Annual revenue for the public quantum pure-plays. Growth is high off tiny bases, but the absolute numbers stay small against market caps in the tens of billions, much of the revenue is government and one-off system sales, and reported GAAP profits 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.