Quantum Computing Applications

Annual revenue for the public quantum pure-plays. Growth is high off tiny bases, and the absolute numbers stay small against market caps in the tens of billions. Mix varies by name: IonQ said more than 60 percent of FY2025 was commercial. Reported GAAP profits in this group are largely non-cash warrant gains.

For each vertical, what is realistic on today's noisy machines versus what requires fault tolerance that does not yet exist at scale. Finance and logistics have the most credible near-term traction; the rest is mostly research and promise.

Representative enterprise engagements with quantum providers. Nearly all are pilots, research, or benchmarks rather than production. The HSBC and IBM bond-trading result is the strongest measured commercial datapoint so far.

Cloud access, not on-prem hardware sales, is how nearly all customers reach quantum. The hyperscalers aggregate multiple vendors behind one API, which is why durable exposure to commercial usage runs through the large-cap cloud providers.

The HSBC and IBM bond-trading study is the only figure here with a quantified improvement on production-scale data. It is a research trial, not live production trading. Other banks have research collaborations without a comparable published percentage.

IonQ is the revenue leader among listed hardware pure-plays and the one that discloses a commercial split. It said more than 60 percent of FY2025 revenue was commercial. The chart uses 60 percent as a floor. The remainder includes government and other; an exact government percentage is not broken out.

Cases where classical methods matched or beat a published quantum experiment, plus Google's 2025 Quantum Echoes claim, which had not been independently reproduced. Production-grade advantage remains a high bar because classical algorithms keep moving.