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May 2026
Quantum Capability is Moving up the
Defense Value Chain
SENSING, NAVIGATION, AND COMPUTE INFRASTRUCTURE ARE BECOMING MORE CENTRAL TO NATIONAL SECURITY PLANNING
To our Partners and Stakeholders,
May reinforced a trend that has become increasingly evident across the defense, space, and technology sectors: strategic competition is accelerating the transition from innovation to deployment. Across government, industry, and capital markets, the focus continues to shift from proving technological capability to scaling operational advantage. From advances in quantum computing and sensing to autonomous logistics, resilient communications, and AI-enabled defence systems, the month highlighted how emerging technologies are becoming integral components of national security and sovereign capability strategies.
This momentum was reflected across both public and private markets. Governments expanded commitments to quantum technologies, AI, space infrastructure, and autonomous systems, while investors continued to demonstrate strong appetite for companies operating at the intersection of defense and next generation tech. The emergence of significant funding initiatives, major defense contracts, and high-profile public market transactions underscores growing confidence in sectors once considered long-term or experimental. At the same time, developments across the BOKA portfolio, including quantum sensing, advanced communications, flexible semiconductors, and responsive space operations, demonstrate the increasing commercial maturity of technologies positioned to support the next generation of defense and industrial capabilities.
Against a backdrop of evolving geopolitical dynamics, contested operating environments, and heightened demand for technological sovereignty, the importance of aligned capital, industrial resilience, and scalable innovation ecosystems continues to grow. The developments highlighted throughout this month's Global Insights reinforce a central theme: the organizations best positioned for the future will be those capable of rapidly translating breakthrough technologies into deployable solutions that strengthen national security, economic resilience, and strategic advantage.
BOKA NEWS
BOKA Participates in Defense & Dual-Use Investment Forum
BOKA Operating Partner Grant Hume represented the firm as a panel speaker at the Defence & Dual-Use DSR Investment Forum hosted by Deloitte in London. The event convened leading investors, operators and policymakers to discuss defense industrial scale-up, sovereign AI, strategic infrastructure, procurement transformation and capital formation. As defense, resilience and sovereign capability move to the forefront of geopolitical and investment priorities, the forum highlighted the growing importance of private capital in supporting critical technologies and national security outcomes.
PORTFOLIO SPOTLIGHT
Infleqtion
Infleqtion Launches Quantum Spectrum RF Sensing Platform (13 May 2026)↗
Infleqtion introduced Quantum Spectrum, a next-generation atom-based RF sensing architecture designed for defence, intelligence and spectrum-monitoring applications. The launch expands the company's presence beyond quantum computing and reinforces the growing commercial opportunity in quantum sensing technologies.
Infleqtion Delivers Record First-Quarter Revenue (14 May 2026) ↗
Infleqtion reported record Q1 revenue of $9.5 million while reaffirming full-year revenue guidance of at least $40 million. The results demonstrate accelerating customer demand across quantum computing, sensing and software solutions as the company continues to scale commercially.
Infleqtion Signs Proposed $100M U.S. Quantum Computing Agreement (20 May 2026)↗
Infleqtion signed a Letter of Intent with the U.S. Department of Commerce for up to $100 million in proposed funding to accelerate domestic quantum computing development. The agreement reflects increasing government investment in quantum technologies as strategic national infrastructure.
Infleqtion Advances Neutral-Atom Quantum Computing Performance (20 May 2026)↗
Infleqtion announced a series of technical breakthroughs across its neutral-atom quantum computing platform, improving gate fidelity, system performance and scalability. The advancements mark continued progress toward commercially deployable quantum computing systems.
Infleqtion Opens New Oxford Quantum Innovation Centre (28 May 2026)↗
Infleqtion expanded its UK footprint with the opening of a new Quantum Innovation Centre in Oxford. The facility strengthens the company's research, manufacturing and systems integration capabilities within one of the world's leading quantum technology hubs.
Agile Space Industries
Agile Highlights Mobile Space Mission Processing Capability ↗
Industry coverage highlighted Agile's Mobile Payload Processing Center, a deployable cleanroom and fueling solution designed to support responsive space operations without reliance on fixed infrastructure. The capability addresses growing demand for rapid deployment of military and commercial space assets.
Pragmatic Semiconductor
Pragmatic Showcases Flexible Electronics for Next-Generation Wearables ↗
Pragmatic outlined how its FlexIC technology enables smaller, lower-cost and more power-efficient wearable devices. The company continues to position flexible semiconductor technology as an alternative to traditional silicon-based solutions across emerging consumer and industrial markets.
DeteQt
DeteQt Secures A$5 Million Seed Financing (21 May 2026) ↗
DeteQt closed a A$5 million seed funding round to accelerate development of its chip-scale quantum magnetometer technology. The company is targeting applications across autonomous systems, GPS-denied navigation and advanced sensing, with BOKA Capital participating in the financing.
MARKET WATCH
Pentagon Approves AI Deployment on Classified Networks (1 May 2026)↗
The U.S. Department of Defense approved leading commercial AI providers for deployment on classified military networks. The move represents a significant milestone in integrating advanced artificial intelligence into defence intelligence, planning and operational systems.
Pentagon Accelerates Autonomous Logistics Initiatives (11 May 2026)↗
The Pentagon launched new programs focused on autonomous logistics, unmanned resupply and battlefield sustainment technologies. The initiatives underscore growing military demand for operational autonomy and resilient supply chains in contested environments.
2026 Global Counterspace Capabilities Report (8 April) ↗
A comprehensive assessment of counterspace threats highlights expanding capabilities across cyber, electronic warfare, and direct-ascent systems among major powers.
Ukraine's Defence Technology Ecosystem Gains Global Recognition (15 May 2026) ↗
Ukraine's rapid innovation in drones, electronic warfare, battlefield software and autonomous systems continues to attract attention from NATO and allied nations. Its defence technology ecosystem is increasingly viewed as a model for modern military innovation and procurement.
Quantinuum Targets $12.7 Billion IPO Valuation (26 May 2026) ↗
Quantinuum filed for a U.S. public listing targeting a valuation of approximately $12.7 billion. The transaction represents one of the most significant public market events for the quantum computing sector and highlights growing investor confidence in the industry.
Space Force Awards SpaceX $2.29 Billion Communications Contract (26 May 2026)↗
The U.S. Space Force awarded SpaceX a $2.29 billion contract to develop a secure military communications architecture connecting satellites, sensors and missile defence systems. The award reflects continued investment in resilient space-based defence infrastructure.
Terra Quantum Advances Nasdaq Listing Plans (26 May 2026) ↗
Terra Quantum announced revisions to its planned Nasdaq listing structure while maintaining an implied valuation of approximately $3.5 billion. The transaction demonstrates continued investor interest in quantum technologies despite broader market uncertainty.
KNDS Reports Record Defence Order Backlog (26 May 2026)↗
European defence manufacturer KNDS reported a record €33.1 billion order backlog as it continues preparations for a future IPO. The results highlight sustained demand for military modernisation programmes across Europe.
Karman Space & Defense Highlights Strong Sector Momentum (28 May 2026)↗
Karman Space & Defense provided an operational update alongside a secondary offering, underscoring strong investor appetite for aerospace and defence businesses benefiting from rising government spending and national security priorities.
Ukraine Expands Long-Range Drone Strike Operations (28 May 2026)↗
Ukraine's drone forces continue to demonstrate increasing capability to strike logistics hubs and infrastructure deep behind enemy lines. The evolution of unmanned warfare is accelerating global adoption of autonomous military systems and reshaping defence doctrine.
Pentagon Advances Containerised Missile Programmes (13 May 2026) ↗
The Pentagon signed agreements with defence contractors to develop containerised missile systems deployable from commercial shipping containers. The programme aims to deliver flexible, rapidly deployable and lower-cost strike capabilities across multiple operational theatres.