EigenQ to go public in $3 billion deal

• Quantum technology firm EigenQ signed a definitive business combination agreement to go public on the Nasdaq.
• The transaction implies a pro forma enterprise value of approximately $3 billion for the combined entity.
• Proceeds will fund commercialization, manufacturing expansion, and global scaling of the company's quantum platforms.

Quantum technology firm EigenQ and blank-check company Silicon Valley Acquisition Corp (NASDAQ:SVAQ) executed a definitive business combination agreement to take the tech firm public.

The transaction implies a pro forma enterprise value of about $3 billion, which sets a clear baseline valuation for the company prior to its market debut.

The transaction is supported by roughly $215 million held in the trust account of SVAQ, before accounting for any potential investor redemptions or deal-related expenses.

The company stated that the capital proceeds are expected to fund commercialization, manufacturing scale-up, research and development, partnerships, and global expansion.

The newly combined entity will list its shares on the Nasdaq stock exchange under the new ticker symbol EIGQ.

The deal is currently targeted to close in the fourth quarter of 2026, subject to receiving all necessary regulatory and shareholder approvals.