Why Shares of Arqit Quantum Were Up Nearly 11% Today

Shares of next-gen encryption-software trailblazer Arqit Quantum (NASDAQ: ARQQ) were up 10.9% as of market close today, according to data provided by S&P Global Market Intelligence. Arqit, which just went public via a SPAC merger at the start of September, is currently double the price it was when it made its publicly traded debut, but is half its peak valuation in mid-September. Suffice it to say, this has been a wild ride higher for shareholders who bought in early.

Arqit currently boasts a market cap of over $2.3 billion, a sizable valuation for a fresh software business like this. As the name implies, this stock is a bet on the nascent quantum-computing industry.

The mind-bending technology that taps quantum physics to accelerate computing speed still has a very long way to go before widespread commercialization. But quantum computing has made some strides this year. For example, IonQ is working to build a network of quantum computers and is about to merge with SPAC dMY Technology Group III (NYSE: DMYI). Honeywell (NYSE: HON) also recently announced it will spin off its Quantum Solutions segment and merge it with software company Cambridge Quantum Computing.

Source Fool.com