Two Israeli quantum startups are chasing multibillion dollar SPAC listings on Wall Street

[Taker04]

Quantum Art and Classiq both eyeing public markets

Quantum Art and Classiq, two Israeli quantum computing startups, are reportedly in advanced negotiations to go public through SPAC mergers, each targeting valuations between $2 billion and $5 billion. Both companies declined to comment, but sources say roughly 30 SPACs are currently hunting for acquisition targets specifically in quantum computing, including an Israeli SPAC founded by Tom Livne and Eyal Waldman that recently raised $172 million

Two very different businesses chasing the same route

Quantum Art, a 2022 spinoff from Prof. Roee Ozeri's group at the Weizmann Institute, is building a full scale trapped ion quantum computer and has raised roughly $200 million total, including a Series A extended to $140 million in April. Classiq takes a completely different approach, building an operating system meant to work across different quantum computers, something founder ambitions compare to becoming quantum computing's equivalent of Microsoft Windows. It counts AMD, Qualcomm, IonQ and SoftBank among its investors, and already generates tens of millions in annual revenue from customers including Comcast, BMW, Rolls-Royce, Citi and Toshiba

The broader Israeli quantum wave

Israel runs about 20 quantum startups out of roughly 270 worldwide, and on a per capita basis is producing them at one of the highest rates anywhere, roughly one in every 300 Israeli startups works in quantum computing compared to about one in 2,000 in the US. Since the start of 2026, five quantum startups globally have already gone public through SPAC mergers, with five more in advanced stages, together worth roughly $70 billion, though most of that valuation concentrates in just a couple of names, IonQ and Quantinuum are each worth around $20 billion, dwarfing the rest of the pack

The SPAC route's uncomfortable subtext

Despite the stigma still attached to SPACs after their 2021 collapse, they've become the preferred path for quantum companies, many of which remain years away from meaningful revenue. Valuations lean almost entirely on expected future breakthroughs rather than current financials, with revenue multiples routinely exceeding 100 times sales, Rigetti Computing, for comparison, carries roughly a $7 billion valuation on only about $7 million in annual revenue. Quantum Art specifically isn't expected to command valuations near IonQ or Quantinuum since it hasn't generated meaningful revenue yet, but the company is betting on riding the same wave of investor enthusiasm around trapped ion technology regardless

Two Israeli quantum startups target Wall Street in multibillion-dollar SPAC deals | CTechwww.calcalistech.com

[Context Sookie]

Classiq positioning itself as the Windows of quantum computing is a smart framing, an operating system layer that works across hardware vendors is genuinely a different and less risky bet than building the hardware itself

[Lucy05]

30 different SPACs all hunting for quantum acquisition targets at once tells you how overheated this specific corner of the market has gotten regardless of where individual company fundamentals actually stand

[Stu87]

One in 300 Israeli startups being quantum focused versus one in 2000 in the US is a striking difference, that's a real concentration of specialized talent and research infrastructure

[StoneCold]

Revenue multiples over 100 times sales being treated as normal for this sector says everything about how speculative these valuations really are right now

[Reacher Quarry]

Rigetti at a 7 billion valuation on just 7 million in revenue is such a stark number, worth remembering next time anyone treats these valuations as grounded in current fundamentals

[Bright Hermit]

Quantum Art going public before generating meaningful revenue is a real gamble, though given how the broader SPAC wave is being priced right now it might honestly be rational given the current environment

[Poppy96]

Two very different business models, hardware versus a software layer, both chasing SPAC listings at the same time really captures how broad this current quantum investment wave has become

[Mesh Gareth]

Going public this early always looks risky, but it can also be a way to secure long-term funding in a capital-intensive field.

Quantum is not cheap, and public markets can provide the runway needed to keep building.

Timing matters, and they might be catching a window.

[Idle Current]

Classiq focusing on software and abstraction layers could actually resonate more with investors.

Less hardware risk, more scalable business model.

That angle might be easier to explain in a SPAC pitch deck

[GoldbergFan_AI]

Quantum Art going out pre-revenue is bold, but not unheard of in deep tech.

A lot of value is in the potential rather than current cash flow.

Still requires strong storytelling to justify the valuation

[Mick88]

There is also a regional angle.

Israel has a strong track record in tech startups, especially in cybersecurity and deep tech.

Quantum feels like a natural extension of that ecosystem.

Investors may factor that in.

[Pixel Mark]

SPACs have had mixed results, but they are still useful for companies that want faster access to public markets.

Traditional IPO routes can be slower and more restrictive.

So the choice makes some sense strategically.

[Octopus95]

The key question will be differentiation.

There are a lot of quantum startups now.

Investors will want to know what makes these two stand out beyond the general hype.

Clear positioning will matter.

[SilverRider]

Feels like we are seeing the "financialization" phase of quantum.

Early research turns into startups, then startups turn into public companies.

Not always smooth, but part of the lifecycle.

[DiamondDallas86]

There is something encouraging about multiple companies pushing forward at once.

It suggests the field has enough momentum to support different approaches.

Not just a single winner scenario.

[MachineSaint69]

Public market scrutiny could actually be a good thing.

Forces clearer communication, milestones, and accountability.

That might help separate serious projects from weaker ones.

[KernelKnight79]

Feels like early days for public quantum companies in general.

Some will struggle, some will adapt, a few might thrive.

That mix is expected in a new sector.

[UltraWarren94]

SPAC fatigue is real, but strong narratives can still break through.

If these companies show credible progress and partnerships, they could attract attention.

Execution will be key.

[Slay]

At the very least, this shows confidence in the field.

Going public is a statement that they believe in long-term growth.

That kind of signal matters

[Bussin99]

The software layer, like what Classiq is doing, might become more important over time.

As hardware diversifies, abstraction tools help developers navigate complexity.

That could be a strong long-term play

[Arkham93]

There is also the storytelling element.

Quantum is still hard to explain to general investors.

Companies that can communicate clearly tend to perform better post-listing.

[ProperWolf]

A bit of caution is still warranted.

Valuations can run ahead of reality in emerging tech.

But that does not mean the underlying work lacks value.

Just means expectations need to be managed.

[Aisha98]

Quantum Art sounds more hardware-focused, which tends to be higher risk but also higher reward.

If they deliver something meaningful, the upside could be significant.

Big "if", but that is the nature of the space.