So here's a fun puzzle in the quantum computing space. Infleqtion Inc. (INFQ) shares were down a bit on Thursday, which might seem odd after a massive multi-week rally. But sometimes when a stock goes up 67% in a short period—from $8.92 to $14.91 between March 30 and recent peaks—some investors decide to take their money and run. That's just how markets work.

But the interesting part isn't the pullback; it's why the stock ran up in the first place, and why one well-known research firm thinks it's still way too cheap.

Citron Spots a Valuation Gap

Andrew Left's Citron Research weighed in on Thursday with a pretty straightforward argument: Infleqtion is the most obvious mispricing in quantum stocks right now. The core of their case revolves around Nvidia Corp. (NVDA).

Here's the thing: Nvidia recently launched its Ising quantum computing platform and selected partners for key roles. According to Citron, Infleqtion was the only company Nvidia picked twice—once for calibration and once for decoding. That's a pretty clear vote of confidence from the chip giant that's betting big on quantum.

Yet, Citron points out, Infleqtion trades at roughly half the market capitalization of Rigetti Computing Inc (RGTI), which Nvidia didn't select at all. Citron emphasized that Nvidia's own press release effectively ranked these players, and Infleqtion came out on top. So you have a company that's winning with the industry leader, but valued like it's losing.

Better Numbers, Better Contracts

The story gets even more lopsided when you look at the financials. Citron notes that Infleqtion posted 100% organic growth in 2025. Let that sink in for a second—doubling your business organically in the quantum space isn't exactly easy. Plus, the company is sitting on $550 million in cash with zero debt. That's a war chest that gives them plenty of runway to keep innovating without worrying about the next funding round.

On the contract side, Infleqtion isn't just playing with startups. They've secured deals with major government labs like Sandia, Fermilab, and Lawrence Berkeley. As Citron put it, "The people who actually understand quantum" are choosing Infleqtion. The company's neutral-atom platform is targeting a scale-up from 12 to 30 logical qubits by the end of the year, which is the kind of technical progress that gets quantum physicists excited.

Nvidia's Quantum Vision

The whole momentum here traces back to Nvidia's Ising launch and CEO Jensen Huang's vision for quantum computing. Huang recently said, "AI is essential to making quantum computing practical," and described AI as becoming the "operating system of quantum machines."

Infleqtion's role in that vision is concrete: they were selected to use Nvidia's AI to slash quantum processor setup times from days down to hours. That's not just theoretical partnership talk—that's a specific technical problem they're solving together.

So where does that leave us? Infleqtion shares were down 2.67% at $14.60 on Thursday. After a big run-up, some profit-taking is perfectly normal. But Citron's argument is that even after that run-up, the stock still doesn't reflect the company's actual position in the quantum race—a race where they're holding better cards, more chips, and a seat at Nvidia's table.