| IonQ (NASDAQ: IONQ) | Trapped-ion hardware + quantum networking + sensing | • DOE + India + Sweden MoUs for “Quantum Corridor” infrastructure • Revenue up ~80 % YoY (~$20 M) • Vector Atomic acquisition adds timing & navigation capabilities • Largest cash reserves in sector ($1.6 B+) | • Valuation premium vs revenues • Integration risk (2 acquisitions) • Execution across multi-nation projects | • New contracts / corridor updates • Margin expansion • Hardware upgrades • Government procurement pipeline |
| Quantinuum (Private – Honeywell + Cambridge Quantum) | Full-stack platform – trapped-ion hardware + algorithms + PQC | • Launched Helios system (98 physical → 48 logical qubits) • Record fidelities (> 99.9 %) • Software toolkits TKET & InQuanto expanding enterprise adoption • Strong IP portfolio (> 500 patents) | • High R&D burn rate • IPO timeline uncertain • Integration of legacy Honeywell ops | • ARR growth in software • Logical-qubit benchmarks • IPO prep 2026 • Partnership announcements (EU, Japan) |
| Google Quantum AI (Alphabet) | Superconducting hardware + quantum-AI algorithms | • Released Quantum Echoes algorithm — 13 000× faster molecular simulations vs supercomputers • Demonstrated quantum advantage in chemistry domain • Integrating into Google Cloud API | • Algorithm narrow in scope • Results await independent replication • Massive R&D cost | • Benchmark validation • Enterprise usage on Google Cloud • Hardware roadmap updates (Willow → Artemis) |
| IBM Quantum (NYSE: IBM) | Superconducting hardware + hybrid quantum-classical cloud | • Error-correction algorithms now run on AMD FPGAs (lowering control costs) • Deployed Quantum System Two in Spain (EU’s first) • Integration with watsonx AI platform | • Slow bureaucratic cycles • Margin compression in cloud • Competition from nimbler startups | • Quantum cloud ARR • FPGA performance metrics • EU contract expansion • Logical-qubit fidelity |
| Xanadu Quantum Tech (Canada) | Photonic hardware + hybrid software | • Going public via $3.6 B SPAC deal with Crane Harbor • Raising ~$500 M (new liquidity) • Targeting 50-qubit Gaussian boson sampler prototype 2026 | • SPAC valuation volatile • No commercial revenue yet • Photon loss control still a challenge | • SPAC close Q1 2026 • Prototype progress • Customer pilots • Revenue visibility post-listing |
| PsiQuantum (Private – US / Australia) | Silicon-photonics quantum computing | • Raised $1 B Series E ($7 B valuation) • Partnerships with Nvidia + GlobalFoundries • Building pilot fabs in Brisbane & Chicago | • Long R&D timeline • Photon loss / detection inefficiency • No revenue till late decade | • Foundry yield & fabrication progress • Multi-photon gate fidelity • Prototype delivery 2026 |
| D-Wave Quantum (NASDAQ: QBTS) | Quantum annealing & optimization systems | • Signed €10 M deal to deploy Advantage2 system in Italy • Only firm with recurring hardware revenues • Enterprise clients (logistics, finance) | • Non-universal model limits scope • Revenue still small • Competition from classical solvers | • New enterprise contracts • Advantage2 deployments • Proof-of-advantage benchmarks • Cloud usage growth |
| Rigetti Computing (NASDAQ: RGTI) | Superconducting hybrid nodes + cloud services | • $5.8 M USAF contract for superconducting-optical hybrid nodes • Partnership with QphoX on network interfaces • Improved fidelity metrics | • Cash burn • Lag vs IBM/Google in scale • Dependence on government contracts | • AFRL contract milestones • Hybrid node demo • Cash runway • Earnings Q4 |
| IQM Quantum Computers (EU – Private) | Superconducting on-prem systems for research & gov | • Raised €320 M Series B (total €600 M) • Building 150-qubit devices • Backed by EU (EIB & Tesi) • Strong public-sector base | • Limited global visibility • Competes with IBM/Google • Slower commercial ramp | • Logical-qubit validation • EU contracts • Benchmark results • Expansion to Asia |
| Quantum Computing Inc. (NASDAQ: QUBT) | US hardware + infrastructure roll-up | • Closed $750 M oversubscribed raise • Targeting acquisitions in supply chain & hardware components • Building domestic manufacturing base | • Dilution risk • Execution uncertainty • Unclear flagship product timeline | • Use of capital • M&A pipeline • Cash burn rate • Defense contract wins |
| Infleqtion (ColdQuanta, Private US) | Quantum sensing, timing & navigation systems | • Defense pilots for atomic clocks & PNT navigation • IPO rumored for 2026 • Expanding aerospace applications | • Long sales cycles • Hardware niche • Capital intensity | • DoD contracts • IPO filing updates • Reliability testing • Commercial shipments |
| Pasqal (Private France) | Neutral-atom computers for enterprise optimization | • €100 M Series B • Partnerships with Airbus, EDF & Total Energies • Expanding to US & Asia | • Neutral-atom competition (QuEra/Infleqtion) • Quantum-advantage proof pending • Funding dependence on EU | • Pilot results • Hardware fidelity • Enterprise contracts • New regional subsidiaries |
| Xanadu Quantum Tech (Canada) | Photonic hardware + software stack (quantum AI focus) | • $3.6 B SPAC merger (raising $500 M) • Photonics platform for quantum neural networks • Software framework PennyLane adopted widely | • Photon loss challenges • SPAC valuation volatility • Execution risk post-IPO | • SPAC close date • Public listing performance • Prototype milestones 2026 • Revenue guidance |
| Agnostiq (Private Canada) | Quantum software & workflow automation | • Partnered with Deloitte for enterprise use-cases • Released Covalent workflow platform integrated with AWS Braket & IonQ | • Small scale vs hardware peers • Crowded software space • Uncertain monetisation | • Enterprise adoption metrics • Revenue ARR • Partnership pipeline • Funding round |
| Classiq (Private Israel) | Quantum algorithm design automation platform | • Closed $50 M Series B • Partnered with Nvidia & Microsoft Azure • Expanding into US defense contracts | • Crowded middleware market • Dependence on hardware ecosystem maturity | • ARR growth • Contract expansions • SDK usage • IPO prospect window 2026 |
| Zapata AI (Private US) | Hybrid quantum-classical AI algorithms & optimization | • Raised $80 M Series C • Partnered with BMW & DARPA for quantum-enabled optimization projects | • Still pre-profit • Results depend on partner deployments • Competition from classical AI | • Enterprise ROI cases • ARR pipeline • QML benchmark performance |
| QUBO Technologies (Start-up, EU) | Post-quantum encryption hardware modules | • Received €40 M seed round • Developing quantum-safe hardware for banks & governments | • Early stage hardware risk • Certification timeline long (2026+) | • Prototype certification • Client pilots • Funding Series A timing |
| Anchorage Quantum (Private US) | Quantum cryptography & key-distribution services | • Partnered with US Telco for quantum-secure links • Backed by Defense Innovation Unit (DIU) | • Early stage • Dependence on infrastructure roll-out • Small client base | • Revenue per pilot • Defense expansion • Follow-on funding |
| Quantum Brilliance (Germany/Australia) | Diamond-based room-temperature quantum processors | • Prototypes deployed at supercomputing centres (HPC integration) • Low-energy non-cryogenic architecture • Series A $100 M | • Scaling to >100 qubits still distant • Competition from superconducting systems | • Performance benchmarks • Industrial partner deployments • Series B timeline |
| Q-CTRL (Australia) | Quantum control & error-mitigation software | • Partnered with IBM & Google to improve gate fidelity • Expanding into quantum sensing | • Dependent on third-party hardware ecosystem • Crowded control stack space | • Revenue ARR • Software adoption • New hardware partnerships • IPO prospect 2026 |