A company that did $682K in revenue last year just paid $73 million in cash for a real chip factory.

Quantum Computing Inc, ticker QUBT, makes almost no money.

Total revenue for all of fiscal 2025: about $682,000. Not million. Thousand. A single decent dental practice books more than that.

Today they closed a deal to buy NHanced Semiconductors, a real US chip-packaging company with actual customers, for $73.1 million. Most of it cash. Up to $72 million more if NHanced hits targets.

So how does a company that earns less than a corner store buy a functioning semiconductor business outright?

Because the cash is real, even though the revenue isn't.

QUBT sat on roughly $1.5 billion in cash earlier this year. They didn't earn it. They raised almost all of it by selling stock to investors betting on the quantum-computing boom. The share count went from about 77 million to 224 million in two years. That's the engine: print stock while the hype is hot, bank the cash, go shopping.

They're using it to buy real things. NHanced does hybrid bonding, chiplets, silicon interposers, the actual physical work of advanced chip packaging. QUBT bought a laser-photonics company a few weeks before this. A near-revenueless company is quietly assembling a real manufacturing stack on borrowed enthusiasm.

It either becomes a real company before the music stops, or it doesn't.

Worth noting: insiders sold about $17 million in stock over the past year. Zero insider buys.

Make of that what you will