Podcast | A VC Shares His 5-Layer Quantum Investing Strategy — with Intel Capital

Explore the high-stakes world of quantum venture capital. Host Konstantinos Karagiannis sits down with Kike Miralles, Investment Director at Intel Capital. Moving beyond surface-level hype, Miralles introduces his “five-layer stack” philosophy—a strategic framework that evaluates everything from physical infrastructure and QPUs to middleware and end-user applications. He shares candid insights into why Intel Capital favors Series A and B rounds, how his background in physics helps him spot “miracles” required for a startup to succeed, and why he believes the quantum computing industry shifted gears so aggressively toward error correction and logical qubits in 2025.

It’s a masterclass in “revenue realism” as Miralles discusses the complex transition from consulting-heavy pilots to scalable SaaS models in quantum. The conversation dives into the wiring bottleneck of solid-state platforms, the skepticism surrounding QKD versus post-quantum cryptography, and the potential for a killer app at the intersection of quantum simulation and AI in the pharmaceutical industry. Whether you are an entrepreneur looking to avoid red flags or a tech enthusiast curious about who might become the Nvidia of quantum, this episode provides a grounded, expert look at the roadmap to a multi-billion dollar quantum future.

Guest: Kike Miralles from Intel Capital