EP27: The Quantum Capital Stack — How $300M Lands When VCs Can't Solo It
Drew and Reese take apart Atom Computing's $300M Series C and what it teaches operator-allocators about deeptech capital stacks. The neutral-atom quantum bet only works as a milestone-gated syndicate: pre-emption rights to defend pro-rata, sovereign-tier strategics for follow-ons, and a written underwriting case tied to error-correction thresholds rather than headline valuation. Four-step playbook: read the milestone schedule before the cap table, separate strategic from financial follow-on commitments, anchor the round against public quantum comps, and price the dilution risk if the next…
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