanded its quantum computing capabilities.
With operations across the U.S., Europe, and Asia, Infleqtion is currently valued at a market capitalization of about $2.9 billion.
Infleqtion’s stock has had a pretty eventful start since entering the public market. The company went public through a SPAC merger on Feb. 17, with INFQ beginning trading at $14.25. It did not take long for the stock to swing in both directions. Shares slipped to $8.52 in March, only to turn around and rally to an April high of $21.28.
Since then, however, the excitement has cooled somewhat. INFQ stock is now trading near $14, putting it about 35% below its April peak. Over the past three months, shares have declined 6%. Still, there are signs of life in the more recent action, with the stock gaining 8% today and 17% over the past month.
INFQ benefited from record Q2 revenue, a higher 2026 revenue outlook, and news of a $20 million NASA contract. So, while the stock remains well below its April high, investors are once again getting reasons to pay attention.
INFQ carries a premium valuation, trading at around 64.2 times forward sales, well above the sector average.
www.barchart.com A Closer Look at Infleqtion’s Q2 Numbers
Infleqtion’s second-quarter results offered investors something they do not always get from an early-stage quantum computing company—evidence that the business is starting to turn its technology into real commercial momentum even though it is still an unprofitable company.
The company reported its Q2 results on Aug. 12, posting record revenue of $12.6 million, up 116% year-over-year (YoY). Better yet, the growth was entirely organic. Losses also narrowed sharply, with the company reporting a loss of -$0.12 per share, compared with a -$0.57 loss in the year-ago quarter. Gross profit reached $1.4 million, while cash generated from operations came in at $13.2 million.
CEO Matt Kinsella said the pace of quantum commercialization is accelerating, with governments putting actual funding and timelines behind the technology while customers are already developing applications for the next generation of quantum systems.
That momentum has encouraged Infleqtion to raise its outlook. The management now expects at least $43 million in revenue for 2026, while remaining on track to reach 30 logical qubits this year.
And there is plenty happening behind those numbers. Infleqtion is under contract to deploy a neutral-atom quantum computer at the Illinois Quantum & Microelectronics Park in 2027, with a modular architecture designed to scale beyond 50 logical qubits on the way toward a 100-logical-qubit target.
The company is also finding practical applications for its technology. Eaton (ETN) is using private-cloud access to Infleqtion’s Sqale platform to explore quantum solutions for complex energy problems. Meanwhile, Infleqtion was selected for three Department of Energy Genesis Mission projects covering nuclear applications, quantum sensing, and fusion research.
Quantum sensing is another important piece of the puzzle. Its NASA Quantum Gravity Gradiometer program contributed significantly to Q2 revenue growth, while the company continues selling its third-generation Tiqker optical atomic clocks, supported by a global co-selling partnership with Safran (SAFRY).
Financially, Infleqtion ended Q2 with $582 million in cash, cash equivalents, restricted cash, and available-for-sale securities, with no debt. For an unprofitable company, that balance sheet provides meaningful breathing room as it races to turn quantum potential into commercial reality.
Analysts tracking Infleqtion anticipate revenue for Q3 to be around $11.1 million, while loss per share is anticipated to be -$0.05. For fiscal 2026, losses are expected to widen annually to -$0.24 per share and then narrow by 20.8% YoY to -$0.19 per share in fiscal 2027.
What Do Analysts Expect for INFQ Stock?
B. Riley analysts Craig Ellis and Rebecca Zamsky are taking a pretty optimistic stance on INFQ, initiating coverage with a “Buy” rating and a Street-high $23 price target. The analysts see Infleqtion as one of just two publicly traded quantum companies offering a full-stack platform, alongside IonQ, with multiple product groups and an optimized software stack.
What really catches B. Riley’s attention is Infleqtion’s neutral-atom technology. Its all-to-all gate connectivity could improve logical qubit efficiency and error correction, giving the company an interesting technological edge as quantum computing develops. The analysts also like that Infleqtion already has commercial sensing and clock products, which could eventually provide a path toward computing systems.
B. Riley estimates the quantum market could reach $16.5 billion by 2030 and $35 billion-$80 billion by 2035, while forecasting Infleqtion’s revenue at $75 million in 2028 and $90 million in 2029.
The brokerage firm also sees INFQ stock’s volatility as an opportunity rather than a deal-breaker.
There’s another catalyst on the table—NASA recently awarded Infleqtion a $20 million follow-on contract to continue developing a space-based quantum gravity sensor.
B. Riley acknowledges that early-stage valuations and execution risks remain but believes Infleqtion has the technology, market opportunity, and potential catalysts to emerge as a long-term quantum winner.
INFQ stock has a consensus “Strong Buy” rating overall. Out of five analysts covering the stock, four advise a “Strong Buy,” and one analyst is playing it safe with a “Hold” rating.
INFQ’s mean target price of $21.75 implies potential upside of approximately 56% from current levels. The Street-high target of $23 suggests the stock could rally as much as 65% from here.
www.barchart.com On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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