Why SEALSQ might age better than Rigetti

$LAES → SEALSQ’s multiple sits at the lower fringe of the speculative continuum: anchored in practical domains like quantum security & IoT hardware, rather than floating in the zero-gravity of science-fiction valuation narratives. It’s a speculative play, yes, but one that still remembers to manufacture actual silicone. By contrast, Rigetti’s reported revenue multiples hover between ~1,500× & 1,800× a monument to the market’s enduring absurdity. It’s an irony of market psychology: the company producing semiconductors trades at a fraction of the valuation of one still prototyping superconducting circuits in a lab. That dynamic may invert soon, as capital begins to migrate toward companies offering deployable, quantum-secure technology instead of distant, theoretical compute power & a Wix website.

SEALSQ exhibits the full suite of credibility: a glossy website, a name calibrated for seriousness & a Swiss headquarters that project discretion, precision, & branding as proof of concept. The company’s narrative leans on the vocabulary of inevitability: “semiconductor” “quantum-resistant,” “trusted,” “sovereign,” & “national security.” SEALSQ reported a 41% YoY revenue increase through Q3 2025 & reaffirmed its full-year revenue forecast, projecting a 59% to 82% increase over 2024. The growth, predictably, came from “strong demand” for its core products & the acquisition of IC’ALPS. The momentum is set to culminate at the Quantum + AI Conference in New York later this month & carry through 2026, sustained by quantum-safe security systems aligned with U.S. government standards & a rotation of partnerships & acquisitions.

When the hype cycle finally fades, SEALSQ’s realism might look less elevated. Rigetti’s website is an aesthetic tragedy that looks as if it were cobbled together on Wix by a particularly optimistic intern unable to achieve basic design coherence. Quantum computing demands a level of obsessive attention to detail: fractions of a Kelvin, picosecond timing, noise isolation at the edge of physics. When the front end looks half-finished, it’s hard not to question whether that discipline extends behind the lab door. Something doesn’t add up. Have you seen SEALSQ’s website? If corporate websites are any proxy for DNA, SEALSQ looks like it’s building things that actually work.

Expect a fresh wave of press releases & conveniently timed analyst upgrades in the near term. The Quantum + AI Conference: alternately marketed as Quantum + AI 2.0 or IQT Quantum + AI, depending on who’s paying for the banner, will occur October 19–21, 2025, in New York City. The agenda promises deep inquiry into the intersection of quantum computing, artificial intelligence, & cryptographic security. Attendees can expect the full liturgy: keynotes, panels, mentoring sessions, & exhibitions. Organized in part by Inside Quantum Technology (IQT), the event serves as yet another congregation of researchers, investors, & professional futurists between funding rounds. $LAES SEALSQ headlines with the highest tier of logo placement. Amazon AWS, Nvidia, IonQ, Rigetti, Salesforce, Amgen, CNN, & Cantor Fitzgerald will also attend.