Quantum hardware, error correction, and quantum-safe software.
Components that cannot be computed are dropped and the weights renormalize — never faked to neutral.
Undisclosed amounts count as zero capital; deals still count.
| # | Company | Valuation | Secondary vs Round | Last Round |
|---|---|---|---|---|
| 1 | Quantinuum | $11B as of 2025-Q4 | no mark | 2025-11-14 |
| 2 | PsiQuantum | $5.7B as of 2025-Q3 | -20.7% | 2025-09-09 |
| 3 | SandboxAQ | $5.1B as of 2025-Q2 | +24.1% | 2025-04-03 |
| 4 | Terra Quantum | $3.5B as of 2026-05 | no mark | 2022-03-31 |
| 5 | Quantum Systems | $3.3B as of 2025-Q4 | no mark | 2025-11-27 |
| 6 | Quantum Machines | $700M as of 2025-Q1 | no mark | 2025-02-25 |
| 7 | Iambic | $648M as of 2026-Q2 | -61.7% | 2026-04-08 |
| 8 | Pasqal | $594M as of 2023-Q1 | no mark | 2023-01-04 |
| 9 | Atom Computing | undisclosed | +401.5% | 2026-06-16 |
Methodology. Emerging Spaces groups the tracked private-company roster into curated thematic spaces and scores each space's momentum 0–100 from four disclosed-data components: trailing-90-day capital vs the prior 90 days (40%), deal-count acceleration on the same windows (25%), news activity per tracked company over 30 days (20%), and the median secondary-market premium to last round across the space's marked names (15%). Components that cannot be computed are dropped and the weights renormalize — the basis is disclosed per space. Quarterly trends derive from dated, disclosed rounds; undisclosed amounts count as zero capital. An attention map of disclosed activity — not a prediction, not investment advice.