Austin, Texas – – September 19, 2026 -- EigenQ, Inc. has secured approximately $45 million in convertible note financing from an institutional investor to fund commercialization of its quantum-safe security portfolio ahead of a planned public listing on Nasdaq.
Institutional investor funds $22.5 million upfront, remainder tied to SPAC closing
Of the total financing, roughly $22.5 million was funded immediately, with the balance expected to be released upon completion of EigenQ's previously announced business combination with Silicon Valley Acquisition Corp. (Nasdaq: SVAQ). EigenQ said the proceeds will accelerate commercialization, expand delivery capacity with OEM and channel partners, fund R&D across quantum security, communications, networking and sensing, and support working capital needs.
Business combination values combined entity at $3 billion enterprise value
The deal with SVAQ, unanimously approved by both companies' boards, would take EigenQ public on the Nasdaq Global Market under the ticker "EIGQ." The transaction is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals, with existing EigenQ shareholders retaining significant ownership stakes.
Chairman says financing fully funds company through cash flow breakeven
EigenQ Chairman Jesse Van Griensven Thé said the company's capital-light, partnership-driven strategy led to its first institutional capital raise, adding that the financing fully funds operations through cash flow breakeven. SVAQ Chief Executive Dan Nash said the quantum technology market represents a generational opportunity and that EigenQ is positioned to capture it.
EigenQ targets government and defense buyers first, backed by HPE, AMD and TD SYNNEX partnerships
EigenQ's initial commercialization push targets government, defense and critical infrastructure markets, where regulatory mandates are driving near-term demand for post-quantum security. The company has established collaborations with TD SYNNEX and AMD to prepare EPYC processor-based server environments for post-quantum migration, with WNC Corporation to scale production of quantum-safe servers and edge devices, and with HPE and the Intel ecosystem on platform retrofitting and cryptographic agility. EigenQ plans to subsequently expand into enterprise infrastructure, AI platforms, financial services, telecommunications, healthcare and industrial systems.
Cohen & Company Capital Markets served as sole placement agent on the raise
Cohen & Company Capital Markets acted as exclusive financial advisor, lead capital markets advisor and sole placement agent to EigenQ on the financing. Ellenoff Grossman & Schole LLP advised EigenQ on legal matters, while Greenberg Traurig LLP counseled SVAQ and Reed Smith LLP advised Cohen & Company Securities, LLC.