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In an interview published by The Quantum Insider on Oct. 24, 2026, Evercore managing director Mehmet Sanliol described how investors value public quantum companies using projected 2030 or 2035 revenue and discount rates commonly around 25%. He also said public equity could help companies make acquisitions as funding and scarce technical talent push the industry toward consolidation.
Evercore managing director Mehmet Sanliol said public quantum-computing companies are commonly valued against projected 2030 or 2035 revenue, with those future valuations discounted to reflect risk. In an interview published by The Quantum Insider on Oct. 24, 2026, he also argued that public-company shares could support acquisitions as the sector faces pressure to consolidate.
Sanliol described the approach as a form of future valuation: investors estimate a company’s value several years out, then apply a discount rate suited to the business’s risks. He said discount rates for listed quantum companies are normally around 25%, while private-market rates tend to be higher. The figures are his account of common valuation practice, not a disclosed valuation for any specific company.
He compared quantum firms with other businesses whose large-scale financial returns are expected years in the future, including nuclear-energy companies and fast-growing semiconductor names. In his view, substantial capital raised by some public quantum companies can help them continue operating and give investors a longer horizon for judging future prospects. He did not identify particular revenue forecasts or provide a company-by-company comparison.
On the question of whether private companies should enter public markets, Sanliol called the decision a de-risking strategy because listed companies can access liquidity that may not always be available privately. But he said public status brings scrutiny, and companies that can remain funded privately while meeting their milestones may be better off doing so for now. The interview also covered IPOs and SPACs, but the supplied transcript excerpt does not include Sanliol’s full response on how to choose between them.
Why Equity Could Drive Quantum Deals
The valuation framework matters because quantum computing companies may be judged on revenues years away, rather than on mature, current-scale earnings. That can make assumptions about the timing and size of future sales, as well as the discount rate used, central to how investors interpret a company’s market value. Sanliol’s comments describe a method; they do not establish that projected revenues will be achieved or that current share prices are justified.
His comments on consolidation point to a practical role for public-market valuations beyond raising cash. A listed company may use its shares as acquisition currency to buy technology or recruit scarce expertise. Sanliol said he expects consolidation to accelerate, arguing that investors are unlikely to keep funding numerous companies pursuing similar goals while the pool of experienced quantum talent remains limited. That is his outlook, not a confirmed forecast of specific transactions.
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Public Listings and Valuation Methods
Sanliol said roughly seven quantum companies had entered public markets at the time of the interview. He characterized their trading as adequate so far, while noting differences among companies and the difficulties some firms listed from around 2021 had faced after spending several years in public markets. These observations were not accompanied in the transcript by a list of companies, market-price data or a defined measure of performance.
The interview was conducted by Yuval Boger and ranged from public listings to technical progress, software and market signals. Sanliol’s central valuation point was that investors often look to future revenue multiples and discount projected values for risk. His remarks offer an investment banker’s perspective on market conventions, rather than an independent audit of individual companies’ forecasts or a recommendation to buy or sell securities.
“The discount rates that are applied are normally around the 25 percent area.”
— Mehmet Sanliol
Forecasts and Listing Choices Remain Open
The interview does not specify which companies or forecasts underpin the 2030 and 2035 multiples, how those multiples vary across firms, or what assumptions are used to set the roughly 25% discount rate. It also does not establish whether the valuations reflect realized commercial demand, technical milestones or future expectations in particular proportions.
Sanliol’s views on consolidation and funding are forward-looking. The excerpt supplies no named planned mergers, acquisition targets, transaction timetable or evidence that more deals are already agreed. It also does not contain the complete discussion of the relative advantages of an IPO and a SPAC, so no detailed conclusion about that choice can be drawn from the available material.
Milestones and Deal Activity to Watch
The interview identifies no specific next announcement or scheduled milestone. Investors will need to compare companies’ subsequent technical progress, funding needs and revenue outlooks with the long-dated assumptions used in their valuations. Any announced acquisitions, equity-funded deals or new public listings could provide evidence of whether the consolidation Sanliol anticipates is taking shape.
For private companies weighing a listing, the decision remains dependent on their funding position and ability to meet milestones, according to Sanliol. The transcript does not give a timetable for when those firms might pursue an IPO or SPAC, or say which companies are considering either route.
Key Questions
How does Sanliol say public quantum companies are valued?
He said most are valued using 2030 or 2035 revenue multiples, with estimated future value discounted to account for business risk.
What discount rate did he cite?
Sanliol said rates applied to public quantum companies are normally around 25%. He said private-market rates tend to be higher but did not specify a number.
Does Sanliol recommend that quantum startups go public?
Not across the board. He described public-market access as a possible source of liquidity, but said companies able to stay funded privately and meet milestones may be better off remaining private for now.
Why does he expect consolidation?
Sanliol said it may be difficult for private and public investors to keep funding many companies pursuing similar goals, particularly given a limited pool of skilled talent. He also said public shares can be used to make acquisitions. He did not identify specific deals.
Source: rss
