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EigenQ and SVAQ Secure $45 Million in Convertible Note Financing

lite News Desk 2 min read

At a glance

  • EigenQ and SVAQ entered a $45 million convertible note agreement on September 17, 2026.
  • About $22.5 million was funded upfront, with the remainder tied to a pending business combination.
  • The business combination is valued at approximately $3 billion.

EigenQ, Inc. and Silicon Valley Acquisition Corp. completed a securities purchase agreement on September 17, 2026, providing committed convertible note financing of approximately $45 million to support their ongoing business plans.

This financing arrangement includes an initial funding of about $22.5 million, with the remaining funds expected to be provided after the completion of a previously announced business combination between the two companies. The transaction was formally announced in a press release on September 18, 2026.

The convertible note is structured as a senior secured instrument and includes the issuance of warrants that allow for the purchase of shares in the company’s common stock. The proceeds are intended to support EigenQ’s efforts to commercialize its quantum-safe security portfolio and expand its delivery capabilities with partners.

EigenQ and SVAQ first announced their business combination agreement on June 17, 2026. According to filings, the combined company is valued at approximately $3 billion, with the agreement supported by about $215 million held in SVAQ’s trust account before any redemptions or transaction expenses.

What the numbers show

  • $45 million in committed convertible note financing secured on September 17, 2026.
  • About $22.5 million of the financing was funded upfront.
  • The business combination is valued at approximately $3 billion.

The business combination is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approvals. The remaining portion of the financing will be provided once this transaction is finalized.

According to EigenQ, the funds from the financing will be used to accelerate the commercialization of its quantum-safe security technologies, expand delivery with original equipment manufacturers and channel partners, continue research and development in quantum security and networking, and for general corporate purposes.

EigenQ has established strategic partnerships with companies such as TD SYNNEX, AMD, WNC Corporation, HPE, and the Intel ecosystem. These collaborations are intended to support the commercialization and integration of EigenQ’s quantum technologies.

The agreement and financing details were disclosed through SEC filings and company press releases, providing transparency on the structure and intended use of funds as the companies move toward completing their business combination.

* This article is based on publicly available information at the time of writing.

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