Breakthrough Victoria-backed quantum company Infleqtion has become the first portfolio company supported by Breakthrough Victoria to list publicly, debuting on the New York Stock Exchange.
Infleqtion Inc (NYSE: INFQ), which designs and builds quantum computers, precision sensors and related software, closed its first day of trading at US$15.59 a share, representing a fivefold uplift on Breakthrough Victoria’s initial investment, according to the state-backed investor.
Founded in 2007 as ColdQuanta and spun out of the University of Colorado, Infleqtion supplies governments, enterprises and research institutions globally.
Its product portfolio includes quantum computing systems and sensing technologies, as well as its next-generation optical atomic clock for position, navigation and timing, known as Tiqker.
Breakthrough Victoria said the listing reflects its long-term strategy of investing in quantum technologies as a foundation for future economic growth and advanced manufacturing capability in Victoria.
Alongside Infleqtion, the fund has also backed Australian quantum company Quantum Brilliance, with the aim of anchoring critical skills and commercial activity in the state.
Breakthrough Victoria chief executive Rod Bristow said Infleqtion’s public debut marked a milestone for both the company and the local quantum sector.
“As Breakthrough Victoria’s first portfolio company to go public, Infleqtion demonstrates how world-class research, backed by strategic investment and global ambition, can be transformed into a billion-dollar enterprise,” he said.
“Their growth reinforces the role Victoria can play in shaping the future of quantum technology, talent and commercialisation.”
Infleqtion operates in Victoria from Melbourne Connect and CoLabs in Notting Hill, and is expanding its local footprint through collaborations, workforce development and product innovation.
The company is partnering with Swinburne University, University of Melbourne, RMIT University and CSIRO on next-generation quantum sensing platforms, and is exploring flight trials of quantum-based timing systems under the Industry Growth Program.
Infleqtion chief executive Matthew Kinsella said the listing would support the company’s long-term plans. “Going public provides a broader platform to pursue our mission in quantum technology,” he said.
“We intend to use the capital and access to public markets to accelerate our compute and product roadmaps on a global scale, while continuing to support the development of sovereign quantum capabilities in Australia.”
Victorian Minister for Economic Growth and Jobs Danny Pearson said the announcement highlighted the sector’s potential.
“We’re proud to be creating highly skilled jobs and driving economic growth in Victoria,” he said. “This is exciting news for Victoria’s thriving quantum technology sector.”
Breakthrough Victoria said it has made 87 investment commitments totalling more than $487 million to date.
An independent report by EY Parthenon found the portfolio is on track to generate $5.3 billion in economic impact for Victoria by 2035, underscoring the scale of ambition behind its investments in emerging technologies.
