Why Quantum Computing Companies Are Turning to SPACs

Special purpose acquisition companies (SPACs) have regained prominence as a disciplined financing tool for the quantum computing sector, moving past the speculative volatility of previous years. Industry leaders suggest the structure is uniquely suited for deep-tech firms that face long commercialization timelines and require significant capital for infrastructure. This trend reflects a broader market maturation where SPACs now represent a majority of U.S. initial public offerings as of mid-2026.

Lou Gerken, chairman and CEO of FIGX Capital Acquisition Corp., highlights that the SPAC market has evolved from the celebrity-driven frenzy of 2020-2021 into a mature phase focused on strategic growth sectors like quantum computing and rare-earth supply chains. According to Gerken, SPACs accounted for 18% of U.S. IPOs in 2024, a figure that climbed to roughly 45% in 2025 and reached nearly 60% in the first half of 2026. This rebound is supported by more rigorous underwriting standards and a focus on companies with experienced operating teams and viable long-term business models.

A significant advantage for quantum computing firms is the ability to present forward-looking financial projections during the SPAC merger process, a practice generally prohibited in traditional IPOs. This flexibility allows pre-profit companies to justify multi-billion-dollar valuations by detailing future capabilities and market potential rather than relying solely on current earnings. Gerken emphasizes that this is particularly important for the quantum industry, which often faces a mismatch between the enormous costs of building hardware and cryogenic systems and the modest revenues generated in the near term.

Beyond valuation flexibility, SPACs offer greater speed and price certainty compared to the traditional IPO route, which can take over a year and leave firms vulnerable to market shifts. A typical deSPAC transaction can close in approximately five months, providing quantum startups with the predictable capital needed to fund expensive manufacturing and datacenter infrastructure. Additionally, the public equity gained through a SPAC merger serves as vital acquisition currency, enabling companies to more quickly consolidate fragmented technology stacks that include hardware, software, and cloud orchestration capabilities.