Creotech: ~100% in ~100 days — spin-off mechanics, mWIG40 entry and what comes next
Since our February update, several technical details around the Creotech Quantum spin-off and potential index dynamics have become clearer.
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Context
In our November deep dive and the February 26 update, we discussed the strategic positioning of Creotech Instruments (WSE: CRI) at the intersection of European space infrastructure and quantum technologies, as well as the mechanics of the planned spin-off of the quantum segment into Creotech Quantum.
We also reviewed the operational milestones that helped drive the recent market repricing — including ESA confirmations, satellite commissioning milestones, government contracts, and the strategic partnership with Eutelsat in the context of the IRIS² secure connectivity program.
Since that publication, several additional developments have clarified the next phase of the story, particularly regarding the formal spin-off structure and evolving institutional dynamics around the stock.
Shareholders approve the spin-off
On 4 March 2026, the Extraordinary General Meeting of Creotech Instruments approved the demerger of the company into two entities.
The transaction will be executed by transferring an organized part of the enterprise — the quantum technology segment — into a newly created entity called Creotech Quantum.
Following the separation:
Creotech Instruments will remain focused on space technologies and satellite infrastructure
Creotech Quantum will focus on quantum technologies and secure communication systems
According to current plans, Creotech Quantum is expected to debut on the Warsaw Stock Exchange on 17 April.
The spin-off effectively separates two technology domains that had previously been bundled within a single corporate structure.
Pricing mechanics of the spin-off
Another point that recently required clarification concerns the reference pricing of Creotech Quantum shares.
In the original demerger documentation, a reference value of PLN 72.99 appeared in the division plan. Importantly, this figure was not intended as a fixed IPO price, but rather as a technical valuation derived from the market price of Creotech shares at the time the division plan was prepared.
Subsequent clarification from the company confirms that the actual mechanism will be proportional rather than fixed.
In simplified terms:
the Creotech Instruments share price will be technically adjusted downward by approximately 16.5%
the reference value of Creotech Quantum shares will correspond to roughly 16.5% of the Creotech closing price before the adjustment
Importantly, the reference price is only a technical starting point — the actual opening price of Creotech Quantum will depend on supply and demand once trading begins.
Entry into the mWIG40 index
Another notable development concerns Creotech’s inclusion in the mWIG40 index.
According to information published by PAP Biznes regarding the upcoming index revision on the Warsaw Stock Exchange, Creotech Instruments will enter the mWIG40 index as part of the periodic reshuffle of GPW indices.
The mWIG40 represents the mid-capitalization segment of the Warsaw Stock Exchange, grouping the 40 largest listed companies outside the blue-chip WIG20 index. Constituents are selected primarily based on free-float market capitalization, number of shares available for trading and liquidity.
For Creotech, this marks another step in a progression that began with its listing on NewConnect, followed by the transition to the main GPW market, inclusion in sWIG80, and now advancement into mWIG40.
Index inclusion also matters from a market-structure perspective. Institutional investors — including OFE pension funds, PPK retirement funds and index-tracking strategies — often allocate capital according to index composition. As a result, companies entering higher index tiers frequently experience gradual increases in institutional ownership and trading liquidity over time.
The speed of repricing
The pace of the recent market repricing has also been remarkable.
When we published our deep dive on 19 November 2025, Creotech was trading around PLN 359.
Our most recent update on 26 February 2026 discussed the stock near PLN 576, already representing more than 60% growth.
As of early March, the share price has approached nearly PLN 700, implying roughly a doubling of the price in about 100 days.
Even for a constructive thesis, this speed is unusual.
CyberMoat has seen several successful investment ideas in the past — including one ten-bagger — but the tempo of the Creotech move has been particularly striking.
Whether this reflects the early stage of a longer structural repricing or simply a strong narrative-driven phase remains to be seen.
A symbolic milestone along the way?
Creotech crossed an important symbolic threshold earlier in its development.
In September 2025, the company’s market capitalization exceeded PLN 1 billion, placing it among the relatively small group of Polish technology companies to reach that level of valuation on the public market.
Since then, the story has continued to unfold rapidly. At the time of writing, Creotech’s market capitalization is approaching PLN 2 billion, roughly doubling within a relatively short period.
Still, the more widely recognized benchmark in global technology markets lies further ahead.
Internationally, the term “unicorn” typically refers to companies valued at over USD 1 billion. At current exchange rates, this corresponds to a market capitalization of roughly PLN 3.6 billion.
Whether Creotech eventually reaches that level — becoming a true dollar-denominated unicorn — will depend on continued execution in its space infrastructure programs and on how the Creotech Quantum spin-off develops as a standalone company.
For now, it appears to be another milestone along the way rather than the final destination.
A final observation
What makes the Creotech story particularly interesting is not only the recent price movement, but the structural forces surrounding it.
Europe is entering a phase in which space infrastructure, secure communications, quantum technologies and cybersecurity are increasingly treated as elements of technological sovereignty.
In such environments, companies that manage to establish themselves early within strategic ecosystems often follow non-linear development paths.
This does not mean the road will be smooth. Markets rarely move in straight lines, and periods of consolidation or volatility are a natural part of the process.
But the combination of technological capability, strategic relevance and rising institutional visibility makes Creotech one of the more intriguing companies currently emerging in the European deep-tech landscape.
We will continue to monitor how this story unfolds.
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- Michał Rzepka, CyberMoat
Uncovering risks, securing opportunities.
Disclaimer
This material reflects personal views and is not investment advice. Positions may be held in securities discussed.