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D-Wave Quantum CFO Markovich Retires, Greg Golkov Takes Over

Welcome to the latest edition of "Quantum Leap" where The Fly decodes news and activity in the quantum computing space.CFO TRANSITION:D-Wave Quantumannounced that John Markovich is retiring and thus resigning from his position as CFO, effective September 2. Greg Golkov, the company's senior vice president of finance, will become the company's acting CFO and principal financial and principal accounting officer.BOARD ADDITIONS:IonQannounced the appointment of two new board members: technology finance expert Eric Ball, and former SkyWater Technology chairman and SamsungNorth America CEO Timothy Baxter.EXTREME ULTRAVIOLET LITHOGRAPHY:Xanadu Quantumhas announced the next phase of its collaboration with Mitsubishi Chemical to advance semiconductor fabrication technologies using quantum computing algorithms. This next phase is supported by national innovation programs from both the Canadian and Japanese governments, aiming to scale Xanadu and Mitsubishi's previous work in simulating a process in next-generation semiconductor fabrication: extreme ultraviolet lithography. In phase one of Xanadu and Mitsubishi's collaboration, the two companies demonstrated that quantum algorithms can accurately model key aspects of EUV lithography, specifically the optical properties of the photoresists used to etch lithographic patterns. The next phase of the collaboration aims to develop a production-ready workflow that will take parameters derived from Xanadu's quantum computing simulations and integrate them directly into Mitsubishi's multi-scale models to predict blur. Xanadu plans to provide a demonstration and roadmap for how quantum computing can contribute to the development of EUV resist materials through this collaboration. This second phase of the collaboration is being advanced with support from the National Research Council of Canada Industrial Research Assistance Program and Japan's Strategic Innovation Promotion Program. The relevant SIP project is led by the National Institute of Advanced Industrial Science and Technology and the Global Research and Development Center for Business by Quantum-AI Technology. Xanadu has previously received advisory services and more than $800,000 in funding from NRC IRAP, supporting its R&D in quantum computing across several projects.QUANTUM MOONSHOT:Infleqtionsaid it has helped Japan reach a major quantum milestone, supporting a research team led by Professor Kenji Ohmori at the Institute for Molecular Science, part of the National Institutes of Natural Sciences, in launching the country's first operational neutral-atom full-stack quantum computer. Infleqtion was also the only foreign quantum partner selected by the Japan Science and Technology Agency for its Quantum Moonshot program. "This milestone marks a pivotal moment for Japan's quantum ambitions as well as Infleqtion's role in advancing production-ready quantum platforms at scale," said Pranav Gokhale, Chief Technology Officer at Infleqtion. "Bringing a full-stack quantum system into production operation is a meaningful step toward fault-tolerant quantum computing that also serves as strong validation of neutral-atom architecture. Our quantum processing unit delivers the programmability, scalability and fidelity control that next-generation systems demand." As part of the next phase of the Ohmori Moonshot project that has just started in April 2026, the IMS team will focus on improving system integration, stability, and scalability, with the goal of realizing a high-performance neutral-atom fault-tolerant quantum computer with up to 10,000 physical qubits and quantum error detection and correction capabilities. The system is also expected to be made available to external users to support the development of applications and advance quantum error correction research across academia and industry.OCT DEPLOYMENT:Skyloom Global, an IonQ company specializing in the development of space-based optical technology, announced that dozens of additional optical communication terminals, OCTs, have been successfully deployed on orbit. The OCTs were aboard York Space Systems satellites supporting the Space Development Agency's, SDA, Proliferated Warfighter Space Architecture, PWSAERROR CORRECTION PROGRAM:Quantum X Labsannounced new results from its AI-driven quantum error-correction program. The company said, "Quantum computers are highly sensitive to noise, and quantum error correction is widely viewed as a necessary foundation for scaling quantum systems from experimental demonstrations toward reliable, useful computation. QXL's work is focused on one of the central challenges in this transition: developing AI-assisted decoders that can interpret quantum syndrome data efficiently and accurately, and that can continue improving as quantum hardware advances. The latest results were generated using Google'spublic surface-code dataset from a real quantum-hardware experiment. QXL evaluated its updated decoder on a public surface-code configuration using the same cross-validation approach used for Google's published decoder comparisons. In this test, QXL's updated decoder demonstrated improved performance against matching-family benchmarks, including Google's published correlated-matching and PyMatching benchmark results for the same configuration. Importantly, QXL's model was trained exclusively on synthetic samples and was not trained on real hardware shots from the Google dataset. The result supports a key principle behind QXL's technical roadmap: quantum error-correction decoders should not only perform well in controlled simulations, but should also be able to generalize toward real experimental syndrome data. This synthetic-to-real transition is a critical step toward practical QEC workflows that can support future low-latency and eventually real-time decoding. QXL's updated decoder combines quantum-code structure, syndrome information and AI-based error weighting to improve decoder performance while preserving a practical path toward efficient implementation. The latest result supports the relevance of this approach for real-hardware syndrome data and scalable QEC workflows. The AI component is designed for GPU acceleration and integration into broader QEC workflows, supporting QXL's roadmap toward low-latency and eventually real-time decoding. This roadmap includes real-hardware data evaluation, workflows with Nvidiaaccelerated computing and Nvidia CUDA-Q and planned IQCC syndrome experiments to advance more reliable and scalable quantum-computing systems."REGISTERED DIRECT OFFERING:Qtrex Quantumannounced that it has entered into a definitive securities purchase agreement with an existing institutional investor as well as a new global institutional investor for the purchase and sale of 11,111,111 ordinary shares in a registered direct offering. The gross proceeds to the company from the offering are expected to be approximately $10M, before deducting placement agent fees and other estimated offering expenses. The closing of the offering is expected to occur on or about August 21. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.ANALYST COMMENTARY:Ascendiant raised the firm's price target on Quantum Computingto $32 from $30 and keeps a Buy rating on the shares. The company reported strong growth in Q2 and issued a strong 2026 outlook, the analyst tells investors in a research note. The firm sees Quantum's revenue growth in 2026 and 2027 being a positive for the stock.Citi increased its price target on Infleqtion to $22 from $20 and keeps a Buy rating on the shares.BMO Capital initiated coverage of D-Wave Quantum with an Outperform rating and $35 price target. The firm told investors that the company is a revolutionary quantum computing company and one of the few in the world that currently has true commercial revenues. BMO Capital believes D-Wave is best positioned in the quantum space to have commercial success given industry first-mover advantage and dual-pronged technology approach.

Qtrex Quantum Completes $10M Stock Offering

Qtrex Quantum announced that it has entered into a definitive securities purchase agreement with an existing institutional investor as well as a new global institutional investor for the purchase and sale of 11,111,111 ordinary shares in a registered direct offering. The gross proceeds to the company from the Offering are expected to be approximately $10M, before deducting placement agent fees and other estimated offering expenses. The closing of the Offering is expected to occur on or about August 21. A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

IBM Announces Integration of Quantum Modules, Aiming for First Fault-Tolerant Quantum Computer by 2029

Welcome to the latest edition of "Quantum Leap" where The Fly decodes news and activity in the quantum computing space.LEAP FORWARD:IBMannounced it has joined and cooled down two cryogenic modules into a single environment. The new architecture is designed to scale into the modular, shared, and ultra-cold system required to link hundreds of quantum chips into a more powerful quantum computer capable of solving large problems. The company said its deployment is a milestone on IBM's path to delivering IBM Quantum Starling in 2029, which is expected to be the world's first fault-tolerant quantum computer and will integrate advances across error correction, processor design, decoding, and systems engineering. Combined, the first two operational modules stand more than eight feet tall and eight feet wide, and initial tests demonstrated they can jointly cool down to four Kelvin in under five days, reaching a final temperature of below 15 millikelvin shortly after. Each module's vacuum enclosure offers up to 12 times more wiring space than the most widely used IBM quantum systems, enabling more chip-to-chip connections both within and between modules. IBM's new box-shaped design allows modules to connect in a tight row and use this larger space to directly link quantum processors with IBM's "L-coupler" technology. L-couplers connect separate quantum chips together to share information, communicate, and operate as part of a larger quantum computer. By 2027, IBM's quantum roadmap plans to use L-couplers to link multiple processors into a larger quantum computer with at least 1,000 programmable qubits, which are qubits that can be directly used to perform computations. Towards this goal, IBM will install IBM Quantum Nighthawk processors into the cryogenic modules later this year to expand operational performance testing. At the time Starling is delivered, IBM plans for each cryogenic module to house thousands of qubits. "Bringing fault-tolerant quantum computers to industries depends on several fundamental advances," said Jay Gambetta, Director of IBM Research and IBM Fellow. "The successful connection and operation of these cryogenic modules signals a leap forward in that direction and will accelerate our progress alongside continued innovation in quantum hardware, software, and algorithms."CLOUD QUANTUM COMPUTING:IonQannounced a collaboration with CMC Microsystems. This collaboration integrates IonQ's commercial trapped-ion quantum computing systems into Canada's FABrIC Quantum Computing Sandbox. The framework for this initiative is covered under a newly signed memorandum of understanding, which designates IonQ as a listed cloud quantum computing access provider for the QCS. The QCS is operated through FABrIC, an initiative backed by funding from the Government of Canada's Strategic Response Fund and managed by CMC Microsystems.QUANTUM SAFE CENTRE:IBM and the Singapore Institute of Technology, or SIT, are planning to establish the Quantum-Safe Centre, targeted for launch by the end of 2026, as a dedicated hub to accelerate Singapore's transition to quantum-safe cybersecurity. The Centre will help organizations assess risks, adopt new security approaches and develop the talent needed for the post-quantum era. The Quantum-Safe Centre, located in the SIT Punggol Campus within the Punggol Digital District, is designed to help organizations prepare for and transition to quantum-safe cryptograph. Siew San Tan, general manager and technology leader, IBM Singapore, said: "Singapore's critical infrastructure, enterprises, and government agencies are at a pivotal moment in their cybersecurity journey, and the time to prepare for the post-quantum risk is now. Through our collaboration with SIT and the establishment of the Quantum-Safe Centre, IBM is committed to supporting Singapore's organizations with the technology, expertise and capabilities they need to understand their cryptographic vulnerabilities and take decisive steps toward quantum-safe resilience. This initiative would help to ensure that Singapore's digital economy remains secure and trusted in the years ahead."INTEGRATION:Sealsqand PalmPay, a brand developed by Palm Technologies in India, announced a strategic partnership to collaborate on the integration of Sealsq's QS7001 hardware-security technology into Palm Technologies' existing and future PalmPay biometric-authentication products. Sealsq will provide its QS7001 technology and technical support for secure-element integration, while Palm Technologies will lead product architecture, biometric-system design, application development, firmware, system integration, local compliance and product deployment.PRODUCTION QUANTUM ADOPTION:D-Wave Quantumand NTT DOCOMO announced that DOCOMO has deployed a second D-Wave-powered quantum computing application in production. The new application reduced location registration signals generated when devices cross tracking area list boundaries by 65.3% at the daily peak while also reducing paging signals by 7.0%, lowering network signaling load and improving operational efficiency. "DOCOMO is showing telecom operators around the world what production quantum adoption looks like: move beyond a single use case and apply the technology to distinct, increasingly complex operational challenges," said Alan Baratz, CEO of D-Wave. "Telecom networks are highly complex, resource-constrained environments, and these results demonstrate how D-Wave's annealing quantum computing technology can help operators improve network performance and efficiency today."COLLABORATION:Quanta Computerand Quantinuumannounced a collaborative development agreement. Under the terms of the agreement, the companies plan to jointly develop critical hardware infrastructure supporting future generations of Quantinuum's quantum systems, combining Quantinuum's quantum technology with Quanta's expertise in scaling computing platforms. Quanta and Quantinuum aim to create a practical pathway from today's quantum systems to commercially deployable quantum computers capable of supporting broad enterprise and scientific adoption.QUANTUM DEVELOPMENT PROGRAM:Qtrex Quantumannounced that it is in discussions with a U.S. Department of Defense's research laboratory to establish a joint quantum development program. The parties are targeting the fourth quarter of 2026 to formalize the program. The laboratory already operates the company's AME system and is distinct from the U.S. government laboratory referenced in Qtrex's July 6, announcement, extending the company's disclosed footprint to a second U.S. government research institution. The program under discussion targets the layer where scaled quantum systems physically break: the interconnect.MOU:BTQ Technologieshas signed a memorandum of understanding, or MOU, with Itcenglobal, one of Korea's largest IT services groups, through its listed security platform subsidiary Itcen PNS. The signed MOU establishes a framework for collaboration between BTQ and Itcen PNS to integrate post-quantum cryptography, quantum-safe authentication, and next-generation security infrastructure for Korean and international markets.ANALYST COMMENTARY:Craig-Hallum initiated coverage of Horizon Quantumwith a Buy rating and $21 price target. The firm sees the company's Triple Alpha addressing more of the developer- and run-time stack than anywhere else in the world, and if it's successful in creating efficiencies at both points, Horizon Quantum will have a strategically important asset positioned at the crux of the new quantum world. This position in the hybrid quantum-classical dev-/run-time and applications mirrors the position that Microsoftbuilt in the classical client computing world nearly a half century ago, and this outcome could create very high returns, Craig-Hallum noted. As such, the firm believes Horizon Quantum deserves a place in any growth investor's portfolio.