20 lesser-known publicly traded companies across the full quantum economy. Supply chain enablers, photonics specialists, post-quantum security plays, and global programs most investors haven't discovered yet.

Company

Price & Valuation

FV & Narrative

Valuation

Growth

Analyst Target

TER

Teradyne

US$418.79n/a

14.7%7D

30.3%3M

The author hasn't set a fair value for TER

LITE

Lumentum Holdings

US$926.14n/a

13.8%7D

4.1%3M

The author hasn't set a fair value for LITE

INFQ

Infleqtion

US$12.86n/a

10.0%7D

21.0%3M

The author hasn't set a fair value for INFQ

Fabrinet

US$570.22n/a

8.2%7D

-15.9%3M

The author hasn't set a fair value for FN

IQE

UK£0.51n/a

9.1%7D

58.4%3M

The author hasn't set a fair value for IQE

COHR

Coherent

US$325.83n/a

0.2%7D

-7.9%3M

The author hasn't set a fair value for COHR

KEYS

Keysight Technologies

US$357.82n/a

6.7%7D

4.0%3M

The author hasn't set a fair value for KEYS

TSEM

Tower Semiconductor

US$265.48n/a

5.1%7D

5.7%3M

The author hasn't set a fair value for TSEM

IPGP

IPG Photonics

US$85.79n/a

1.1%7D

-24.3%3M

The author hasn't set a fair value for IPGP

WKEY

WISeKey International Holding

US$6.63n/a

1.1%7D

-21.1%3M

The author hasn't set a fair value for WKEY

BTQ

BTQ Technologies

CA$5.60n/a

1.8%7D

45.1%3M

The author hasn't set a fair value for BTQ

BT.A

BT Group

UK£1.98n/a

1.7%7D

-14.6%3M

The author hasn't set a fair value for BT.A

QUBT

Quantum Computing

US$9.01n/a

0.9%7D

-2.3%3M

The author hasn't set a fair value for QUBT

SKYT

SkyWater Technology

US$32.46n/a

0%7D

-7.0%3M

The author hasn't set a fair value for SKYT

AIR

Airbus

€214.25n/a

-0.2%7D

26.7%3M

The author hasn't set a fair value for AIR

RTX

US$222.97n/a

-0.5%7D

27.8%3M

The author hasn't set a fair value for RTX

6702

Fujitsu

JP¥3,664.00n/a

-1.5%7D

10.0%3M

The author hasn't set a fair value for 6702

VOW3

Volkswagen

€73.22n/a

-2.9%7D

-16.4%3M

The author hasn't set a fair value for VOW3

HON

Honeywell International

US$233.96n/a

-3.7%7D

-46.1%3M

The author hasn't set a fair value for HON

6588

Toshiba Tec

JP¥3,115.00n/a

-9.7%7D

0.2%3M

The author hasn't set a fair value for 6588

Company

Price & Valuation

FV & Narrative

Valuation

Growth

Analyst Target

TER

Teradyne

14.7%7D

30.3%3M

US$418.79

n/a

The author hasn't set a fair value for TER

PE 56.9x

E 21.7%

US$449.80

LITE

Lumentum Holdings

13.8%7D

4.1%3M

US$926.14

n/a

The author hasn't set a fair value for LITE

PS 27.2x

E 104.4%

US$1,148.30

INFQ

Infleqtion

10.0%7D

21.0%3M

US$12.86

n/a

The author hasn't set a fair value for INFQ

PB 5x

E -15.5%

US$20.60

Fabrinet

8.2%7D

-15.9%3M

US$570.22

n/a

The author hasn't set a fair value for FN

PE 48.5x

E 22.3%

US$732.44

IQE

9.1%7D

58.4%3M

UK£0.51

n/a

The author hasn't set a fair value for IQE

PS 6.9x

E 65.0%

UK£0.61

COHR

Coherent

0.2%7D

-7.9%3M

US$325.83

n/a

The author hasn't set a fair value for COHR

PE 82.9x

E 41.8%

US$410.76

KEYS

Keysight Technologies

6.7%7D

4.0%3M

US$357.82

n/a

The author hasn't set a fair value for KEYS

PE 57x

E 14.8%

US$388.33

TSEM

Tower Semiconductor

5.1%7D

5.7%3M

US$265.48

n/a

The author hasn't set a fair value for TSEM

PE 103.4x

E 50.6%

US$321.32

IPGP

IPG Photonics

1.1%7D

-24.3%3M

US$85.79

n/a

The author hasn't set a fair value for IPGP

PE 132.4x

E 55.7%

US$126.21

WKEY

WISeKey International Holding

1.1%7D

-21.1%3M

US$6.63

n/a

The author hasn't set a fair value for WKEY

PS 2.8x

E 140.2%

n/a

BTQ

BTQ Technologies

1.8%7D

45.1%3M

CA$5.60

n/a

The author hasn't set a fair value for BTQ

PB 44.1x

S 146.4%

n/a

BT.A

BT Group

1.7%7D

-14.6%3M

UK£1.98

n/a

The author hasn't set a fair value for BT.A

PE 18.1x

E 9.7%

UK£2.25

QUBT

Quantum Computing

0.9%7D

-2.3%3M

US$9.01

n/a

The author hasn't set a fair value for QUBT

PB 1.3x

E 59.2%

US$18.33

SKYT

SkyWater Technology

0%7D

-7.0%3M

US$32.46

n/a

The author hasn't set a fair value for SKYT

PE 13.6x

S n/a

US$35.00

AIR

Airbus

-0.2%7D

26.7%3M

€214.25

n/a

The author hasn't set a fair value for AIR

PE 28.6x

E 14.7%

€230.96

RTX

-0.5%7D

27.8%3M

US$222.97

n/a

The author hasn't set a fair value for RTX

PE 38.8x

E 10.3%

US$232.27

6702

Fujitsu

-1.5%7D

10.0%3M

JP¥3,664.00

n/a

The author hasn't set a fair value for 6702

PE 20x

E 9.6%

JP¥4,604.62

VOW3

Volkswagen

-2.9%7D

-16.4%3M

€73.22

n/a

The author hasn't set a fair value for VOW3

PE 7x

E 23.3%

€105.31

HON

Honeywell International

-3.7%7D

-46.1%3M

US$233.96

n/a

The author hasn't set a fair value for HON

PE 9x

E -24.0%

US$264.53

6588

Toshiba Tec

-9.7%7D

0.2%3M

JP¥3,115.00

n/a

The author hasn't set a fair value for 6588

PE 35x

E 35.7%

JP¥4,050.00

Company	Price & Valuation	FV & Narrative	Valuation	Growth	Analyst Target
TER Teradyne US$418.79n/aintrinsic discount 14.7%7D 30.3%3M The author hasn't set a fair value for TER
LITE Lumentum Holdings US$926.14n/aintrinsic discount 13.8%7D 4.1%3M The author hasn't set a fair value for LITE
INFQ Infleqtion US$12.86n/aintrinsic discount 10.0%7D 21.0%3M The author hasn't set a fair value for INFQ
FN Fabrinet US$570.22n/aintrinsic discount 8.2%7D -15.9%3M The author hasn't set a fair value for FN
IQE IQE UK£0.51n/aintrinsic discount 9.1%7D 58.4%3M The author hasn't set a fair value for IQE
COHR Coherent US$325.83n/aintrinsic discount 0.2%7D -7.9%3M The author hasn't set a fair value for COHR
KEYS Keysight Technologies US$357.82n/aintrinsic discount 6.7%7D 4.0%3M The author hasn't set a fair value for KEYS
TSEM Tower Semiconductor US$265.48n/aintrinsic discount 5.1%7D 5.7%3M The author hasn't set a fair value for TSEM
IPGP IPG Photonics US$85.79n/aintrinsic discount 1.1%7D -24.3%3M The author hasn't set a fair value for IPGP
WKEY WISeKey International Holding US$6.63n/aintrinsic discount 1.1%7D -21.1%3M The author hasn't set a fair value for WKEY
BTQ BTQ Technologies CA$5.60n/aintrinsic discount 1.8%7D 45.1%3M The author hasn't set a fair value for BTQ
BT.A BT Group UK£1.98n/aintrinsic discount 1.7%7D -14.6%3M The author hasn't set a fair value for BT.A
QUBT Quantum Computing US$9.01n/aintrinsic discount 0.9%7D -2.3%3M The author hasn't set a fair value for QUBT
SKYT SkyWater Technology US$32.46n/aintrinsic discount 0%7D -7.0%3M The author hasn't set a fair value for SKYT
AIR Airbus €214.25n/aintrinsic discount -0.2%7D 26.7%3M The author hasn't set a fair value for AIR
RTX RTX US$222.97n/aintrinsic discount -0.5%7D 27.8%3M The author hasn't set a fair value for RTX
6702 Fujitsu JP¥3,664.00n/aintrinsic discount -1.5%7D 10.0%3M The author hasn't set a fair value for 6702
VOW3 Volkswagen €73.22n/aintrinsic discount -2.9%7D -16.4%3M The author hasn't set a fair value for VOW3
HON Honeywell International US$233.96n/aintrinsic discount -3.7%7D -46.1%3M The author hasn't set a fair value for HON
6588 Toshiba Tec JP¥3,115.00n/aintrinsic discount -9.7%7D 0.2%3M The author hasn't set a fair value for 6588

The Quantum Undercard

Watching

Watching

Company	Price & Valuation	FV & Narrative	Valuation	Growth	Analyst Target
TER Teradyne 14.7%7D 30.3%3M	US$418.79 n/aintrinsic discount	The author hasn't set a fair value for TER	PE 56.9x	E 21.7%	US$449.80
LITE Lumentum Holdings 13.8%7D 4.1%3M	US$926.14 n/aintrinsic discount	The author hasn't set a fair value for LITE	PS 27.2x	E 104.4%	US$1,148.30
INFQ Infleqtion 10.0%7D 21.0%3M	US$12.86 n/aintrinsic discount	The author hasn't set a fair value for INFQ	PB 5x	E -15.5%	US$20.60
FN Fabrinet 8.2%7D -15.9%3M	US$570.22 n/aintrinsic discount	The author hasn't set a fair value for FN	PE 48.5x	E 22.3%	US$732.44
IQE IQE 9.1%7D 58.4%3M	UK£0.51 n/aintrinsic discount	The author hasn't set a fair value for IQE	PS 6.9x	E 65.0%	UK£0.61
COHR Coherent 0.2%7D -7.9%3M	US$325.83 n/aintrinsic discount	The author hasn't set a fair value for COHR	PE 82.9x	E 41.8%	US$410.76
KEYS Keysight Technologies 6.7%7D 4.0%3M	US$357.82 n/aintrinsic discount	The author hasn't set a fair value for KEYS	PE 57x	E 14.8%	US$388.33
TSEM Tower Semiconductor 5.1%7D 5.7%3M	US$265.48 n/aintrinsic discount	The author hasn't set a fair value for TSEM	PE 103.4x	E 50.6%	US$321.32
IPGP IPG Photonics 1.1%7D -24.3%3M	US$85.79 n/aintrinsic discount	The author hasn't set a fair value for IPGP	PE 132.4x	E 55.7%	US$126.21
WKEY WISeKey International Holding 1.1%7D -21.1%3M	US$6.63 n/aintrinsic discount	The author hasn't set a fair value for WKEY	PS 2.8x	E 140.2%	n/a
BTQ BTQ Technologies 1.8%7D 45.1%3M	CA$5.60 n/aintrinsic discount	The author hasn't set a fair value for BTQ	PB 44.1x	S 146.4%	n/a
BT.A BT Group 1.7%7D -14.6%3M	UK£1.98 n/aintrinsic discount	The author hasn't set a fair value for BT.A	PE 18.1x	E 9.7%	UK£2.25
QUBT Quantum Computing 0.9%7D -2.3%3M	US$9.01 n/aintrinsic discount	The author hasn't set a fair value for QUBT	PB 1.3x	E 59.2%	US$18.33
SKYT SkyWater Technology 0%7D -7.0%3M	US$32.46 n/aintrinsic discount	The author hasn't set a fair value for SKYT	PE 13.6x	S n/a	US$35.00
AIR Airbus -0.2%7D 26.7%3M	€214.25 n/aintrinsic discount	The author hasn't set a fair value for AIR	PE 28.6x	E 14.7%	€230.96
RTX RTX -0.5%7D 27.8%3M	US$222.97 n/aintrinsic discount	The author hasn't set a fair value for RTX	PE 38.8x	E 10.3%	US$232.27
6702 Fujitsu -1.5%7D 10.0%3M	JP¥3,664.00 n/aintrinsic discount	The author hasn't set a fair value for 6702	PE 20x	E 9.6%	JP¥4,604.62
VOW3 Volkswagen -2.9%7D -16.4%3M	€73.22 n/aintrinsic discount	The author hasn't set a fair value for VOW3	PE 7x	E 23.3%	€105.31
HON Honeywell International -3.7%7D -46.1%3M	US$233.96 n/aintrinsic discount	The author hasn't set a fair value for HON	PE 9x	E -24.0%	US$264.53
6588 Toshiba Tec -9.7%7D 0.2%3M	JP¥3,115.00 n/aintrinsic discount	The author hasn't set a fair value for 6588	PE 35x	E 35.7%	JP¥4,050.00