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 $130M. Trapped-ion systems and cloud access; revenue is concentrated in a small number of government and research contracts. | 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% |
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.
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 sectors
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 June 30, 2026.
