SEALSQ Corp (LAES), a leader in post-quantum cryptography solutions, saw its stock price plummet by a staggering 32.04% in pre-market trading on Wednesday. The sharp decline came amidst concerns over the company's plans to launch a constellation of satellites and broader uncertainty surrounding the quantum computing sector.

One of the primary factors behind the sell-off was SEALSQ's announcement on Tuesday regarding its subsidiary WISeSat AG's plan to launch six new generation satellites in 2025. While the planned satellite network aims to provide secure machine-to-machine communication using advanced post-quantum cryptography, investors are wary of the substantial costs associated with launching multiple satellites and the uncertainties surrounding the adoption of this new technology.

Furthermore, the quantum computing sector as a whole experienced a downturn after Nvidia Corp's CEO Jensen Huang stated that "very useful" quantum computers are likely decades away, pouring cold water on the recent excitement around the technology's potential. As a company focused on secure satellite communications leveraging post-quantum cryptography, SEALSQ Corp was caught up in this sector-wide sell-off.