June 05, 2026 | Read online | Stocks & Income's small-cap brief: a Berkshire deal for a $10M company Your small-cap edition |
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| | | Hello. | Welcome back to Invested Early. | Yesterday the first major quantum computing company went public, and it handed us a near-perfect lesson in how this corner of the market actually works. So that's where we're starting today, before a true micro-cap with a real product win and a fresh batch of small-cap data. | Here's what's inside: | ⚛️ The quantum IPO that tanked every other quantum stock
🚂 A $10 million company that just got its tech into a Berkshire-owned product
📊 The 3 quantum names AltIndex likes best (on their site)
🎢 This week's biggest small-cap movers, winners and losers | Remember, this is the high-risk, high-reward end of the market, and none of this is financial advice. | Plus, as warfare gets faster and more automated, here's a small-cap defense company building a multi-domain AI platform for the modern battlefield that's still early enough most investors haven't noticed it. |
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| | The Quantum IPO That Tanked Every Other Quantum Stock | Quantum computers use the weird physics of subatomic particles to solve certain problems far faster than any normal computer. They're real, they're improving, and they're still mostly science experiments. That tension is the whole story of investing here. | Yesterday it got put on full display. Quantinuum, Honeywell's quantum company, went public on the Nasdaq, priced at $60, raised $1.68 billion, and landed at roughly a $14 billion valuation. It did all of that on about $31 million in revenue, more than 400 times its sales. You're not paying for what Quantinuum earns today. You're paying for what people hope it earns a decade from now. | | And here's the part that should stick. A big IPO usually lifts a whole sector. This one did the opposite. As traders sold their existing quantum holdings to fund the new listing, the other small- and mid-cap names got hammered: Rigetti (RGTI) fell about 10%, D-Wave (QBTS) roughly 8%, and Quantum Computing Inc (QUBT) nearly 9%, all in one day. These are the public pure plays in quantum (add IonQ to the list), and every one has had a huge year and can swing double digits on a single headline, like it just did. | The bull case is that quantum could be the next great computing shift, just validated by a $14 billion IPO and government money. The honest bear case is that these companies have tiny revenue, are years from commercial scale, and trade almost entirely on narrative, which is why the whole group can drop 8 to 10% in a day because one peer went public. | So here's how we'd think about it: quantum is a real long-term theme worth a small, speculative sleeve if it interests you. But treat these like venture bets, position sizes you could lose entirely without losing sleep. The opportunity is real. So is the chance of a zero. |
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| | Today’s sponsor: | VWAV: A Small-Cap Defense Firm That's Pivotal for the Battlefield | 
A New Kind of Defense Opportunity is Building a Multi-Domain AI Platform for Modern Warfare—This is Why NASDAQ Small Cap Defense Company VisionWave (VWAV) May Be Worth Watching Early! As warfare becomes faster, smarter, and more automated, companies enabling these capabilities are moving into the spotlight. VisionWave Holdings, Inc. (NASDAQ: VWAV) is developing a platform designed to support this shift, combining sensing technologies, AI-driven analytics, and autonomous drones into a unified system. This approach reflects how modern defense is evolving—toward connected, intelligent networks rather than standalone tools. The battlefield is changing fast—and NASDAQ: VWAV is positioning itself where the next wave of defense spending is expected to flow. The company isn’t just building products—it’s building a platform designed for how wars are fought today, not how they were fought yesterday. Beyond technology development, VWAV is actively building pathways to growth. From strategic transactions like its SaverOne collaboration to expansion into global markets and early-stage moves into energy exploration, the company is broadening its reach across multiple high-demand sectors. While still early, its alignment with key defense and infrastructure trends is putting it on more investors’ radar. While larger defense names dominate headlines, NASDAQ: VWAV is quietly aligning with the technologies shaping the future of combat. Learn How VWAV could be an early-stage story worth watching in the defense tech space |
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| | The $10 Million Company That Just Got Inside a Berkshire Product | Now a real micro-cap, the kind of name this newsletter exists to surface. | Rail Vision (RVSN) makes AI-powered "vision" systems that help trains and rail yards spot obstacles and avoid collisions. It's tiny: a market cap of roughly $10.8 million, with the stock around $4.94 and down about 83% from its 52-week high. This is as small and as speculative as it gets. | But it just landed a real win. Rail Vision's ShuntingYard system was integrated into Railserve's commercially launched rail-yard safety platform. Railserve is a Marmon company, which means it's part of Berkshire Hathaway. So a microscopic Israeli tech company just got its product embedded inside a Berkshire-owned industrial system, and is showing it off this week at a major rail trade show in Omaha. | The appeal: a genuine product milestone with a blue-chip partner, in a giant, unglamorous industry (rail safety) that almost nobody is watching. | The reality: this is a $10 million company that's lost most of its value over the past year, and the partnership started as a non-binding memorandum of understanding. Names this small barely trade, swing wildly, and can raise money by issuing stock at any time, which dilutes you. If you ever touch something like this, it's the textbook case for a tiny position you treat as a lottery ticket. Worth knowing about. Not worth betting the farm on. |
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| | The 3 Quantum Stocks AltIndex Likes Best | Since we're on quantum today, this is timely. Our partners at AltIndex put together a breakdown of the 3 quantum computing stocks they think are best positioned after the sector's recent $2 billion CHIPS Act grant. | Instead of guessing which of these speculative names has real momentum, they ran them through the alternative data (hiring, web traffic, sentiment, insider activity) and scored them. We won't give the three away here, because the full breakdown is worth the read, especially on a day when the entire group just swung 10%. | If you're going to dabble in a sector this volatile, having the data behind the names is the difference between investing and gambling. | See AltIndex's 3 top quantum picks → |
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| | 🎢 The Small-Cap Scoreboard | Where the action was this week, both directions. We show you the red as loudly as the green. | 🟢 Biggest gainers | Symbol | Company | Price | Today | Market Cap | 52-Wk |
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AGX | Argan | $757.04 | +9.8% | $9.4B | +184% | TTAN | ServiceTitan | $79.62 | +7.1% | $6.0B | -32% | COO | Cooper Companies | $66.34 | +7.0% | $12.1B | -14% | CMG | Chipotle | $29.93 | +6.2% | $41.4B | -46% | ABM | ABM Industries | $42.21 | +5.8% | $2.3B | -14% |
| 🔴 Biggest losers | Symbol | Company | Price | Today | Market Cap | 52-Wk |
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PL | Planet Labs | $35.62 | -18.2% | $17.2B | +639% | ALM | Almonty Industries Inc | $17.18 | -16.9% | $5.6B | +290% | TE | T1 Energy | $9.92 | -15.8% | $2.9B | +12% | KEEL | Keel Infrastructure Corp | $5.16 | -12.9% | $3.1B | +586% | FLNC | Fluence Energy | $23.67 | -12.8% | $2.8B | +426% |
| Look at that 52-week column on the losers: most of these names are still up triple digits over the year even after today's drubbing. Planet Labs is up 639% over twelve months and still dropped 18% today. That's small caps in a nutshell, huge runs and brutal pullbacks. Solar maker T1 Energy is the other flavor of the same pain: down nearly 16% on the day and roughly flat over the year. Either way, today's leaderboard is tomorrow's whiplash. Size accordingly. | (Data: Yahoo Finance, June 5.) |
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| | 🫡 See You Soon | Today was a clinic in what makes small caps small caps: a $14 billion quantum IPO on $31 million of revenue, a $10 million company landing a Berkshire partnership, and a leaderboard where names up 600% in a year drop 18% in a day. The upside is real. So are the landmines. Our whole job here is to keep showing you both. | We'll be back soon. Watching a small-cap name we should cover? Hit reply and tell us. | Cheers,
— Brandon & Blake of Invested Inc. |
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| | What did you think of today's edition? | |
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