Quantum Computing Market by Company
Quantum computing is moving from physics experiment to a commercializing industry, with a wave of 2026 public listings and the first merchant quantum foundries. This sector tracks the public pure-plays, the diversified incumbents, and the major private players across the competing qubit modalities, the hardware supply chain, applications, and the post-quantum-cryptography threat that is forcing a mandated migration regardless of when the hardware matures.
The Quantum sector on Sterling tracks 30 companies, led by IonQ (67%), Quantinuum (16%), D-Wave Quantum (12.9%) by share of FY2025 revenue across the five public quantum pure-plays, excluding the diversified incumbents.
Quantum market share by company (2025)
| # | Company | Market share |
|---|---|---|
| 1 | IonQIONQ Share of FY2025 revenue across the five public quantum hardware pure-plays that report revenue. The diversified incumbents on this roster (IBM, Alphabet, Microsoft, Amazon, Nvidia, Intel, Honeywell) lead the field on capability but do not break out quantum revenue, so they are outside this denominator. FY2025 revenue $130.0M. Management said more than 60 percent was commercial; the remainder includes government and other. An exact government split is not broken out. | 67% |
| 2 | QuantinuumQNT FY2025 revenue $31M. Trapped-ion systems; majority-owned by Honeywell, which also appears on this roster as a diversified incumbent. | 16% |
| 3 | D-Wave QuantumQBTS FY2025 revenue $25M. Annealing and gate-model systems; the FY2025 step-up is largely a single on-premises system sale. | 12.9% |
| 4 | FY2025 revenue $7M. Superconducting systems; revenue fell year over year as system sales slipped. | 3.6% |
| 5 | FY2025 revenue $1M. Photonics and thin-film lithium niobate; revenue is negligible against a multi-billion-dollar market value. | 0.5% |
Quantum Headline KPIs
Private Investment in Quantum Startups by Year
Quantum Market Forecasts (and Why They Disagree)
| Source | What it measures | Year | Estimate |
|---|---|---|---|
| MarketsandMarkets | Vendor revenue | 2030 | $20B |
| IDC | Customer spending | 2027 | ~$8.6B |
| McKinsey | Quantum-computing market | 2035 | $43B to $71B |
| McKinsey | Total quantum-tech market | 2035 | $60B to $100B |
| BCG | Vendor market | 2040 | $90B to $170B |
| BCG | Economic value at stake | 2040 | $450B to $850B |
| McKinsey | Economic value at stake | 2035 | $1.3T to $2.7T |
Cash, Burn and Runway for the Pure-Plays
IONQ
4.8y
runway
QUBT
23.5y
runway
QBTS
5.8y
runway
LAES
10.7y
runway
RGTI
5.1y
runway
ARQQ
0.7y
runway
Balance Sheet vs Trailing Revenue
Cash and short-term investments as a multiple of trailing-twelve-month revenue. A log scale: each gridline is ten times the last, because the range runs from roughly 10x to 250x.
Public-Equity Universe
Public hardware pure-plays
Listed companies whose primary disclosed business is quantum computing hardware or closely related systems. Revenue is still small against the valuations the market assigns them.
Public post-quantum security
Listed names selling quantum-safe cryptography or hardware. This is the regulation-driven adjacency, not a hardware bet.
Diversified incumbents
Quantum is a program or a stake inside a much larger company. Parent revenue is not quantum revenue. Honeywell's exposure is primarily its Quantinuum holding.
Private leaders (not listed)
Shown because they set technical or capital benchmarks. They are not public-equity tickers.
Uninvestable (US Entity List)
On the page for completeness. Added in the May 2024 Entity List wave. Not investable for US persons.
Sector Milestones
National Quantum Initiative Act signed (P.L. 115-368).
Created the statutory frame for NIST, NSF, and DOE quantum programs. Some R&D authorizations later expired; reauthorization is still pending as of August 2026.
Memorandum M-23-02 directs agencies to inventory quantum-vulnerable cryptography.
The inventory requirement is what later produced the $7.1B civilian ROM. Migration planning started before a cryptographically relevant machine exists.
Report to Congress: $7.1B rough order of magnitude for prioritized federal civilian PQC, 2025 to 2035.
2024 dollars. National-security systems are a separate unpublished track.
First three post-quantum FIPS finalized (ML-KEM, ML-DSA, SLH-DSA).
Gave agencies and vendors a standard to implement. Deadlines in other mandates now have an algorithm set.
Willow: below-threshold surface-code memory published in Nature (Λ = 2.14).
First processor where encoded error fell as the code grew. A memory experiment, not a utility-scale machine.
Bond-trading research trial: up to 34% better fill-probability prediction on European corporate-bond RFQ data.
The strongest quantified finance result on production-scale data. Historical trial, not live trading.
Helios commercial launch. Vendor claim: 98 physical qubits and 48 error-corrected logical qubits.
A company specification, not an independent reproduction. Error-detected counts (94) are a different metric.
Quantum Benchmarking Initiative advances 11 teams to Stage B.
A sophisticated buyer asking whether any approach can reach utility-scale by 2033. Selection is a credibility signal, not a contract award ranking.
Private investment into quantum startups printed at $12.6B.
A 6.3 times jump over 2024, with roughly 97 percent private rather than government capital.
Nature paper: up to 96 distance-4 logical qubits active at once on a 448-atom processor.
Published experiment using [[16,6,4]] codes. Not a leaderboard against Helios or Willow encodings.
First listed neutral-atom company (SPAC).
Part of the 2026 listing wave that widened the public-equity map beyond the four legacy pure-plays.
Photonic and software-led names list via SPAC.
Adds public tickers in photonics (XNDU) and quantum software tools (HQ).
S.3597, National Quantum Initiative reauthorization, ordered reported.
About $2.7B authorized for NIST, NSF, and NASA over five years if enacted. Not appropriated spend. Not law as of August 2026.
Proposed CHIPS letters of intent for merchant quantum foundries (Anderon $1B; GF QTS $375M).
LOIs, not closed awards. Manufacturing bets, not QPU performance claims.
IPO, the first major trapped-ion listing (ticker QNT).
Honeywell remains the majority owner. Adds a high-fidelity trapped-ion name to the public roster.
NISQ Reality vs Fault-Tolerant Targets
| Layer | What it is |
|---|---|
| Physical qubits | The raw quantum devices. Counts are not comparable across superconducting, ion, atom, and photonic hardware. |
| Logical qubits | Error-protected qubits encoded in many physical qubits. Encoding, detection versus correction, and memory versus circuit all differ. |
| Applications | What customers can buy or trial today versus what slideware promises after fault tolerance. |
| Cryptography | The threat that does not wait for a large machine. Harvest-now-decrypt-later is already a planning assumption. |
| Commercial revenue | What listed hardware companies actually book. |
| Policy spend | Public programs that fund research, foundries, and cryptography migration on government clocks. |
Companies in the Quantum sector (30)
- IonQ
- Rigetti Computing
- D-Wave Quantum
- Quantum Computing Inc
- Quantinuum
- Xanadu
- Infleqtion
- IQM Quantum Computers
- Horizon Quantum
- Arqit Quantum
- SEALSQ
- IBM
- Alphabet
- Microsoft
- Amazon
- NVIDIA
- Intel
- Honeywell
- PsiQuantum
- SandboxAQ
- Pasqal
- QuEra Computing
- Atom Computing
- Oxford Quantum Circuits
- Alice & Bob
- Silicon Quantum Computing
- Quantum Brilliance
- Quantum Machines
- Origin Quantum
- QuantumCTek
Related industries
Frequently asked questions
What is the Quantum sector?
Quantum computing is moving from physics experiment to a commercializing industry, with a wave of 2026 public listings and the first merchant quantum foundries. This sector tracks the public pure-plays, the diversified incumbents, and the major private players across the competing qubit modalities, the hardware supply chain, applications, and the post-quantum-cryptography threat that is forcing a mandated migration regardless of when the hardware matures.
Which companies lead the Quantum sector?
Sterling tracks 30 companies in Quantum, led by IonQ (67%), Quantinuum (16%), D-Wave Quantum (13%), Rigetti Computing (4%) and Quantum Computing Inc (1%) by share of FY2025 revenue across the five public quantum pure-plays, excluding the diversified incumbents.
How can I invest in the Quantum sector?
Publicly traded names in Quantum include IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), Quantum Computing Inc (QUBT) and Quantinuum (QNT). Compare them side by side on Sterling. Data last updated August 24, 2026.
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