The trend of going public via a shell company via SPAC is celebrating a comeback. What is particularly striking is the high rate of quantum computing companies taking this route.
• SPACs are making a comeback
• Quantum computing companies benefit
• Investment in quantum SPAC remains risky
SPAC IPOs are making a comeback. A SPAC, short for special-purpose acquisition company, is a company that is essentially an empty stock market shell. The only purpose is to be on the stock exchange and collect investor money in order to merge with or take over another existing company if necessary and thus help it through the back door onto the trading floor.
After this option for an IPO was very popular a few years ago, the trend quickly cooled down again. However, SPAC IPOs will make a comeback in 2026, explains University of Florida finance professor Jay Ritter, according to Barron’s. He is talking about around 20 SPAC IPOs per month that would be completed.
Quantum computing companies particularly often go public with SPACs
There is one corporate sector in particular where a SPAC is very popular: the quantum computing sector. Industry giants D-Wave Quantum, Rigetti Computing and IonQ have all ventured onto the stock exchange floor via SPAC within the last five years.
In 2026, three new quantum companies have already joined the SPAC trend: Infleqtion made its stock market debut via the abbreviation in February, followed by Horizon Quantum in March. Xanadu Quantum Technologies followed at the end of the same month.
Meanwhile, at least one more quantum SPAC is planned this year. IQM is aiming to enter the trading floor by merging with the shell company Real Asset Acquisition, as the company announced in April.
Quantinuum, a subsidiary of Honeywell International and a British startup, is not targeting a SPAC IPO, but rather a traditional IPO. As Barron’s writes with reference to insiders, this IPO could also take place in 2026.
Why now?
Given that there was not a single SPAC IPO in the quantum computing space last year, the question arises as to why there will be a real boom in 2026. One possible answer lies in the hype that quantum stocks have experienced, particularly in the last year. Quantum technology specialists are now trying to capitalize on this enthusiasm, even if the peak of euphoria may already have been passed.
This is what a look at the price development of the D-Wave Quantum share suggests: In 2025, the D-Wave Quantum share was able to more than triple in value. Since the start of 2026, the NYSE has fallen by more than 30 percent to most recently $18.27 (closing price on April 29, 2026).
Access to capital
The fact that it is often quantum computing companies that choose a SPAC IPO for their debut may be due to the fact that many of them are still in the early stages of commercialization. Xandau CEO Christian Weedbrook tells Barron’s: “That means access to capital” and further “the public market is far larger than the private market, and you wouldn’t need access to this extensive capital if you weren’t willing to scale.”
Wasiq Bokhari of quantum company Pasqal also believes that the company’s upcoming SPAC merger and subsequent IPO is the first step towards a truly global presence. “The U.S. markets are the leading markets in terms of access to capital and depth of capital,” Bokhari said, according to Barron’s. “I think that’s common knowledge.”
At the same time, the success of quantum companies that are already listed could also be a reason to encourage other industry representatives to go public. In 2025, IonQ became the first “pure” quantum company to generate GAAP annual revenue of more than $100 million, which speaks for concrete customer demand.
High-risk investments
Nevertheless, an investment in quantum stocks remains risky due to their volatility, as can also be seen from the share performance of IonQ: In the last 52 weeks, the share on the NYSE has had a range between $25.89 and $84.64. The stock was last quoted at $42.11 (closing price on April 29, 2026).
After all: The stock market newcomers Xanadu and Infleqtion recently received positive analyst ratings, as Barron’s writes. Citi Research rates Infleqtion a “Buy,” while Northland Capital Markets rates Xanadu “Outperform.”
Anyone who wants to take advantage of the opportunity and invest in a SPAC should be aware of the risk. As Ritter told Barron’s, most SPACs would experience “massive redemptions and sharp declines in stock prices post-merger.” However, investors would “generally not lose much money due to the high redemption rates in the public market.”
Specifically, the expert compiled data from SPACs from the last five years, which shows that the merged listed companies lost an average of 60 percent of their value in the twelve months after the merger. In addition, in the specific area of quantum computing, this industry is generally difficult to predict, as none of the quantum companies that are already listed are profitable yet. The commercial applications of the technology are still limited, but there is an upward trend. Nevertheless, a quantum investment remains primarily speculative, argues Barron’s.
Martina Köhler, editorial team at finanzen.net
By the way: D-Wave Quantum and other US stocks can even be traded on finanzen.net ZERO until 11 p.m. (without order fees, plus spreads). Open a depot now for free and secure a new customer bonus!
Selected leverage products on D-Wave Quantum
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the lever you want and we will show you suitable open-end products on D-Wave Quantum
The leverage must be between 2 and 20
Advertising
