Breakthrough Victoria says its had a 5x uplift on its investment in a US-based portfolio company, Infleqtion, listed on the New York Stock Exchange overnight.
Spun out of the University of Colorado in 2007 as ColdQuanta, BV tipped A$29 million into Infleqtion (NYSE: INFQ) in 2022 as part of a deal that saw the business launch an Asia-Pacific quantum computing and technology facility at Swinburne University of Technology.
The Victorian government-backed investment fund did not exit with the IPO and continues to hold its stake in the now public company.
Infleqtion raised US$550 million in a SPAC (special purpose acquisition company) merger with Churchill Capital, listing overnight at US$14.25. Its shares rose 14% on the opening day of trade to close at US$15.59 to given the Victorian investor a 5X value uplift.
Infleqtion CEO Matthew Kinsella said the new capital will be used to accelerate their compute and product roadmaps globally
“We continue to support the development of sovereign quantum capabilities in Australia while competing internationally, with the goal of contributing to the next generation of advanced quantum technologies,” he said.
Infleqtion designs and builds quantum computers, precision sensors and quantum software for government, enterprise and research institutions, including a next generation optical atomic clock for Position, Navigation and Timing, called Tiqker.
Victorian presence
The quantum company operates at Melbourne Connect and CoLabs in Notting Hill, and is expanding its Victorian footprint through strategic collaborations, talent development, and product innovation. Alongside Swinburne, it’s also working with Melbourne University, RMIT, and CSIRO to develop next-generation quantum sensing platforms.
Breakthrough Victoria has now made 87 investments worth more than $487 million, including in Australian diamond-based quantum computing systems startup Quantum Brilliance.
CEO Rod Bristow said the IPO was a major milestone for the fund as well as the company.
“As Breakthrough Victoria’s first portfolio company to go public, Infleqtion demonstrates how world-class research, backed by strategic investment and global ambition, can be transformed into a billion-dollar enterprise,” he said.
“Their growth reinforces the critical role Victoria will play in shaping the future of quantum technology, talent and commercialisation.”
