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NEWSLETTER Weekly · Issue 004 · 17th August 2026 |
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At a glance
| • | Military quantum spending, state investment and commercial growth are accelerating across the sector. |
| • | Our portfolio company Quantum Elements was named a KPMG US Tech Innovator finalist. |
| • | Our Insights cover quantum banking and the growing talent gap. |
STORIES
South China Morning Post · 14/08/2026
Chinese Team Entangles Stored Atoms Across 420km of Fibre, Four Times the Previous Distance
Physicists at the University of Science and Technology of China, including Pan Jianwei, the physicist behind China's run of quantum communication records and the first Chinese winner of the UN's top basic science prize, have linked two clouds of laser-cooled rubidium atoms 420km apart through optical fibre, more than four times the previous distance for such memory-based experiments. The work, published in Physical Review Letters on 11 August, also beat the ceiling (320km) on how much quantum information can survive a direct fibre link.
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The Wall Street Journal · 14/08/2026
WSJ Reports BCG Finding That Enterprises Spent $300 Million on Quantum in 2025, Outranking Labs and Governments
Enterprise users spent $300 million on quantum computing in 2025, for the first time outranking research labs and governments combined, according to Boston Consulting Group. Its survey of 275 large companies found 62% spending at least $1 million a year on a designated programme. The Wall Street Journal reports Allstate exploring insurance pricing, HSBC shifting most of its growth towards encryption defences, and EY buying its own machine.
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The Quantum Insider· 10/08/2026
US Lawmakers Reportedly Seek 68% Rise in Military Quantum Spending to $567 Million
According to Bloomberg, the House of Representatives is expected to consider defence legislation raising annual military quantum spending by 68% to $567 million, with a parallel effort in the Senate. It would follow more than $2 billion in planned administration investment and June's executive orders on research and post-quantum cybersecurity. Bloomberg reports China has established a $10 billion national quantum laboratory, while Europe has committed nearly three times as much public money as the United States.
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Quantum Computing Report · 10/08/2026
Pasqal Achieves First On-Chip Atom Trapping Using Photonic Circuits in Place of Bulk Optics
Pasqal has become the first to trap atoms using laser light generated and routed entirely on a photonic chip, rather than through a table of bulk optics. In a proof-of-concept demonstration it held four rubidium atoms for 27.5 seconds, matching its conventional setup, and projects a fiftyfold reduction in future optical footprints. The work was done with Aeponyx, the photonics firm it bought last year, and tackles the bottleneck that has limited the scaling of neutral-atom systems.
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KSL News· 10/08/2026
Utah Governor Signs Executive Order Establishing State Quantum Initiative
Utah Governor Spencer Cox has signed an executive order creating a Quantum Coordination Council, led by the state's Office of Economic Development and drawing members from government, universities and industry. Its remit covers sensing, photonics, semiconductor manufacturing and high-performance computing, workforce pathways, a defence strategy, and a coordinated pursuit of federal funding. The order follows a federal executive order on quantum innovation, and states are now positioning themselves to compete for whatever money and programmes flow from it.
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MARKETS
Benzinga · 12/08/2026
Infleqtion Posts Record Q2 Revenue with 116% Growth and Ups 2026 Guidance on Demand Surge
Infleqtion reported second-quarter revenue of $12.6 million, up 116% year on year, and raised full-year guidance to roughly $43 million. The company also disclosed a Department of Commerce letter of intent for up to $100 million in proposed funding, which it says will keep manufacturing in the United States and with allies, and expects to demonstrate 30 error-corrected qubits this year.
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Investor's Business Daily · 11/08/2026
Quantinuum's First Results as a Public Company Pair $8 Million Revenue With an Oracle Order
Quantinuum reported second-quarter revenue of $8 million, up 279% year on year, in its first results since June's flotation, though one-time share-based costs from the listing pushed the net loss to $596.5 million against $2.1 billion in cash. The company says Sol, a 192-qubit machine, remains on schedule for 2027, ahead of the fully error-corrected Apollo in 2029. Oracle will buy a Helios system for its US cloud infrastructure, a positive signal that Oracle is confident customers will pay for access to a quantum machine sitting in its own data centre.
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Yahoo Finance · 11/08/2026
Quantum Computing Inc Reports Q2 Revenue Up 90-Fold to $5.6 Million and Closes NHanced Acquisition
Quantum Computing Inc reported second-quarter revenue of $5.6 million, up from $61,000 a year earlier and $3.7 million in the previous quarter, with a net loss of $11.8 million as operating expenses more than doubled to $21.8 million. It closed the NHanced Semiconductors acquisition, launching what it calls its Fab 2 initiative in advanced chip packaging, and reported a backlog of $42.5 million. Management put government subcontracts at 70 to 80% of the business, the customer base that has carried the company to commercial revenue.
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OUR PORTFOLIO
PORTCOS DIGEST
LinkedIn · 12/08/2026
Quantum Elements Named a Top-Ten Finalist in KPMG's US Tech Innovator Competition
Quantum Elements, a US quantum software company and one of Firgun's portfolio companies, has been named one of ten finalists in KPMG's Tech Innovator competition in the United States, cited for its digital twin technology. Its Constellation platform builds software models of quantum processors detailed enough to test error correction against realistic noise before hardware is touched. Chief executive Izhar Medalsy called the selection independent confirmation of the company's architecture and roadmap. KPMG screens entrants on business traction as well as technology, and the ten pitch on 19 August.
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INSIGHTS
Forbes Business Council · 06/08/2026
Quantum's Real Bottleneck May Be People Instead Of Capital - Dr. Kris Naudts
In a new opinion piece for the Forbes Business Council, our founding partner Dr Kris Naudts examines the quantum workforce. The piece looks at how the shortage has changed shape as hiring turns commercial, at why no country can staff its ambitions alone, at the pipelines now written into industrial policy across North America, Europe and Asia-Pacific, and at what China's position conceals. The question underneath is whether talent can be trained fast enough and retained at home before the early advantage window closes.
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Firgun Ventures Insights · 20/06/2026
The Quantum Asymmetry Every Bank Now Faces - Zeynep Koruturk, Dr. Kris Naudts, Donald Harmitt
In our quantum and finance Insights piece, we set out the defensive and commercial halves of quantum's arrival in banking. The cryptographic side runs from Google's decision to migrate its infrastructure by 2029, through the encryption behind payments and blockchains, to what harvest now, decrypt later means for traffic already intercepted. Risk simulation, bond pricing and portfolio construction fill the commercial half, where Infleqtion's tests on 14 years of S&P 500 data sit alongside options pricing research between Quantum Motion (Firgun Ventures Portco) and Goldman Sachs.
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UPCOMING EVENTS
8 September 2026 · Paris · 09:00-17:00
IPEM: The World's Private Capital Hub
IPEM Global in Paris is the ultimate international gathering for the private capital industry. Hosted annually each September at the prestigious Palais des Congrès, this high-octane summit serves as the world’s private capital hub. It brings together over 6,000 decision-makers from 50 countries—including 1,600 Limited Partners (LPs) and 900 General Partners (GPs)—for three intense days of deal-making and fundraising.
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13-18 September 2026 · Toronto & Online
IEEE Quantum Week 2026
IEEE Quantum Week 2026 is a premier event bringing together scientists, engineers, and industry leaders to turn quantum research into real-world technology. Held from September 13 to 18 in Toronto and online, the conference features top keynotes, research presentations, and a tech exhibit to help grow the global quantum community.
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16 September 2026 · Hedsor House, Maidenhead
Future Fifty Forum
Taking place on Wednesday 16 September, the Tech Nation Future Fifty Forum brings together the UK’s most elite, late-stage tech scaleups for an exclusive, invite-only summit. Operated by Tech Nation and powered by Founders Forum Group, this high-impact forum unites the country's fast-growing Series A+ and B+ tech founders with top-tier global venture capitalists and institutional allocators. Moving past generic tech panels, the forum delivers raw, peer-to-peer insights on driving international expansion, unlocking corporate partnerships, and navigating the late-stage fundraising landscape to build the next generation of global tech unicorns.
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WHERE WE'RE SPEAKING
16 September 2026 · Hedsor House, Maidenhead
Dr Kris Naudts to Speak at Future Fifty Forum
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2 October 2026 · Leuven, Belgium · 14:00-15:00
Dr Kris Naudts to Speak at Quantum Dealflow Live: Investor & Shark Tank Showcase — GQIG Quantum Infra Summit EU
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PODCAST
Time To Talk Quantum
TTQ is Firgun's in-house podcast hosted by co-founder Dr Kris Naudts. In each episode, Kris applies his innate curiosity to the cutting edge of quantum innovation, exploring its intersections with AI, health, finance, defence, and art — featuring conversations with the world's top entrepreneurs, experts, artists and investors driving the field from lab to market.
LISTEN NOW →6 episodes
DISCLAIMER
For information only. This newsletter is not financial, investment, legal or tax advice, and is not an offer or recommendation to buy, sell or hold any security. Firgun Ventures is not a registered investment adviser. Market data may be delayed or inaccurate, and past performance does not predict future results. Do your own research and seek professional advice before investing.
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