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THE INTELLIGENCE WARS · ISSUE II · APRIL 2026 · WRITTEN DURING OPERATION EPIC FURY

“The next arms race is not nuclear. It is computational.”

A geopolitical and strategic investment briefing series on quantum computing, AI, and the architecture of 21st-century national power. Two issues published. Twelve planned. The thesis validated by live events before Issue II went to press.
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Cambridge, MA

East Cambridge, MA

May 27, 2026

Quantum, AI, and the
Reallocation of Capital

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Published Research

Two issues.
Twelve planned.

The thesis validated by live events before Issue II went to press. Ghost Murmur deployed April 3, 2026 — the first quantum platform live in active combat. Issue II was already written.

Issue I · January 2026
The Intelligence Pivot
The Intelligence Wars begin
Vikal Kapoor · Mats Løkebø
Mapped the global quantum landscape: the arms race, global signals, quantum technologies, supply chain sub-industries, commercially ready applications, the quantum ecosystem. Established that 2025 was the year markets recognized a race that had been underway for a decade.
Quantum LandscapeGlobal SignalsInvestment Thesis30-35% CAGRPsiQuantumPost-Quantum Crypto
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Issue II · April 2026
Quantum Shadows
A Geopolitical & Strategic Investment Briefing
Vikal Kapoor · Mats Løkebø · Nicholas Schaefer
Written during Operation Epic Fury — the Iran conflict. What the conflict means for the next decade of capital allocation, sovereign defense procurement, and the architecture of 21st-century power. Ghost Murmur, the first quantum platform deployed live in active combat, confirmed on April 3, 2026 what the research had been saying for months.
Ghost Murmur · LiveSovereign EraFive GapsOperation Epic FuryQ-Day$50B+ by 2030
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SevenTrain · Editorial Position
"SevenTrain has spent the past year positioning at the intersection of these shifts — where defense deployment is active, sovereign capital is accelerating, and private markets have not yet fully adjusted. The companies that will define quantum defense have not yet been selected by a market that has not yet understood the selection criteria."
The Fund Thesis

AI is today's visible
battlefield. Quantum computing
is tomorrow's asymmetric deterrent.

Our thesis is anchored in an emerging flywheel where sovereign urgency, scientific progress, capital formation, and commercial deployment reinforce one another.

01
Not the hardware. The enablers.
Near- to mid-term value will accrue not in monolithic quantum machines, but in the underfunded layers enabling quantum adoption today: software, error correction, networking, sensing, hybrid integration, and post-quantum cryptography. Capital-efficient segments delivering commercial utility ahead of fault-tolerant systems. The enablers currently capture less than 20% of total quantum investment flows.
02
Conflict reveals gaps. Procurement fills them.
Every transformative defense technology has been proven at war first. Radar at the Battle of Britain. GPS in the First Gulf War. The internet itself. The Iran conflict is following this pattern with quantum technology. Every DARPA program, every defense prime partnership, every sovereign government's accelerated quantum procurement timeline since February 2026 reflects one conclusion: the gaps will be filled by quantum technology moving forward.
03
Sovereign urgency changes the timeline.
Governments have committed tens of billions treating quantum as a sovereign imperative. China: $15B+ in subsidies. US: $151B SHIELD IDIQ, $5B+ public investment. Japan: $7.4B national strategy. UK: £2.5B over 10 years. The EU: $10B+. 33 countries with active initiatives. $44.5B in cumulative public investments. This is not venture capital following a narrative. This is sovereign capital following a necessity.
04
Why we are cautious — durable value owns constraints.
We remain cautious around pure-play quantum software without hardware leverage, timelines that assume fault-tolerant systems will scale faster than physics allows, and capital chasing qubit counts rather than bottlenecks such as error correction, verification, networking, and integration. Durable value accrues to those who own constraints, not narratives.
"For a handful of computational problems, quantum is to classical what a calculator is to an abacus. Quantum computing can optimize a battlefield of ten thousand moving assets. It can crack RSA encryption protecting every decisive military communication in existence. And it can simulate the aerodynamics of a hypersonic glide vehicle at Mach 20."
The Intelligence Wars · Issue II · The Abacus Analogy
Market Signals

The data that confirms
the race is underway.

McKinsey · 2025
30–35%
CAGR in quantum-related markets over the next decade. The cycle is in motion — and accelerating.
Global Public Investment
$44.5B
Cumulative public investment across 33 countries. Governments treating quantum as sovereign infrastructure, not research.
Wall Street Signal
$1.5T
JPMorgan's decade-long Security and Resiliency Initiative with quantum as a vital segment alongside AI and cyber.
Private VC · 2025
$3.8B
Only 1.5% of total US VC investment. The enabler layer captures less than 20% of that. The mispricing is structural.
Banking Adoption
80%
Of the top 50 banks globally already have active quantum pilots. Demand pull from end-users is no longer theoretical.
Defense · Feb 2026
$151B
MDA SHIELD IDIQ ceiling. IonQ's inclusion signals quantum's formal entry into the missile defense procurement stack.
Key Milestones · The Race in Real Time
Feb 2026
IonQ selected for MDA SHIELD IDIQ — $151B Missile Defense Agency framework. Quantum's formal entry into defense procurement stack.
Feb 28 2026
Operation Epic Fury commences — first documented large-scale operational deployment of AI in active combat targeting. 5,500+ targets identified. The Intelligence Wars thesis confirmed in real time.
Apr 3 2026
Ghost Murmur deployed live — quantum magnetometry sensor crosses from laboratory to behind enemy lines. CIA system allegedly detects the electromagnetic signature of a human heartbeat from operational range. Quantum sensing has crossed from theoretical to operational.
2027
NSA quantum-resistant mandate — all new National Security Systems acquisitions must comply with PQC by January 1, 2027. Compliance-driven revenue opportunity requiring no hardware breakthrough.
The Four Pillars of National Power

A world reorganizing
around control.

Energy, AI, chips, and quantum are the four pillars of national power in the Sovereign Era. They are being funded, controlled, and contested accordingly.

01
Energy
Hormuz remains the single most consequential chokepoint in global trade. 20% of the world's supply already disrupted by the Iran conflict.
02
AI
Operation Epic Fury marked the first large-scale operational deployment of AI in active combat targeting. The visible battlefield. Now.
03
Chips
China cannot fabricate wafers smaller than 7nm — equivalent to Western 2018 technology. Export controls hold. The semiconductor chokepoint.
04
Quantum
The emerging instrument poised to define the outcome of the 21st-century geopolitical game of chess. The asymmetric deterrent. Tomorrow.
SevenTrain · Access Thesis
"What is not visible in public markets is where these systems are actually being built. The most consequential companies are formed inside tightly networked ecosystems — defense programs, national labs, and technical founder networks — where capital is invited, not broadly intermediated. The ability to identify where procurement flows translate into company formation — and to access those companies before they become broadly investable — is the difference between observing this cycle and participating in it."
SevenTrain · Why Now
"Capital will not move evenly. It will concentrate where deployment is inevitable. Programs like this do not emerge in isolation. They sit on top of a network of suppliers, researchers, and early-stage companies that remain largely invisible to public markets. These are the layers where capital is mispriced — and where access matters most."

FOR QUANTUM FOUNDERS · SEVENTRAIN&CO. NETWORK

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Building in quantum? The SevenTrain&Co. network connects quantum companies with sovereign capital, defense procurement relationships, and Fortune 100 enterprise buyers — before the market catches up. Access to the Intelligence Wars editorial platform, the fund LP network, and Vikal's direct relationships with defense primes and sovereign programs.

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SevenTrain&Co. Quantum Fund · For Qualified Investors

The fund briefing is by
appointment.

The fund thesis exists. The research has been published. The window to be present at the formation is not permanently open. If you are a serious allocator — family office, sovereign wealth, hedge fund, institutional LP — the briefing is the conversation that determines whether this is the right fit.

For qualified investors only · Not investment advice · All submissions reviewed personally

Juliana Innecco · Investor Relations, Latin America

Michele Pittarello · Investor Relations, MENA & Europe

Asia — appointment pending

Vikal Kapoor
Founding Partner · Fund Author
Vikal Kapoor
Founding Partner, SevenTrain Ventures · Adjunct Professor, AI, Finance & Leadership
25 years inside the rooms where capital actually moves — JPMorgan, Deutsche Bank, Bank of America, Bloomberg, the World Economic Forum. Then out. Free. Direct investor in PsiQuantum.
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Mats Løkebø
Quantum Research & Investment
Mats Løkebø
Quantum Research & Investment
Co-author of The Intelligence Wars Issues I and II. Deep expertise in quantum technology ecosystems, AI convergence, and energy dynamics.
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ALL INQUIRIES ROUTED TO IR@SEVENTRAINVENTURES.COM · BY APPROVAL ONLY

For informational purposes only. Does not constitute investment advice or an offer to sell securities. SevenTrain Ventures holds a position in PsiQuantum, one of the companies discussed in this series. For qualified investors only. Past performance is not indicative of future results. All investments involve risk including loss of principal. seventrainventures.com/quantum
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