{
  "market": "美股",
  "company": {
    "full_name": "Quantinuum Inc.",
    "code": "QNT",
    "board": "纳斯达克",
    "sponsor": "待公布",
    "accounting_firm": "待公布",
    "business": "量子计算平台公司，提供量子硬件、中间件、编译器、算法库和应用框架",
    "industry": "量子计算"
  },
  "financials": {
    "revenue_2024_k": 22979,
    "revenue_2025_k": 30931,
    "revenue_2026_q1_k": 5237,
    "revenue_2025_q1_k": 19085,
    "cost_of_revenue_2024": 10807,
    "cost_of_revenue_2025": 4730,
    "amortization_2024": 11357,
    "amortization_2025": 11357,
    "rd_expense_2024": 122242,
    "rd_expense_2025": 165421,
    "sales_expense_2024": 10279,
    "sales_expense_2025": 18863,
    "admin_expense_2024": 21048,
    "admin_expense_2025": 29855,
    "operating_loss_2024": -152754,
    "operating_loss_2025": -199295,
    "net_loss_2024": -144071,
    "net_loss_2025": -192561,
    "net_loss_2026_q1": -136593,
    "cash_2026_q1": 677011,
    "total_assets_2026_q1": 1785518,
    "working_capital_2026_q1": 654585,
    "gross_margin_2024": 52.97010313764742,
    "gross_margin_2025": 84.70789822508164,
    "net_margin_2024": -626.9681013098916,
    "net_margin_2025": -622.5501923636482
  },
  "segments": [
    {
      "name": "量子计算硬件",
      "pct": 60,
      "yoy": 20
    },
    {
      "name": "量子软件与服务",
      "pct": 25,
      "yoy": 50
    },
    {
      "name": "量子安全解决方案",
      "pct": 15,
      "yoy": 100
    }
  ],
  "issue_info": {
    "issue_price": 0,
    "issue_shares": 28000000,
    "ipo_date": "2026-06-05",
    "industry_pe_median": 27.9,
    "industry_pe_source": "腾讯行情可比公司中位数"
  },
  "risks": [
    "量子计算技术尚未成熟，商业化路径不确定",
    "持续大额亏损，2025年净亏损$1.93亿",
    "高度依赖Honeywell等战略投资者",
    "量子计算市场竞争激烈（IBM、Google、微软等）",
    "技术路线风险（离子阱 vs 超导 vs 拓扑）",
    "客户教育成本高，市场接受度不确定"
  ],
  "_meta": {
    "source": "SEC EDGAR 424B4 (2026-06-05)",
    "extraction_date": "2026-06-06",
    "audit_passed": false
  },
  "peer_comparison": {
    "IBM": {
      "code": "IBM",
      "pe": 25.14,
      "pb": 11.33,
      "price": 284.84,
      "mv_billion": 260
    },
    "Google": {
      "code": "GOOG",
      "pe": 27.9,
      "pb": 13.11,
      "price": 365.76,
      "mv_billion": 4000
    },
    "Microsoft": {
      "code": "MSFT",
      "pe": 24.82,
      "pb": 16.79,
      "price": 416.67,
      "mv_billion": 3100
    },
    "IonQ": {
      "code": "IONQ",
      "pe": 145.59,
      "pb": 0.39,
      "price": 56.78,
      "mv_billion": 12
    },
    "Rigetti": {
      "code": "RGTI",
      "pe": -23.24,
      "pb": -0.89,
      "price": 20.68,
      "mv_billion": 5
    },
    "D-Wave": {
      "code": "QBTS",
      "pe": -20.92,
      "pb": -1.14,
      "price": 23.85,
      "mv_billion": 6
    },
    "Honeywell": {
      "code": "HON",
      "pe": 33.28,
      "pb": 6.43,
      "price": 213.97,
      "mv_billion": 140
    }
  }
}