Welcome back, everyone. Kingsley Crane, Technology Analyst here at Canaccord Genuity, covering quantum computing, infrastructure software, and AI. The timing of today's event is striking on two fronts. First, the science. The last 18 months have produced genuine breakthroughs in quantum error correction and have shortened estimates of what it takes to reach cryptographically relevant computation. Second, the capital. This morning, the U.S. Department of Commerce announced it's awarding $2 billion to nine quantum companies, including direct equity stakes in some that we're hosting today, including Infleqtion, and that's on top of DARPA's QBI and other sovereign programs. The technology is maturing faster than expected, sovereign capital's flowing in, and arguably for the first time, the public quantum universe is large enough for real portfolio construction. With us today, we have Infleqtion. They're trading on the New York Stock Exchange under ticker INFQ since February 17th. They're a full-spectrum neutral-atom quantum computing company. They're building both quantum computers and a portfolio of sensors, clocks, RF receivers from a common neutral atom core. Delighted to have with us today Pranav Gokhale, CTO, as well as Marcus Kupferschmidt, the Head of Investor Relations. Welcome to you both. I think they're going to lead off with a presentation today. Thank you very much. Before Pranav starts, I just want to make sure to remind you that any forward-looking statements are subject to risks and uncertainties, which you can find in our SEC filings. We will not be updating any forward-looking guidance today. With that, Pranav, please. Awesome. Thanks so much, Marcus, and thanks, Kingsley Crane. Good afternoon to all. My name is Pranav Gokhale. I'm the CTO and Co-Founder of Infleqtion. Indeed, today has been an incredibly exciting day, not just for Infleqtion, but for the entire quantum industry, for the U.S., and our allies. I think the announcement from Department of Commerce is really reflective of the fact that this technology is moving from what used to be the science funders and sometimes the defense funders into commerce. That's ultimately what Infleqtion is after, which is the broad-scale commercial adoption of quantum technology. What I'll do is just give you a quick overview of my personal background, which actually tells a little bit of the story of Infleqtion, then we'll share just a few slides of content to tell you what we're up to and reintroduce ourselves. By way of personal background, I'm the CTO and Co-Founder. My heritage at this company is via, I did my PhD inspired by what the CUDA software stack did for NVIDIA's GPUs. Getting that off the ground, we applied that to quantum computers or QPUs, taking the same insights from the CUDA compiler stack, the application stack, and seeing, could we force multiply the performance of underlying quantum hardware to get to real-world business use case sooner than otherwise possible? I spun a company out of that in 2020. In 2021, we were selling to every modality of quantum out there. We had customers, and still have customers, in superconducting qubits, in trapped ion qubits. In 2021, we met a company called ColdQuanta, which was building a newer type of qubit called a neutral atom qubit. We got incredibly excited about those neutral atoms because, as you'll see in a moment, they address real markets today in quantum sensing, and yet have, in our view, the most scalable approach to getting to real-world markets in quantum computing. We thought combining our software with that hardware company would be a magical thing, so we decided to team forces. That was May of 2022, just four years ago, and so that's when I joined the company. I've been here ever since. Why don't I go ahead and give you guys a flavor of what it is that we do under the hood. Marcus, if you could turn to the slide that has our glass cells. What you're looking at here is Infleqtion in a nutshell. I actually am holding one of these in my hand too. This device in my hand or on the screen is our neutral atom core. Everything that we do at Infleqtion traces to this hardware heritage from our hardware predecessor company, ColdQuanta. What I'm basically holding is outer space in my pocket. What we have here is a vacuum cell, and that means that the only thing inside of this chamber is the atoms that I want to be inside here. When I shine certain wavelengths of lasers at these atoms, I'm able to control those atoms in very special ways. Importantly, we span an entire spectrum of quantum products, from quantum computers to quantum sensors. Those are very different end applications, but in either case, they're the same underlying technology. It's really just a fine-tuning of how are the lasers configured, how are the atoms configured. It ultimately yields both quantum computing, the biggest revolution that's upcoming in computing since GPUs, as well as quantum sensing, which fundamentally changes the precision and accuracy of how well we can evaluate the world and make decisions. That's Infleqtion in a nutshell, if you take nothing away from this. Let me go one step deeper on the next slide, which is just the spectrum of products that we're building. Again, the core technology that we build is manufactured by Infleqtion. In fact, we sell it to a broad array of other neutral atom and trapped ion companies. The crown jewel of what we're building towards is our quantum computer, which we call Sqale. I'm assuming I don't have to preach to the choir here of what the value of quantum computing is, but I'll come back to the big announcement from today. I want to emphasize that the quantum computer that we're building also has these sensing verticals that it also effectively addresses. Tiqker is our most commercial product today. It's a next-generation atomic clock, and this clock is able to keep the time with orders of magnitude more precision and accuracy than previous generations of clocks. Why that matters is in data centers, in GPS-denied environments, in satellites, in radar systems, your performance is often limited by how good is your clock. What we've done is design a 3U server rack form factor clock that is drop-in replaceable with previous generations of clocks, but does 100x better performance. Next over, we have our Quantum Spectrum product called SqyWire, which is a technology that enables both consumer defense and commercial use cases for receiving the entire electromagnetic spectrum from hertz to terahertz in a device the size of a sugar cube. When we tell the star RF experts, they are blown away because this breaks all the rules of traditional RF communications and breaks them in a really good way. Historically, if you wanted to listen to certain frequencies, you would have to have an antenna the size of a 10 m long pole, et cetera. Now we're able to miniaturize that into this device the size of a sugar cube. Finally, eXaqt is our portfolio of inertial sensors. Most notably, you may have seen that we recently announced a $20 million program with NASA to launch a quantum gravity sensor, which is an inertial sensor on a satellite, that's going to help both scientific as well as, importantly, commercial use cases for figuring out what is underground. You can imagine that this technology has important implications for resource exploration, for mining, better than classical sensors can do. It also has national security implications of finding out what is happening underground, in tunnels, deep under earth, et cetera. Finally, software is my heritage. This is what we think is an incredibly strong force multiplier of our underlying hardware. Maybe one thing I'll mention here is we recently announced our selection for DARPA's HARQ program for Heterogeneous Architectures for Quantum. Interestingly, we're the only company that's building quantum computing hardware that is selected for the software track part to give you a flavor of how we're thinking about software as a force multiplier for all of these hardware technologies. That's the spectrum of what Infleqtion builds. Just on the next slide, I'll double-click on how real this is becoming. These are not just scientific lab demos. They were five years ago, but now in the last five years, what Infleqtion has done is we've taken it to the ground, under the sea, in the sky, and in space. In the ground, we installed the first and only operational 100qubit quantum computer at our customer site in the U.K., and also delivered as the only foreign company to Japan's Moonshot quantum computing program. Under the sea, we've done trials on submarines and Royal Navy vessels for position navigation and timing applications. In the sky, we've done the first ever successful flight of an optical atomic clock. That's our Tiqker product. In space, I mentioned this $20 million NASA program that we were selected for. We also very recently launched our technology to space, again, on board the International Space Station. That was launched, that just happened about 2.5 weeks ago. On the next slide, I'll just double-click on what we're up to in quantum computing and foreshadow a little bit of the announcement by Department of Commerce today. Neutral atom quantum computing is gone from a dark horse candidate to very much leading the pack in terms of the metrics that matter. In terms of the raw hardware inputs, we have set the commercial record for number of qubit capacity in a quantum computer. Specifically, we've done 1,600 qubits or atoms. We also have the commercial record in neutral atoms for the quality of our gates or 2 qubit gates. We've shown 99.73% entangling user-facing fidelities. When you put these two together, along with our software stack, you have the one metric that really matters, which is logical qubits. That is the single measuring stick of how close are we to using quantum computers for practical applications. In September 2025, we achieved 12 logical qubits. At our recent earnings call, we reiterated that we expect to achieve 30 logical qubits this year. On the next slide, as you may have seen before, this lays out a roadmap for getting to the inflection point for commercial use cases. We expect to hit 100 logical qubits in 2028, that is really the pivotal inflection point where quantum computing becomes commercially attractive, commercially useful. It's just the start of our curve to even 1,000 logical qubits in 2030. That's why this field has gotten so exciting. Until 2023 and 2024, no one had any logical qubits, let alone us, let alone Google, et cetera. That has shifted dramatically in the last couple of years. We showed 2 logical qubits in 2024 in conjunction with NVIDIA, jointly demonstrated the world's first material science application using logical qubits and co-processing with GPU. Again, 30 logical qubits, what we expect this year, 100 in 2028. On the next slide, I'll just highlight the places that we've actually deployed our quantum computers. We've shipped and delivered our systems to our customers in the U.K. and in Japan. We've also planned a very large quantum computer for deployment in Illinois at the Illinois Quantum and Microelectronics Park. We're also deploying our system over the cloud to customers, including large financial institution, and we've integrated our quantum software stack and hardware stack through the NVIDIA CUDA-Q platform. The last slide I'll end on is just the next one, which is a vision of how we're delivering value today and how quantum advantage rolls out. One thing that's really special about, in my eyes, of how Infleqtion is bringing quantum to market is, I've already talked about quantum sensing, which is commercial already today. Even in quantum computing, we found that we can take insights from quantum algorithms and deploy them very near term to GPUs to enable our customers to have better navigation, sensor data fusion, and spectrum awareness. This is a technology that we call contextual machine learning. It's inspired by quantum mechanics, but it runs today on GPU devices, even edge GPU devices. We've recently announced $1+ million contracts with customers like the U.S. Navy and the U.S. Army on specifically the software technology for getting a lot of the value of quantum in GPU today. Of course, we're laser-focused on getting QPU-enabled advantages, and we think that circa 2028, material science undergoes dramatic breakthroughs that are commercially relevant, thanks to the quantum computer that we're building. Shortly after that, accelerations to AI, ML, pharma, chemistry, and optimization. That's Infleqtion in a nutshell. We think this is an exciting commercial opportunity. We announced at our earnings call recently that we are expecting at least $40 million in revenue this year. Today's big announcement with Department of Commerce is that we've signed an LOI with the CHIPS program to receive $100 million in funding and investment from the U.S. government to really accelerate the path for neutral atom quantum computing and ensure that the U.S. and our allies have dominance in a really important technology. That's Infleqtion in a nutshell and some very exciting news today. I'll go ahead and pause here, Kingsley would welcome any questions. Great. Thanks, Pranav, for that wonderful background. I guess just to start on the CHIPS Act and the LOI that you signed, what do you think this means for Infleqtion? What do you think it means for the space in terms of validation? Then just thoughts on, I guess, the use of capital between building the quantum computer and also funding other quantum sensing initiatives. Sounds great. Let me start with the second piece. This CHIPS program, this $100 million announcement that we made is entirely on quantum computing. Again, everything that we do is a platform, so the advances that we make in quantum computing directly benefit our quantum sensing and vice versa. This is a quantum computing announcement. On the first piece, I think I'm going to borrow your term and double-click and foot stomp on it, which is validation, in two separate ways. First off, for all quantum companies, I think this is an important step where the U.S. government has issued, in my personal opinion, the signal that quantum computing is going to make a really big impact and that it can no longer be put in the research community and the scientist community. I come from that community. I know it's a really cool community, ultimately, it needs to be in the commerce world, which is why I'm so excited. This is not just a National Science Foundation program, but it's a Department of Commerce program, and a reflection of why upgrades and breakthroughs in material science and AI and national security are going to be enabled in quantum computing, and they need to happen in the U.S. and our allies. It's validating, I think, for all of quantum computing. It went through many, many rigorous evaluations by NIST over 6+ months. I think for us, frankly, we think it's great validation of the technology that we've been building. I started my career in trapped ion qubits. I did most of my PhD work in superconducting qubits. Neutral atom was the new kid on the block. It wasn't until recently that neutral atom went from, again, this dark horse to front-runner. I think for the U.S. government to identify through your 6+ month long conversations with us that this is a technology that is poised to make a big impact, and specifically for the Department of Commerce to select Infleqtion, I think we find certainly validating, and we think our customers will as well. We've asked this to many other presenters today, but given your history in trapped ion and then your work in superconducting, what opinions do you have about what modalities may look like in five years if it could be multipolar and you could be using different modalities for different types of problems? I guess just more simply, what excited you about neutral atom and Infleqtion? Yeah. In a nutshell, I'll give you two answers. They're both equally important in my mind. In quantum computing specifically, simply put, it's how many damn qubits can you hold? It's been challenging to go past, for other modalities, 100 qubits, 200 qubits or so. We don't have hubris around this. We think there will be breakthroughs that enable other qubit modalities to scale to thousands of qubits, et cetera. In neutral atom, it's already here. Infleqtion has demonstrated 1,600 qubits. That's the commercial record. Those are atoms. In fact, the absolute record is in academia, but it's using a neutral atom core that we sold to Caltech, and they used it to demonstrate 6,000 qubits. A lot of the journey has already been de-risked for neutral atoms on, simply put, are there enough qubits to run breakthrough computation? That's what really drew me in as point number one. Point number two was realizing this beautiful dual-wielding of technology products where we can address sensing markets as well. That's very unusual, and we took a lot of inspiration from NVIDIA. Everyone wants to compare themselves to NVIDIA, but I think there's a really nice parallel where today NVIDIA is an AI company, but they got there via selling their GPU technology to graphics. That's the G. Then scientific computing, then crypto mining, and then the crown jewel of AI. We think of it the same way where, right now, quantum is already commercial with neutral atoms for clocks. Up next is Quantum Spectrum, these RF receivers. Up next is inertial, and then quantum computing is not commercial yet, but it is on that cusp and getting here incredibly fast. We think by 2028 is when we have these 100 logical qubit machines, and that staged ability to do phased commercialization is important to the DNA of the company that we're building to focus on delivering not just for research customers, but actually for enterprise and for people who want to use quantum computers to build up capabilities that they have over their competitors. I think that's important to the core DNA. Having the sensing verticals helps us build that strategy out. That's what attracted me to neutral atoms. I continue to have optimism about other modalities. In the long-run future, I think they will all play a role. That's where our software stack continues to operate across every modality. We have customers still across multiple modalities. The DARPA HARQ program, for instance, we are selected for our ability to provide software that connects from superconducting qubits to trapped ion to neutral atom. Long run, we're optimistic about many of these technologies, but in the near term, I'm especially optimistic about neutral atom. Right. Yeah. Well said. Then I think the NVIDIA comparison makes sense. I don't think that the market fully appreciates the power of the platform or the synergies between sensing and compute. They're not disjoint. It's not just about diversification. I am curious if you could just talk a little bit more about if it creates a flywheel or where specifically does the sensing work help accelerate the compute roadmap or does it also translate into a cost or time savings in any material way? Good question. Let me give three specific examples, and I could abstract this as for a quantum computer to operate effectively, we need three things. We need superposition, we need entanglement, and we need the atoms, the qubits, to be very still. In fact, each of these properties are something that our quantum sensors push the frontier on and teach mutually how to make that even better. For instance, our atomic clock is effectively operating on the same principles that enable superposition. We get a very fine transition between different energy levels. Guess what? On the quantum computer, we use that technology to create superposition between energy levels. In our quantum RF receiver, our Quantum Spectrum technology, we excite our qubits to a state called the Rydberg state. The beauty is that's also how we achieve our gates on our quantum computer. Every investment that we make into making really good Rydberg states also helps us make very good entangling gates, 2 qubit gates on our quantum computer. We get our atoms to be extremely cold, but cold here just means very still. It is still operating at room temperature macroscopically. That is for our inertial sensor, but that same technology helps us build very high-quality qubits on our quantum computer. These are obviously very different applications, but under the hood, under the cover is the same underlying physics principles and same underlying software and theory. There is also a piece there about cost reduction, about size, weight, power cost, and reducing them. Our atomic clock used to be the size of two dinner tables. Using photonic integration, using better optical control, better atomics, we've been able to put it into a 3U form factor about the size of an Xbox. The same approach can be applied to quantum computing. Today, the design pressure is not to have one in your pocket, but we are able, in principle, to take what is currently the size of your dinner table and shrink it down dramatically. I think that expands the market for where our quantum computers can eventually go. It all comes back down to the lessons we learned from our atomic clock feed almost 1:1 to your quantum computer. That's really helpful in terms of the synergies there. I'm going to try to fit two more in. One, last week you had announced Quantum Spectrum, which is this iteration of your work in quantum sensing. Just would love to hear more of what was specifically new or is this more of a technology inflection point moment or is it more of an inflection in the market or perhaps both? I think both is a good characterization. This science technology for Quantum Spectrum has been known for years now, but it wasn't until recently that Infleqtion really started to pioneer this technology, that it has become crystal clear that there is absolutely defense and commercial use cases for it, and it's approaching the sensitivity levels, the size, weight, power levels to be fieldable. Part of this announcement is announcing that we now have an international customer base. We've sold these Quantum Spectrum systems in the U.S. and the U.K. and Australia. A signal that we see a very healthy level of demand for this technology because it not only is a beautiful technology, but aligns with the needs of GPS-denied environments, congested spectrum technology challenges that are really crippling defense ecosystems right now and have direct commercial impacts for high-frequency traders, for imaging and medical laboratories, et cetera. Lastly, I think the most important thing is to continue to progress toward building a fault-tolerant, commercially viable quantum computer and growing the sensing segment and all that. It is worth pointing out how efficient and how well-run Infleqtion has been run. Just any thoughts on that sort of operational efficiency and just understanding cash burn given the strong cash position today? Yeah. For those who aren't familiar, Infleqtion has a dramatically lower net cash burn than a lot of the other quantum companies out there now. In this going public process, we will take a very rigorous look at where can we push on the gas pedal faster in order to have high return on investment. I'd expect the cash burn number to start ticking up. We're extremely disciplined about making sure that we make high ROI investments. This also reflects on the general capital efficiency of both neutral atoms as technology. Our qubits are free from Mother Nature, but also about the commercial mindset where we funded so much for business with actual customer dollars instead of only from our IRAD investments. Of course, again, we see tremendous opportunities emerging to dive deep on accelerating roadmap, on bolstering our supply chain, on mass manufacturing, and we will lean in on those where appropriate, but still rooted in the same financial discipline that we've been proud to have. All right, we are running up on time. Pranav and Marcus, thank you so much for participating in this on what's a really monumental day for both Infleqtion and the industry. If there's anything else you'd like to leave the audience with, now would be the time. Yeah. Thanks so much for having us. I encourage folks to check out our press release. One of the cool things you'll see in there is the quote from NVIDIA, which has been one of our really solid partners on integrating quantum AI GPU together. I think reflective of how quantum has gone from kind of a weird technology bucket to NVIDIA is paying attention, every hyperscaler is paying attention. We're incredibly excited about what today's announcement means. Okay. Thanks again. Thank you so much.