Arqit, a UK-based quantum encryption company, has started trading on the NASDAQ this week as part of their business combination with special purpose acquisition company (SPAC) Centricus Acquisition Corporation which closed on September 3, 2021. The company now has outstanding shares of 140.3 million with a market cap currently exceeding $2 billion. Although the company has had minimal revenue to date, it recently released its QuantumCloud Release 1.0 and is now shipping it to twenty enterprise and governmental customers for integration and testing which will provide revenues starting in December 2021. The company indicates they already have signed contracts totaling $130 million which will provide revenue in the coming years. The company’s technology involves the secure distribution of symmetric encryption keys without using the public key infrastructure (PKI) in use today that will become vulnerable when large quantum computers are available. Their current product uses terrestrial distribution, but they plan on extending that to use satellites starting in 2023. For more about Arqit, you can view previous articles we have written about the company here, here, and here. And for more about the merger between Arqit and Centricus, you can read the press release announcing the closing of the transaction here.
September 10, 2021