SEEQC filed for an initial public offering on the Nasdaq Global Market under the symbol "SEQC." The quantum-infrastructure company plans to use proceeds for general corporate purposes, including product development and capital expenditures. The IPO is being conducted alongside a merger with Allegro Merger Corp. and a related $65 million PIPE financing.

Business Description

SEEQC develops digital, chip-based infrastructure that enables scalable, fault‑tolerant quantum computing. Its platform integrates superconducting Single Flux Quantum (SFQ) logic with cryogenic CMOS to deliver ultra‑low‑power control, high‑throughput readout, and on‑chip multiplexing close to the qubits. By moving from room‑temperature analog chains to cryogenic‑native digital electronics, the company aims to reduce wiring, thermal load, and system complexity while improving latency and determinism for error correction and hybrid quantum‑classical workflows.

The company operates an in‑house superconducting foundry and offers a portfolio spanning digital qubit readout (JDPD‑based), digital Z (flux) control, digital XY (charge) control, and quantum‑classical interface solutions. SEEQC supports customers through chips, chiplets, firmware, software modules, and integration services. While its initial focus is superconducting systems, the architecture is designed to be modality‑agnostic. Revenue today is primarily from engineering services, integration programs, government‑funded initiatives, and foundry services as products scale toward broader commercialization.

Market Overview

  • Total addressable market: McKinsey estimates ~$15B in 2025, growing to $25–$34B by 2030 and $77–$148B by 2040; potential $1.3–$2.7T economic value by 2035
  • Market growth: BCG projects $90–$170B quantum hardware/software market by 2040 and $450–$850B in economic value creation
  • Market position: Focus on the infrastructure layer—digital cryogenic control, readout, multiplexing, and quantum‑classical interfaces
  • Key competitors: IBM, Google, Amazon, Microsoft, Rigetti, IQM, Quantinuum, IonQ, QuEra, Atom Computing, PsiQuantum, Xanadu
  • Industry trends: Shift toward fault tolerance and hybrid quantum‑classical workflows; energy efficiency and system integration constraints driving chip‑based control architectures

Operational Metrics

  • Customers: Revenue primarily from engineering and integration programs; commercial foundry services in operation
  • Locations: Headquarters in Elmsford, NY; in‑house superconducting foundry in Elmsford; planned new HQ/testing facility in Hawthorne, NY; UK office in London
  • Geographic presence: United States, United Kingdom, Italy
  • Partnerships: Collaborations with IBM, NVIDIA, Rigetti, IQM, NQCC (UK), DARPA QBI, Microelectronics Commons, Laboratory for Physical Sciences, ITRI, Kinpo Group, National Taiwan University, and UC Berkeley
  • Other key metrics: 42 employees as of June 2026, including 24 PhDs; foundry includes ~8,100 sq ft of clean rooms; new HQ planned at ~13,000 sq ft with expanded cryogenic capacity

Financials Highlights

  • Revenue (current): $4.2 million (FY 2025)
  • Revenue growth: Up ~420% year over year (from $0.8 million in 2024)
  • Operating income: Loss of $12.5 million (FY 2025)
  • Net income: Net loss of $12.2 million (FY 2025)

Management

  • John Levy, Chief Executive Officer and Executive Chairman - Co‑founder; technology investor and company builder; previously Executive Chairman of Hypres.
  • Raja Bal, Chief Financial Officer - Former CFO of indie Semiconductor; prior leadership roles at True North Venture Partners, GT Advanced Technologies, and Skyworks Solutions.
  • Shu‑Jen Han, Ph.D., Chief Technology Officer - Leads global R&D and technology roadmap; previously at HFC Semiconductor and IBM Research.
  • Oleg Mukhanov, Ph.D., Chief Science Officer - Over 30 years in superconducting electronics; recognized for RSFQ and energy‑efficient SFQ systems.
  • Matthew Hutchings, Ph.D., Chief Product Officer - Co‑founder; background in superconducting qubit architectures and quantum commercialization.

IPO Structure

  • Issuer: SeeQC, Inc.
  • Filing date: June 29, 2026
  • Proposed ticker: SEQC
  • Exchange: Nasdaq Global Market
  • Lead underwriters: Cantor; BTIG; Needham & Company; Craig-Hallum
  • Use of proceeds: General corporate purposes; a portion for product development and capital expenditures

Original SEC Filing:

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