QNT · CIK 0002110105
What Quantinuum Inc. told the SEC could break it.
Quantinuum's register is dominated by concentration at every layer of an early quantum-computing business. Its revenue leans on a single unnamed customer that was 60% of FY2025 net revenue, with the U.S. Government another 16%; three of its four commercial quantum systems sit at one Colorado campus; and it depends on a single supplier — ordering through the Department of Energy — for the atomic samples its hardware needs. Cutting across all of it is policy risk: quantum computing is a designated critical and emerging technology, drawing tightening U.S. and allied export controls aimed squarely at quantum hardware, software and know-how.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- one customer 60% of FY2025 revenue; U.S. Government 16%high
Severe revenue concentration: one (unnamed) customer was 60% of FY2025 net revenue ($18.7M); the U.S. Government was another 16%.
“For the years ended December 31, 2025 and 2024 one customer accounted for .7 million which represented 60% and .6 million which represented 63% of Revenue—net, respectively . Additionally, for the years ended December 31, 2025 and 2024 revenues from the U.S. Government accounted for approximately .0 million which represented 16% and .1 million which represented 9% of Revenue—net, respectively.”
SEC filing →As of 2026
Geographic concentration
- 3 of 4 quantum systems at Colorado campusmedium
Three of four commercial quantum computing systems sit at the single Colorado campus (one at RIKEN, Japan), concentrating physical operational risk.
“We currently operate four commercial quantum computing systems, three of which are located at our Colorado campus and one on the RIKEN campus in Japan, with a fifth system currently expected to be deployed in Singapore in late 2026.”
SEC filing →As of 2026
Regulatory & policy
- export controls targeting quantum computing technologymedium
Quantum computing designated a critical/emerging technology; subject to growing US (EAR/OFAC) and allied export controls specifically targeting quantum hardware, software and related technology.
“Quantum computing technology has been identified as a critical and emerging technology by the U.S. government and other governments and is subject to increasing export control scrutiny. The United States, United Kingdom, Germany, Japan and other countries have implemented or proposed export controls specifically targeting quantum computing hardware, software, and related technology.”
Sole-source dependency
- single supplier for atomic samples (via Department of Energy)medium
Relies on a single supplier (materials ordered through the Department of Energy) for the atomic samples its quantum hardware needs; alternative suppliers not yet secured.
“While we are currently looking to engage additional suppliers, there is no guarantee we will be able to establish or maintain relationships with such additional suppliers on terms satisfactory to us. Reliance on any single supplier increases the risks associated with being unable to obtain the necessary atomic samples because the supplier may have limited supplies, have laboratory constraints, can be subject to unanticipated shutdowns and/or may be affected by natural disasters and other catastrophic events.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“(“AERO”), a wholly owned subsidiary of Honeywell, under which AERO will provide goods, services, and deliverables in relation to the fabrication of ion traps (“the 2026 SSSA”). The agreement term is ten years, with automatic five-year renewals, and includes reimbursement of labor and materials plus a 15% markup upon mutually agreed statements of work and purchase orders.”
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