$3 WATCH OUT !!!, page-4

So if I were to DYOR, and try to arrive at a $ value for AXE right now......

daunting task because I do not see a single peer that I can use.

Let's look at the peers Pitt Street listed.







The quantum peers on the right are ALL operating remote from clients and offering cloud access. Straightaway, that is the opposite of AXE developing devices that are more of the consumer electronics variety. Stand alone devices.

Also, Rigetti and D-Wave are superconducting quantum platforms. They're not delivering the type of quantum compute that generates great revenue. Their share prices are in the USD 1-2 range. Rigetti on NASDAQ. Dwave on NYSE.

IONQ uses photonic quantum computing. Raised millions privately for years and finally listed in 2021.
Share price USD 9.55.
Revenue USD 6 million. with promises for expansion.

Quantimuum uses photonic computing, is privately held but is a subsidiary of Honeywell . It has JPMorgan as a major research partner and has easier fund raising. USD 300 million raised recently to build on its work to date that is valued at USD 5 billion pre-money.
Current revenue USD 71 million.
Projected to earn USD 2 billion in 2026, based on estimates of number of error corrected qubits that will be available.

To add to the difficult assignment of AXE valuation, there are no Australian quantum computing peers listed on the ASX. None of the US or Australian peers uses the type of quantum material AXE uses.
Diraq is a non listed Australian quantum company that uses electron spin qubits but in silicon. It has a similar strategy to AXE in that it leverages existing semiconductor production nodes like CMOS to slip quantum into digital life as painlessly as possible. BUT their qubits are refrigerated.

Clearly no peer comparisons help. So I treat AXE on its own merits and work backwards from around $3 briefly in 2021.

Back then - we only had the 12CQ patent approved by a few jurisdictions. Said patent was for a quantum device at room temperature.
- we had no qubit material coherence times to speak of
- integrating into CMOS and HEMT were a long way off
- super computer simulations of the quantum properties needed in the carbon material had not been done
- no discussions with tier 1 TSMC fab or Global Foundries
- no control and read out of qubits
- no confirmation of read outs via simulations
- quantum was less familiar to the broader market

Let's apply a 50% discount to $3 because 2021 was a bit dizzy. That makes it $1.50 . Is this what the market will be willing to pay IF they knew and understood all the milestones achieved to date? ( I have not included the bio chip in this at all) .

There is one other factor with current conditions. Whatever cash is sloshing around looking for a home is looking for AI more than quantum. The AI powerhouses cannot be ignored right now and smart money, any money is compelled to go there. The AI and quantum connection is there in companies like Quantinuum and IONQ. Specifically quantum machine learning is a class of information processing that everyone from NVIDIA downwards is seriously looking into, racing to get a quantum computing set up cheap and practical enough to start the next tech arms race.