You make some great points Tizard.I would like to add some...

You make some great points Tizard.

I would like to add some further points to the discussion -

AXE had 17 employees in January. EPFL has 6000 and over 11 000 students, over 1000 phD students.
So the EPFL partnership is great for us.AXE paid for part of this p-ESR development. The development was necessary for low voltage, low noise detection of spin manipulations which is how a 12CQ device will have a more viable way to control and read out in a noisy encironment. It is most definitely a 12CQ development milestone for us and a further de-risking of the 12CQ project. Adds to the value of the 12CQ IP. Eyes firmly on the end goal of a working device. Mo has clearly stated it advances the 12CQ. So we have built one additional component of a 12CQ device.

The added potential uses for the p-ESR in miniaturised spectrometers and precision sensing is something that EPFL can run with. Plenty of students there to work on designing ASICs with the p-ESR embedded. It could potentially earn something. AXE will get a share of it if it eventuates down the track.

and being a fabless company, we have to partner with foundries to make the chips we design, test it and package it. We will have to pay TSMC, we can also have partners like the Japanese testing and packaging company.

Speaking of fabless semiconductor companies, one of Mo's favourite ways to describe AXE, a more understandable comparison is with Qualcomm. Their Snapdragon chips are in our Android phones. They own IPs on many other chips used in cars to aviation. They have 50k employees.

If we want a quantum company to compare with, Diraq is an Australian quantum company. Develops spin qubits with CMOS. To date it has had to raise USD 120 million for its work. They manage with about 30 post doctoral staff spread across the globe.

AXE doesn't yet fit into fabless or quantum company structures yet. It does though seem to be going more the partnership route at every turn to leverage other institutions' and companies' resources.