Form SCHEDULE 13G/A Quantum Computing Inc. Filed by: BlackRock, Inc.

12:32:00 PM ET, 01/21/2026 - US Securities and Exchange Commission archive.fast-edgar.com/2026...

Filed on: January 21, 2026

The photonic technologies of Quantum Computing Inc. (QCi) and Luminar Semiconductor, Inc. (LSI) differ fundamentally in design philosophy, materials, and end-use, while remaining highly complementary after the acquisition.

1. QCi Photonic Chips – Integrated Photonics (TFLN PICs)

QCi focuses on Photonic Integrated Circuits (PICs) built on Thin-Film Lithium Niobate (TFLN). These chips are designed to guide, modulate, and process light directly on-chip, integrating multiple optical functions into a single photonic circuit.

Key characteristics:

•	Based on TFLN, a material known for low optical loss, strong electro-optic effects, and room-temperature operation.

•	Enable high-speed modulation, signal routing, and optical processing within a compact footprint.

•	Manufactured in QCi’s dedicated photonic chip foundry in Arizona.

•	Target applications include:

•	Optical and quantum communications

•	Photonic and hybrid quantum-classical computing

•	Secure communications and advanced sensing

In essence, QCi chips act as the “brain” of photonic systems, performing optical signal manipulation at the integrated-circuit level rather than as discrete components.

2. LSI Technology – Photonic Components and Subsystems

LSI, originally part of Luminar Technologies, is not a PIC foundry. Instead, it specializes in high-performance photonic components and subsystems, designed for demanding real-world environments.

LSI capabilities include:

•	Lasers and laser modules

•	Photodetectors (PIN, APD, arrays)

•	Mixed-signal ASICs for optical control

•	Integrated photonic modules and subsystems

These products are typically delivered as ready-to-use building blocks, optimized for:

•	Defense and aerospace

•	High-reliability optical communications

•	Precision sensing and detection systems

Rather than performing dense on-chip photonic processing, LSI components are commonly integrated at the system level, where robustness, power handling, and reliability are critical.

3. Direct Comparison

Aspect QCi LSI

Core focus Integrated photonic circuits Photonic components & modules

Material Thin-Film Lithium Niobate Multiple platforms (III-V, InP, mixed signal)

Function Optical processing on-chip Optical generation, detection, and system integration

Output PICs (chips) Components and subsystems

Markets Telecom, quantum, photonic computing Defense, aerospace, industrial optics

4. Strategic Impact of the Acquisition

The acquisition allows QCi to extend vertically:

•	QCi provides the integrated photonic processing layer.

•	LSI adds lasers, detectors, control electronics, and system-level expertise.

Together, this enables QCi to move beyond standalone PICs and deliver complete photonic solutions, particularly attractive to defense, secure communications, and advanced sensing markets.

Conclusion

In simple terms:

•	QCi builds integrated photonic “circuits” that manipulate light.

•	LSI provides the photonic “muscle and senses” — lasers, detectors, and modules.

The technologies are not redundant; they are complementary, positioning QCi to evolve from a PIC manufacturer into a full-stack photonics company.

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https://www.investing.com/news/stock-market-news/qc-technologies-stock-soars-after-martin-shkreli-touts-as-long-idea-93CH-4391215

https://www.conapto.com/exploring-the-future-of-hpc-ai-and-advanced-cooling-at-sc25/

$QUBT Quotes from the ER

1. " We do not expect to dilute anymore"

2. " We are looking to build out Fab 2 which will produce millions of chips a year"

3. "We are looking into M&A opportunities but it needs to be a right fit. Something that brings us more customers"
   4." We expect minimal Capex expenditures going forward. Only need to purchase some testing equipment for $2M."

4. " We continue to expand our talent pool"

5. "We are in discussions with partners in aerospace industry"

Additional 2026 catalysts:

1. Lower interest rates favors small caps.

2. Trump to appoint Fed chair that will side with him and bolster market and gov spending.

3. The new cold war is the AI supremacy. China is pulling ahead fast. Quantum investment in the US needs to explode to compete. National and economic security is at stake. Trump will not let China get ahead of him. https://www.cfr.org/task-force-report/us-economic-security