QuEra Computing

QuEra Computing (private, neutral-atom quantum; Boston/Harvard-MIT spinout) has NO disclosed priced-equity valuation. The valuation trail is genuinely sparse and every concrete number is an inference, not a company disclosure. KEY FACT — the big raise is a convertible note, not a priced round. The Feb 11, 2025 '$230M+ financing' (later expanded; $60M tranche milestone-contingent) is explicitly a CONVERTIBLE NOTE that converts to equity at QuEra's NEXT equity round (confirmed by QuEra's own COO and by TechCrunch). A convertible note has no priced post-money. The company expressly DECLINED to disclose a valuation, saying only it was 'a very substantial increase' over prior funding. The single point above is therefore a SECONDARY/INFERRED mark, not a real priced post-money: aggregators (Tracxn, CB Insights, Latka) list QuEra as a ~$1B 'unicorn' as of Feb 2025 and label the round 'Series B', but that figure is not a disclosed priced valuation — it appears to be a note cap / unicorn-list inference. Conflicting estimate: TechCrunch's own reporter speculated the implied valuation 'might be' ~$400M (conservative), explicitly flagging uncertainty due to the note structure. So the real range is roughly $400M (press estimate) to $1B (aggregator unicorn mark) — I plotted the $1B aggregator figure but it should be read as a soft ceiling, not a confirmed mark. OMITTED (no valuation ever disclosed — not invented): - 2021-11-17 seed/'Series B' $17M (Rakuten-led, with Day One Ventures, Frontiers Capital): amount confirmed by TechCrunch + QuEra, but NO post-money disclosed. - 2023 round: QuEra's CEO references 'our last funding round in 2023' but the amount AND valuation are both undisclosed. (Total pre-2025 raised was 'just under $50M' per TechCrunch.) SECONDARY MARKET: QuEra trades on Forge, Hiive, and Nasdaq Private Market, but no specific implied per-share or implied-valuation figure was retrievable (Forge/Hiive pages are gated; search surfaced only qualitative 'demand outstrips supply' language). No usable secondary mark. NOT a de-SPAC: no S-4/proxy/investor deck exists (QuEra is venture-backed private, no SPAC merger). Total funding cited as ~$247M across rounds. Confidence LOW: the lone plotted point rests on an unpriced instrument with a company-declined valuation; the '$1B' is aggregator inference and conflicts with a credible ~$400M press estimate.