The listed companies whose business is quantum technology — quantum computers, the parts and software built for them, and quantum-safe security — as one index, weighted by market value. No fund holds this basket: the quantum ETFs are mostly chipmakers and software companies.
1,000 on 14 December 2022
Change on the day
Since the last close of last year
Against the level a year ago
Combined market value
| Company | Listed | Value | Weight | EV/R&D | EV/sales | Net cash |
|---|---|---|---|---|---|---|
| The table of members needs JavaScript. They are IonQ, Quantinuum, D-Wave, Rigetti, Infleqtion, IQM, Pasqal, Xanadu, Quantum Computing Inc and Horizon Quantum in quantum computing, and QuantumCTek, SEALSQ, BTQ, Quantum eMotion and Arqit in quantum security. | ||||||
Members. A company is in when its business is quantum technology: quantum computers and the parts and software built for them, or quantum-safe security, meaning quantum key distribution, quantum random numbers and post-quantum cryptography. A company with a quantum unit inside a larger business, such as IBM or Honeywell, stays out, and so does WISeKey, whose accounts consolidate SEALSQ's. Each member counts from its first day of trading as a public company; for one that listed by merging with a SPAC, that is the day the merger closed, not the shell's years at ten dollars a share. QuantumCTek, listed in Shanghai, is the one member without a US listing.
Points. The index is the members' combined market value divided by a divisor, set so that it stood at 1,000 on 14 December 2022. When a company joins or its share count changes, the divisor changes with it and the reading does not, as with the S&P 500, so the points move only with share prices: it is the return on holding every member in proportion to its market value, in dollars, prices only. A company joins the weights once its share count is on file, from its own filings or, for foreign filers that report it once or twice a year, the month-end count our price vendor publishes. QuantumCTek's Shanghai close is converted at each day's exchange rate and carried over the days its market is shut.
Valuation. None of the members earns a profit and most sell little, so the index is valued on EV/R&D: the members' combined enterprise value, market value less cash and investments plus debt, over their combined trailing twelve-month R&D expense, with EV/sales beside it. The figures come from each company's filings, first-filed and dated by filing. Arqit reports no research costs and Pasqal no R&D line comparable to the others', so both count toward the index's value and its EV/sales but not its EV/R&D. The valuation line starts in December 2022, the first month in which members worth 70% of the index had a year of results on file. The methodology sets out the rest, and the cautions that come with it.