← Quantinuum Inc. Class A Common Stock overview

Quantinuum Inc. Class A Common Stock vs Applied Digital: why the prices moved differently

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Quantinuum Inc. Class A Common Stock (QNT)

Q3 2026
▲3▼1

Quantinuum's first earnings beat lifts stock, but valuation risks loom

  • Strong first earnings and raised guidance Quantinuum's first public earnings showed Q2 revenue up 279% to $8 million, and the company raised full-year guidance above analyst expectations. The stock jumped over 21% on the news, boosting investor confidence.

    This is the primary new positive catalyst for QNT's price during the period.

  • New partnerships and cloud deal Quantinuum announced an industry-first Oracle Cloud deal for its Helios quantum computer, plus partnerships with Rolls-Royce and Saudi Aramco. These deals expand commercial reach and validate its technology.

    These new commercial agreements support future revenue growth and investor optimism.

  • Government funding and NVIDIA sector boost U.S. government funding for quantum computing and NVIDIA's quantum push lifted the entire sector, including Quantinuum. This external support provides validation and potential funding for QNT.

    Sector-wide tailwinds from government and a major tech player helped drive QNT's stock higher.

  • High valuation and profitability concerns Quantinuum remains tiny and unprofitable, with Q1 revenue down 73% year over year and widening losses. One analysis warned the stock could fall 67% due to an extremely high price-to-sales ratio, and analysts now demand revenue visibility.

    This is the main counterweight, highlighting significant risks that could pressure the stock if commercialization slows.

August 2026
▲3▼1

Quantinuum's first earnings beat lifts stock, but valuation risks loom

  • Strong first earnings and raised guidance Quantinuum's first public earnings showed Q2 revenue up 279% to $8 million, and the company raised full-year guidance above analyst expectations. The stock jumped over 21% on the news, boosting investor confidence.

    This is the primary new positive catalyst for QNT's price during the period.

  • New partnerships and cloud deal Quantinuum announced an industry-first Oracle Cloud deal for its Helios quantum computer, plus partnerships with Rolls-Royce and Saudi Aramco. These deals expand commercial reach and validate its technology.

    These new commercial agreements support future revenue growth and investor optimism.

  • Government funding and NVIDIA sector boost U.S. government funding for quantum computing and NVIDIA's quantum push lifted the entire sector, including Quantinuum. This external support provides validation and potential funding for QNT.

    Sector-wide tailwinds from government and a major tech player helped drive QNT's stock higher.

  • High valuation and profitability concerns Quantinuum remains tiny and unprofitable, with Q1 revenue down 73% year over year and widening losses. One analysis warned the stock could fall 67% due to an extremely high price-to-sales ratio, and analysts now demand revenue visibility.

    This is the main counterweight, highlighting significant risks that could pressure the stock if commercialization slows.

Latest
▲3

Quantinuum Adds New Partners as Quantum Sector Demands Real Revenue

  • Rolls-Royce turbine-design collaboration Quantinuum agreed to a multi-year project with Rolls-Royce, Riverlane and Edinburgh's supercomputing center to test quantum simulation of gas-turbine airflow on its Helios machine. It brings revenue and proves its hardware can tackle real industrial problems, supporting the stock.

    A new commercial/industrial validation that can drive future demand and revenue for QNT.

  • Aramco MOU opens energy-sector demand Quantinuum signed a non-binding MOU with Saudi Aramco to explore quantum computing for complex energy problems, including fault-tolerant systems. It is early-stage and non-binding, but signals a large potential customer and new market, which investors read as future demand.

    New partnership that expands Quantinuum's addressable market into energy.

  • NVIDIA's AI-Quantum Push Lifts Sector NVIDIA's huge data-center forecast and its NVQLink/quantum research center, where Quantinuum is a founding collaborator, highlight hybrid quantum-classical computing. That association and Quantinuum's $2.1 billion cash pile support its position in the commercialization race.

    New external catalyst tying QNT to the AI infrastructure buildout and sector demand.

  • Sector shifts from hype to revenue proof Analysts now judge quantum stocks on revenue visibility, not qubit milestones. Quantinuum's 279% growth and raised outlook stand out, but its tiny $8 million quarterly revenue and high valuation remain a real risk if commercialization slows.

    Captures the period's key investor shift and the main counterweight to QNT's price.

▲3▼1

Quantinuum's first earnings show strong growth and a major Oracle cloud deal

  • Q2 revenue jumps 279%, guidance raised above expectations Quantinuum reported Q2 revenue of $8 million, up 279% from a year earlier, and raised full-year 2026 guidance to $28–32 million, above the $26.5 million consensus. The stock jumped over 21% on the news, as investors saw the first public earnings as proof the business is growing fast.

    This is the period's biggest new positive catalyst, directly driving the stock higher.

  • Oracle partnership puts Helios quantum computer in Oracle Cloud Quantinuum announced an industry-first deal with Oracle to integrate its Helios quantum computer into Oracle's data center and offer it as a cloud service. This expands Quantinuum's reach to Oracle's business customers and opens a new sales channel for hybrid AI-quantum workloads.

    A new commercial partnership that broadens demand and validates the technology with a major cloud provider.

  • Government funding and quantum ETF momentum lift sector U.S. government commitments, including $625 million for research centers and $2 billion for domestic quantum foundries, have driven quantum ETFs up sharply this year. Quantinuum's 98-qubit Helios system was cited as a key breakthrough, boosting investor interest in the whole sector.

    Shows a broad, ongoing tailwind from government spending that supports QNT's valuation and demand outlook.

  • Valuation concerns and weak prior-year revenue remain a counterweight Before earnings, one analysis argued Quantinuum could fall 67% to $17 because its price-to-sales ratio is extremely high. The company's Q1 revenue had also fallen 73% year over year, and its operating loss widened, reminding investors that the business is still small and unprofitable.

    Provides the main bear case and risk that balances the positive earnings and partnership news.

Q2 2026
▲3▼1

Quantinuum's IPO and analyst praise drive gains, but IonQ leads on key tech

  • IPO raised $1.68B, stock up 45% Quantinuum's June IPO raised $1.68 billion, pricing above target, and the stock has surged 45% since. Wall Street analysts initiated coverage with strong buy ratings and price targets up to $155, boosting demand for QNT shares.

    This is the core new event that directly explains the stock's recent rise and investor enthusiasm.

  • Honeywell spinoff completed, $19.5B market cap Honeywell finished spinning off its aerospace unit, leaving Quantinuum as a standalone public company with a $19.5 billion market cap. Honeywell retains a 48.1% stake, which may support the stock through alignment and potential future actions.

    This corporate event solidifies Quantinuum's public status and highlights Honeywell's continued backing, a positive for QNT.

  • IonQ leads in 2-qubit gate fidelity IonQ achieved 99.99% two-qubit gate fidelity, surpassing Quantinuum's 99.92%. This technological edge could make IonQ more competitive in the race for practical quantum computers, potentially pressuring QNT's long-term market position.

    It's a direct competitive comparison that could weigh on QNT's valuation if investors favor IonQ's technology.

  • $100M government quantum initiative The Trump administration's $2 billion quantum computing initiative includes $100 million earmarked for Quantinuum. This government support provides funding and validation, strengthening QNT's growth prospects and investor confidence.

    It's a new external catalyst that adds to the bullish case for QNT.

June 2026
▲3▼1

Quantinuum's IPO and analyst praise drive gains, but IonQ leads on key tech

  • IPO raised $1.68B, stock up 45% Quantinuum's June IPO raised $1.68 billion, pricing above target, and the stock has surged 45% since. Wall Street analysts initiated coverage with strong buy ratings and price targets up to $155, boosting demand for QNT shares.

    This is the core new event that directly explains the stock's recent rise and investor enthusiasm.

  • Honeywell spinoff completed, $19.5B market cap Honeywell finished spinning off its aerospace unit, leaving Quantinuum as a standalone public company with a $19.5 billion market cap. Honeywell retains a 48.1% stake, which may support the stock through alignment and potential future actions.

    This corporate event solidifies Quantinuum's public status and highlights Honeywell's continued backing, a positive for QNT.

  • IonQ leads in 2-qubit gate fidelity IonQ achieved 99.99% two-qubit gate fidelity, surpassing Quantinuum's 99.92%. This technological edge could make IonQ more competitive in the race for practical quantum computers, potentially pressuring QNT's long-term market position.

    It's a direct competitive comparison that could weigh on QNT's valuation if investors favor IonQ's technology.

  • $100M government quantum initiative The Trump administration's $2 billion quantum computing initiative includes $100 million earmarked for Quantinuum. This government support provides funding and validation, strengthening QNT's growth prospects and investor confidence.

    It's a new external catalyst that adds to the bullish case for QNT.

▲3▼1

Quantinuum's IPO and analyst praise drive gains, but IonQ leads on key tech

  • IPO raised $1.68B, stock up 45% Quantinuum's June IPO raised $1.68 billion, pricing above target, and the stock has surged 45% since. Wall Street analysts initiated coverage with strong buy ratings and price targets up to $155, boosting demand for QNT shares.

    This is the core new event that directly explains the stock's recent rise and investor enthusiasm.

  • Honeywell spinoff completed, $19.5B market cap Honeywell finished spinning off its aerospace unit, leaving Quantinuum as a standalone public company with a $19.5 billion market cap. Honeywell retains a 48.1% stake, which may support the stock through alignment and potential future actions.

    This corporate event solidifies Quantinuum's public status and highlights Honeywell's continued backing, a positive for QNT.

  • IonQ leads in 2-qubit gate fidelity IonQ achieved 99.99% two-qubit gate fidelity, surpassing Quantinuum's 99.92%. This technological edge could make IonQ more competitive in the race for practical quantum computers, potentially pressuring QNT's long-term market position.

    It's a direct competitive comparison that could weigh on QNT's valuation if investors favor IonQ's technology.

  • $100M government quantum initiative The Trump administration's $2 billion quantum computing initiative includes $100 million earmarked for Quantinuum. This government support provides funding and validation, strengthening QNT's growth prospects and investor confidence.

    It's a new external catalyst that adds to the bullish case for QNT.

Applied Digital Corporation (APLD)

Q3 2026
▲3▼1

APLD Q4 Revenue Soars 407%, Backlog $36B, But Valuation and Sector Risks Loom

  • Fiscal Q4 Revenue Surges 407% to $258.7M, Beating Estimates Applied Digital reported fiscal Q4 revenue of $258.7 million, up 407% year over year, beating analyst estimates. The strong results reflect accelerating demand for AI data center capacity and improving execution, boosting investor confidence.

    This is the primary new financial result that drove positive sentiment during the period.

  • Contracted Lease Backlog Reaches $36B Across 1.41 GW Applied Digital's contracted lease backlog hit $36 billion across 1.41 GW, with over 70% backed by investment-grade hyperscalers. Management now expects to hit its $1 billion annual net operating income target three years early, signaling strong future cash flows.

    This new backlog figure and accelerated target highlight the scale of demand and future revenue visibility.

  • B. Riley Reiterates Buy with $66 Target; Sector Tailwinds B. Riley reiterated a Buy rating with a $66 price target, citing strong growth prospects. Sector momentum from Nvidia and CoreWeave added tailwinds, lifting Applied Digital shares as investors grew more optimistic about AI infrastructure demand.

    Analyst endorsement and sector momentum were key positive drivers during the quarter.

  • Valuation and Financing Risks Temper Bull Case Morgan Stanley initiated coverage with Equal-weight, citing lower returns on invested capital and financing risks. APLD's 526x forward P/E and $1.59 billion in 7% senior secured notes leave little margin for error, with customer concentration an ongoing concern.

    These new risk factors provide a necessary counterweight to the positive developments.

August 2026
▲3▼1

AI demand and $36B backlog drive APLD, but financing and peer risk weigh

  • AI data center demand remains red-hot Applied Digital's $36 billion lease pipeline and 167% revenue growth show strong demand for AI data centers. Goldman Sachs estimates $7.6 trillion in AI infrastructure spending through 2031, a huge tailwind. This supports the stock because it means more future revenue and growth.

    Explains the core demand driver behind APLD's move and its long-term growth potential.

  • Earnings beat and accelerated profit target Q4 revenue surged 407% to $258.7 million, beating estimates, and management now expects to hit its $1 billion annual net operating income target three years early. This shows the AI buildout is translating into real profits, pushing the stock up.

    Highlights the fundamental earnings strength that directly boosts investor confidence and the stock price.

  • Sector momentum from Nvidia and peers Nvidia's blowout earnings and strong guidance, plus CoreWeave's accelerating backlog, lifted AI infrastructure stocks including Applied Digital. Nvidia remains supply constrained, making contracted power and hosting capacity more valuable. This sector-wide demand signal pushes APLD higher.

    Shows how broader AI compute demand and peer results directly lift APLD's stock.

  • Financing risks and peer impairment IREN's $638.8 million impairment on obsolete mining gear triggered a sector selloff, with APLD down 7%. APLD's high forward P/E of 526x and $1.59 billion in 7% senior secured notes leave little cushion. Financing large projects and customer concentration remain real risks.

    Provides the key counterweight: financing and peer risks that can pressure APLD's stock.

Latest
▲3▼1

AI demand and $36B backlog drive APLD, but financing and peer risk weigh

  • AI data center demand remains red-hot Applied Digital's $36 billion lease pipeline and 167% revenue growth show strong demand for AI data centers. Goldman Sachs estimates $7.6 trillion in AI infrastructure spending through 2031, a huge tailwind. This supports the stock because it means more future revenue and growth.

    Explains the core demand driver behind APLD's move and its long-term growth potential.

  • Earnings beat and accelerated profit target Q4 revenue surged 407% to $258.7 million, beating estimates, and management now expects to hit its $1 billion annual net operating income target three years early. This shows the AI buildout is translating into real profits, pushing the stock up.

    Highlights the fundamental earnings strength that directly boosts investor confidence and the stock price.

  • Sector momentum from Nvidia and peers Nvidia's blowout earnings and strong guidance, plus CoreWeave's accelerating backlog, lifted AI infrastructure stocks including Applied Digital. Nvidia remains supply constrained, making contracted power and hosting capacity more valuable. This sector-wide demand signal pushes APLD higher.

    Shows how broader AI compute demand and peer results directly lift APLD's stock.

  • Financing risks and peer impairment IREN's $638.8 million impairment on obsolete mining gear triggered a sector selloff, with APLD down 7%. APLD's high forward P/E of 526x and $1.59 billion in 7% senior secured notes leave little cushion. Financing large projects and customer concentration remain real risks.

    Provides the key counterweight: financing and peer risks that can pressure APLD's stock.

July 2026
▲3

Applied Digital's AI Data Center Backlog Hits $36B as Earnings Soar

  • Fiscal Q4 Revenue Surges 407%, Beats Estimates Applied Digital reported Q4 revenue of $258.7 million, up 407% year over year, crushing the $94.8 million estimate. Adjusted earnings per share came in at 4 cents versus an expected 22-cent loss. This shows the AI data center buildout is translating into real, accelerating revenue, pushing the stock up.

    This is the core new financial result that directly answers why APLD is moving now.

  • Contracted Lease Backlog Reaches $36 Billion Across 1.41 GW On its earnings call, Applied Digital said it has 1.41 gigawatts of contracted IT load across five campuses, supporting about $36 billion in base-term lease revenue. Over 70% is backed by investment-grade hyperscalers. This massive backlog gives long-term cash flow visibility, boosting investor confidence and the stock.

    This is a new, concrete metric that quantifies the company's future revenue and validates demand.

  • B. Riley Reiterates Buy, $66 Target After EBITDA Beat B. Riley kept its Buy rating and $66 price target after Applied Digital's Q4 adjusted EBITDA of $42.4 million beat its $24.6 million estimate. The analyst also noted improving construction times and lower financing costs. This analyst endorsement reinforces the bullish case and supports the stock price.

    This is a new analyst action that directly reflects the earnings beat and provides a price target.

  • Morgan Stanley Initiates Equal-weight, Citing Lower Returns and Financing Risks Morgan Stanley started coverage with an Equal-weight rating and $36.50 target, noting Applied Digital's lower returns on invested capital and financing risks compared to peers. While it acknowledges the sizable lease portfolio, this cautious view tempers upside and could weigh on the stock.

    This is a new counterweight that provides a balanced view of the risks and limits the bullish narrative.

▲3

Applied Digital's AI Data Center Backlog Hits $36B as Earnings Soar

  • Fiscal Q4 Revenue Surges 407%, Beats Estimates Applied Digital reported Q4 revenue of $258.7 million, up 407% year over year, crushing the $94.8 million estimate. Adjusted earnings per share came in at 4 cents versus an expected 22-cent loss. This shows the AI data center buildout is translating into real, accelerating revenue, pushing the stock up.

    This is the core new financial result that directly answers why APLD is moving now.

  • Contracted Lease Backlog Reaches $36 Billion Across 1.41 GW On its earnings call, Applied Digital said it has 1.41 gigawatts of contracted IT load across five campuses, supporting about $36 billion in base-term lease revenue. Over 70% is backed by investment-grade hyperscalers. This massive backlog gives long-term cash flow visibility, boosting investor confidence and the stock.

    This is a new, concrete metric that quantifies the company's future revenue and validates demand.

  • B. Riley Reiterates Buy, $66 Target After EBITDA Beat B. Riley kept its Buy rating and $66 price target after Applied Digital's Q4 adjusted EBITDA of $42.4 million beat its $24.6 million estimate. The analyst also noted improving construction times and lower financing costs. This analyst endorsement reinforces the bullish case and supports the stock price.

    This is a new analyst action that directly reflects the earnings beat and provides a price target.

  • Morgan Stanley Initiates Equal-weight, Citing Lower Returns and Financing Risks Morgan Stanley started coverage with an Equal-weight rating and $36.50 target, noting Applied Digital's lower returns on invested capital and financing risks compared to peers. While it acknowledges the sizable lease portfolio, this cautious view tempers upside and could weigh on the stock.

    This is a new counterweight that provides a balanced view of the risks and limits the bullish narrative.

Q2 2026
▲4

Applied Digital's AI Data Center Buildout Accelerates with New Leases and On-Time Delivery

  • New 210 MW Hyperscaler Lease Adds $5.2B Contracted Revenue Applied Digital signed a 15-year lease with a high-investment-grade hyperscaler for 210 MW, expected to generate $5.2 billion in base revenue. This boosts future cash flow and validates demand, pushing the stock up as investors see growing backlog.

    This is a new major contract that directly increases APLD's future revenue and is a key reason for the recent price target hike.

  • Polaris Forge 1 Delivers Second Building, Live Capacity Hits 175 MW Applied Digital brought 75 MW online on schedule at Polaris Forge 1, reaching 175 MW of live capacity. This shows execution strength and supports revenue growth, lifting investor confidence and the stock price.

    This operational milestone demonstrates the company's ability to deliver on its backlog, a key driver of the stock's momentum.

  • Fiscal Q3 Revenue Surges 139%, Adjusted EBITDA $44.1M Applied Digital reported Q3 revenue of $126.6 million, up 139% year over year, with adjusted EBITDA of $44.1 million. Strong financial performance signals accelerating demand and improving profitability, pushing the stock higher.

    This is a new earnings report that confirms the company's rapid growth and is a fundamental driver of the stock's recent rise.

  • Montana-Dakota Utilities Signs Power Agreement for Polaris Forge 3 Montana-Dakota Utilities agreed to supply power to Applied Digital's proposed 430 MW AI factory in North Dakota. This secures critical infrastructure for future growth, boosting investor confidence in the company's expansion plans.

    This is a new agreement that de-risks the power supply for a major future campus, supporting the growth narrative.

June 2026
▲4

Applied Digital's AI Data Center Buildout Accelerates with New Leases and On-Time Delivery

  • New 210 MW Hyperscaler Lease Adds $5.2B Contracted Revenue Applied Digital signed a 15-year lease with a high-investment-grade hyperscaler for 210 MW, expected to generate $5.2 billion in base revenue. This boosts future cash flow and validates demand, pushing the stock up as investors see growing backlog.

    This is a new major contract that directly increases APLD's future revenue and is a key reason for the recent price target hike.

  • Polaris Forge 1 Delivers Second Building, Live Capacity Hits 175 MW Applied Digital brought 75 MW online on schedule at Polaris Forge 1, reaching 175 MW of live capacity. This shows execution strength and supports revenue growth, lifting investor confidence and the stock price.

    This operational milestone demonstrates the company's ability to deliver on its backlog, a key driver of the stock's momentum.

  • Fiscal Q3 Revenue Surges 139%, Adjusted EBITDA $44.1M Applied Digital reported Q3 revenue of $126.6 million, up 139% year over year, with adjusted EBITDA of $44.1 million. Strong financial performance signals accelerating demand and improving profitability, pushing the stock higher.

    This is a new earnings report that confirms the company's rapid growth and is a fundamental driver of the stock's recent rise.

  • Montana-Dakota Utilities Signs Power Agreement for Polaris Forge 3 Montana-Dakota Utilities agreed to supply power to Applied Digital's proposed 430 MW AI factory in North Dakota. This secures critical infrastructure for future growth, boosting investor confidence in the company's expansion plans.

    This is a new agreement that de-risks the power supply for a major future campus, supporting the growth narrative.

▲4

Applied Digital's AI Data Center Buildout Accelerates with New Leases and On-Time Delivery

  • New 210 MW Hyperscaler Lease Adds $5.2B Contracted Revenue Applied Digital signed a 15-year lease with a high-investment-grade hyperscaler for 210 MW, expected to generate $5.2 billion in base revenue. This boosts future cash flow and validates demand, pushing the stock up as investors see growing backlog.

    This is a new major contract that directly increases APLD's future revenue and is a key reason for the recent price target hike.

  • Polaris Forge 1 Delivers Second Building, Live Capacity Hits 175 MW Applied Digital brought 75 MW online on schedule at Polaris Forge 1, reaching 175 MW of live capacity. This shows execution strength and supports revenue growth, lifting investor confidence and the stock price.

    This operational milestone demonstrates the company's ability to deliver on its backlog, a key driver of the stock's momentum.

  • Fiscal Q3 Revenue Surges 139%, Adjusted EBITDA $44.1M Applied Digital reported Q3 revenue of $126.6 million, up 139% year over year, with adjusted EBITDA of $44.1 million. Strong financial performance signals accelerating demand and improving profitability, pushing the stock higher.

    This is a new earnings report that confirms the company's rapid growth and is a fundamental driver of the stock's recent rise.

  • Montana-Dakota Utilities Signs Power Agreement for Polaris Forge 3 Montana-Dakota Utilities agreed to supply power to Applied Digital's proposed 430 MW AI factory in North Dakota. This secures critical infrastructure for future growth, boosting investor confidence in the company's expansion plans.

    This is a new agreement that de-risks the power supply for a major future campus, supporting the growth narrative.

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