-66%

est. 2Y upside i

Series B

Alice&Bob is developing the first universal, fault-tolerant quantum computer to solve the world’s hardest problems. The quantum computer we envision building is based on a new kind of superconducting qubit: the Schrödinger cat qubit. In comparison to other superconducting platforms, cat qubits have the astonishing ability to implement quantum error correction autonomously.

Rank

#3455

Sector

Quantum Computing

Est. Liquidity

~3Y

Data Quality

Data: Low

The equity offer is highly risky with a negative probability-weighted expected upside of -65.8% over 2 years.

Last updated: July 19, 2026

Bull (9%)+280%

If Alice & Bob achieves a successful IPO and maintains a high multiple (e.g., 216x forward revenue) due to market hype and government contracts, common shares could appreciate ~280% after dilution.

Base (50%)-100%

Revenue growth cannot justify current valuation; exit multiple converges to comp range (8-15x), but exit value ($85M) is below preference stack ($192.6M), making common stock worthless.

Bear (41%)-100%

Competition from big tech and capital intensity lead to lower revenue and multiple compression; exit value below preference, common recovery -100%.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

4815%

Total funding $192.6M vs estimated entry valuation $400M, giving preferred a 48% claim, severely limiting common recovery in downside scenarios.

Dilution Risk

high

Company is capital-intensive and not profitable; likely to raise additional capital, diluting common by ~20% over the horizon.

Secondary Liquidity

none

No secondary market data available; exit likely only via IPO or acquisition.

Questions to Ask at the Interview

Strategic questions based on Alice & Bob's data — designed to show you've done your homework.

  • 1

    “How does Alice & Bob plan to overcome the resource advantage of Google and IBM in quantum computing?”

  • 2

    “What is the path to profitability given the high capital intensity and small revenue base?”

  • 3

    “What is the expected timeline and mechanism for liquidity (e.g., IPO, acquisition)?”

Community

Valuation Sentiment

Our model estimates -66% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.