SEALSQ is looking at acquisitions and investments to accelerate its development of quantum computers, CEO and founder Carlos Moreira said.

The Swiss listed innovator in post-quantum technology hardware and software solutions is interested in acquiring or investing in quantum-related hardware businesses in Europe and the US, he said.

Moreira explained that SEALSQ will likely favour acquisitions of more mature businesses, while it will probably start with an investment in earlier-stage firms.

The company has a list of targets on its radar, the CEO said, but did not provide a timeframe for a next potential deal. SEALSQ knows the market and identifies acquisition candidates in-house. It could look to mandate advisors for the due-diligence process at the closing stage of any deals, he added. The company has a number of contacts with banks, he said.

Funds of more than USD 100m have been set aside to finance investments, Moreira said, adding that SEALSQ has already invested approximately USD 35m.

In terms of making large deals, the company is well prepared, with a strong liquidity position of almost USD 450m, Moreira said. He noted that valuations in the sector can range from USD 200m to USD 500m.

SEALSQ forecasts 2025 revenues between USD 17.5m and USD 20m, as per a company press release. From 2026, it expects an annual growth rate of 100%, the CEO said. He added that the company is not profitable as it is currently prioritising growth.

In February, SEALSQ acquired 100% of French IC’ALPS, an Application-Specific Integrated Circuits (ASIC) design and supply specialist.

The company has also made several investments, including a strategic one in US-based EeroQ, a quantum-chip design company pioneering a breakthrough approach to building a quantum computer using electrons on helium (eHe); a USD 12m investment to develop a post-quantum semiconductor personalisation and test centre in Murcia, Spain; USD 3.5m into Swiss WeCan Group, which offers secure and automated compliance solutions for financial services providers; and an investment in French start-up, ColibriTD.

SEALSQ has also joint ventures (JVs) in the United Arab Emirates and India, the CEO said.

The company’s technology integrates semiconductors, public key infrastructure (PKI), and provisioning services to develop quantum-resistant cryptography and semiconductors to address security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods such as RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable. The business is developing post-quantum semiconductors that provide protection for sensitive data in several applications, including multi-factor authentication tokens, smart energy, medical and healthcare systems, defence, IT network infrastructure, automotives, and industrial automation and control systems, according to press release.

SEALSQ’s competitors include US-based Rigetti Computing, the CEO said.

Established in 1998, SEALSQ has been listed on the Nasdaq index since May 2023 and its market capitalisation is approximately USD 844m.

WISeKey, a global cybersecurity, blockchain and Internet of Things (IoT) company has a controlling interest in the business, said Moreira, who is also founder and CEO of WISeKey.