All the fundraising deals in the quantum computing market (from Q1 2025 to Q1 2026)
Download our beautiful pitch about the quantum computing market
In our quantum computing market deck, you will find everything you need to understand the market
The quantum computing market raised over $4.6 billion across 30 deals between Q1 2025 and Q1 2026, making it one of the most active fundraising periods the industry has ever seen.
Q3 2025 alone accounted for more than half of that total, driven by a handful of very large rounds from companies like PsiQuantum, Quantinuum, and D-Wave.
Quantum hardware companies continued to capture the largest checks, but the funding stack is clearly broadening, with more money flowing into infrastructure, control systems, and quantum-specific software.
And if you want to better understand this new industry, you can download our pitch covering the quantum computing market.
Insights
- Q3 2025 was a historic quarter for quantum computing market fundraising: just three companies (PsiQuantum, Quantinuum, and D-Wave) captured over 80% of the $2.7 billion raised in that quarter alone.
- The quantum computing market raised $4.68 billion across 30 deals from Q1 2025 to Q1 2026, more than many observers had projected for the sector at the start of 2025.
- Hardware still dominates: quantum hardware and full-stack compute platforms captured $4.06 billion, roughly 87% of total quantum computing funding over the period, showing investors are still paying to solve the core machine problem first.
- Public-market fundraising became a genuine tool for quantum computing companies: D-Wave raised $550 million and Rigetti raised $385 million through ATM equity programs, which are mechanisms typically not associated with early-stage tech sectors.
- The average quantum computing deal size was $156 million, but the median is far lower once you strip the mega-rounds, suggesting most startups are still raising at the $10-40 million level.
- No quantum computing deal in this 5-quarter dataset fell below $4 million, which signals that seed-stage activity may be happening below reporting thresholds, or the quantum computing market has already passed its earliest-stage funding peak.
- Q1 2026 showed only 3 deals but with an average size of $80 million, suggesting the quantum computing market is consolidating rather than contracting, with capital flowing to companies that have a clearer path to commercialization.
- The European Innovation Council appeared in 4 separate quantum computing deals, making it the most active named investor in the dataset and a reliable backer of European quantum hardware startups.
- Israel emerged as a surprising quantum computing hub, with three startups (Qedma, QuamCore, and Quantum Art) raising a combined $152 million, which rivals the output of larger quantum ecosystems.
- Quantum-specific software raised only $290 million across 6 deals, about 6% of total quantum computing funding, which may reflect either early-stage maturity in that layer or persistent investor preference for hardware bets.
- The photonic quantum computing approach attracted investment from multiple angles: PsiQuantum ($1 billion), Xanadu ($275 million), QuiX Quantum ($17.5 million), and Sparrow Quantum ($24 million) all raised within the same 5-quarter window.
In our quantum computing market deck, we will give you useful market maps and grids
Summary table of the funding deals in the quantum computing market (last 5 quarters)
We define the quantum computing market as commercial products and services whose primary purpose is to deliver quantum computation to end users.
We include quantum hardware systems and components sold as part of those systems, quantum compute access (cloud or hosted), and quantum-specific software and services used to program, run, and integrate workloads on quantum processors.
We exclude quantum sensing and quantum communications, general-purpose classical compute/cloud services, and R&D funding or tooling that is not sold primarily for quantum computing use.
You can also read our detailed analysis to understand how funding activity in the quantum computing market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the quantum computing market.
| Name | What they do | Amount | Quarter | Source(s) |
|---|---|---|---|---|
| SEEQC | Builds low-latency control and readout chips that make quantum processors operate like real datacenter hardware. | $30M | Q1 2025 | TechCrunch |
| D-Wave Quantum | Sells quantum annealing systems, cloud access, and optimization software for combinatorial problems. | $150M | Q1 2025 | D-Wave |
| ZuriQ | Builds trapped-ion quantum computers using microfabricated Penning-trap arrays to overcome current scaling limits. | $4.2M | Q1 2025 | Tech.eu |
| Alice & Bob | Builds fault-tolerant superconducting quantum computers based on cat qubits that suppress errors by design. | $104M | Q1 2025 | Alice & Bob |
| QuEra Computing | Builds neutral-atom quantum computers and offers cloud and on-prem access for simulation and gate-model workloads. | $230M | Q1 2025 | QuEra |
| Quantum Machines | Sells the control hardware and software that orchestrate quantum processors in real time across multiple qubit types. | $170M | Q1 2025 | Quantum Machines |
| Rigetti Computing | Builds superconducting gate-based quantum computers and offers cloud and on-prem quantum processing units. | $35M | Q1 2025 | Rigetti |
| QuantWare | Makes superconducting quantum processors and scaling technology for customers who want to build much larger QPUs. | $21.2M | Q1 2025 | QuantWare |
| Sparrow Quantum | Makes deterministic single-photon sources, a core building block for photonic quantum computers. | $24M | Q2 2025 | Quantum Computing Report |
| Classiq | Builds a software platform that turns high-level application goals into optimized quantum circuits. | $110M | Q2 2025 | Classiq |
| Rigetti Computing | Builds superconducting gate-based quantum computers and hybrid quantum-classical systems. | $350M | Q2 2025 | Rigetti |
| OrangeQS | Builds automated test equipment that helps quantum-chip makers validate and benchmark chips much faster. | $13.8M | Q2 2025 | Data Center Dynamics |
| D-Wave Quantum | Sells annealing quantum systems, cloud access, and optimization software for enterprise customers. | $400M | Q3 2025 | D-Wave |
| Qedma | Sells software that reduces quantum-computing errors so users get more out of noisy hardware sooner. | $26M | Q3 2025 | TechCrunch |
| QuiX Quantum | Builds universal photonic quantum computers on silicon-nitride chips. | $17.5M | Q3 2025 | Quantum Computing Report |
| QpiAI | Builds a full-stack quantum-computing platform paired with AI tools for enterprise workloads, starting in India. | $32M | Q3 2025 | The Quantum Insider |
| QuamCore | Builds superconducting quantum-computing architecture with ultra-low-power control logic inside the cryostat. | $26M | Q3 2025 | The Quantum Insider |
| Qunova Computing | Develops quantum software for chemistry, pharma, and industrial-engineering workloads, based in South Korea. | $10M | Q3 2025 | Quantum Computing Report |
| Phasecraft | Builds hardware-agnostic quantum algorithms for chemistry, materials, energy networks, and optimization. | $34M | Q3 2025 | Parkwalk |
| IQM Quantum Computers | Builds full-stack superconducting quantum computers for on-prem and datacenter deployment. | $320M | Q3 2025 | IQM |
| Maybell Quantum | Makes cryogenic and RF infrastructure that quantum builders need to run larger systems reliably. | $40M | Q3 2025 | Maybell Quantum |
| Quantinuum | Sells trapped-ion quantum computers plus enterprise quantum software and tools, at a $10 billion valuation. | $800M | Q3 2025 | Quantinuum |
| PsiQuantum | Builds fault-tolerant photonic quantum computers at utility scale using silicon photonics, with sites in the US and Australia. | $1,000M | Q3 2025 | PsiQuantum |
| Delft Circuits | Makes high-density cryogenic cabling and I/O solutions that let quantum computers scale to much higher qubit counts. | $9.3M | Q4 2025 | Delft Circuits |
| Horizon Quantum Computing | Builds software infrastructure that makes it easier to write useful quantum applications across different hardware types. | $110M | Q4 2025 | Horizon Quantum |
| Quantum Art | Builds full-stack trapped-ion quantum computers using a multi-core architecture aimed at scaling to thousands of qubits. | $100M | Q4 2025 | PR Newswire |
| Xanadu | Builds photonic quantum computers and the PennyLane quantum software stack, going public via SPAC. | $275M | Q4 2025 | Quantum Computing Report |
| Photonic | Builds silicon spin-qubit quantum computers connected by photons, using a distributed quantum-computing architecture. | $130M | Q1 2026 | Photonic |
| Equal1 | Builds silicon-based quantum computers and a datacenter-ready quantum server designed to fit standard racks. | $60M | Q1 2026 | UCD |
| SpinQ | Sells quantum computers, cloud access, and education systems across NMR and superconducting approaches, based in China. | $50M | Q1 2026 | SpinQ |
In our quantum computing market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the quantum computing market changed over time?
Q3 2025 was by far the most active quarter, with $2.7 billion raised across 11 deals, largely because three companies (PsiQuantum at $1 billion, Quantinuum at $800 million, and D-Wave at $400 million) alone accounted for $2.2 billion of that total.
Q4 2025 was the least active quarter in absolute terms with only 4 deals and $494 million raised, though even that figure was held up by Xanadu's $275 million PIPE, without which the quarter would have looked much quieter.
Q1 2026 raised $240 million, which is down 51% from Q4 2025 ($494 million) and down 68% compared to Q1 2025 ($744 million) a year earlier.
If you strip the top two deals from each quarter, the underlying deal flow in the quantum computing market is remarkably steady, with most quarters showing 5 to 9 deals in the $10-40 million range, suggesting a healthy mid-market that is less cyclical than the headline numbers imply.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 8 | $744M | Strong start driven by QuEra ($230M) and Quantum Machines ($170M), with 6 other deals adding breadth. |
| Q2 2025 | 4 | $498M | Fewer deals but Rigetti's $350M ATM offering dominated; underlying activity was relatively modest. |
| Q3 2025 | 11 | $2,706M | Blowout quarter anchored by PsiQuantum ($1B), Quantinuum ($800M), and D-Wave ($400M). |
| Q4 2025 | 4 | $494M | Only 4 deals; Xanadu's $275M PIPE carried the quarter, while smaller rounds filled the rest. |
| Q1 2026 | 3 | $240M | Fewest deals of any quarter, but average round size of $80M reflects selective, later-stage focus. |
| All quarters | 30 | $4,682M | One of the strongest 5-quarter stretches ever recorded for the quantum computing market. |
In our quantum computing market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the quantum computing market raised the largest rounds over the last months?
These startups raised the most recently in the quantum computing market:
- PsiQuantum raised $1 billion in a Series E to fund utility-scale photonic quantum computing sites in Brisbane and Chicago, backed by BlackRock, Temasek, and NVIDIA's venture arm.
- Quantinuum raised $800 million at a $10 billion valuation to advance its trapped-ion quantum computers and enterprise software platform, with JPMorganChase and Honeywell among its backers.
- D-Wave Quantum raised $400 million via an ATM equity offering to fund acquisitions and scale its commercial quantum annealing operations globally.
- Rigetti Computing raised $350 million through a public ATM program to accelerate its superconducting quantum hardware and pursue potential partnerships or acquisitions.
- IQM Quantum Computers raised $320 million in a Series B to expand beyond Europe and scale commercial deployment of its full-stack superconducting quantum systems.
- Xanadu raised $275 million in a PIPE tied to its SPAC merger, drawing in AMD and major Canadian institutional investors to fund its photonic quantum roadmap.
- QuEra Computing raised $230 million with Google, SoftBank, and Valor Equity Partners to accelerate fault-tolerant neutral-atom quantum systems.
- Quantum Machines raised $170 million in a Series C, led by PSG Equity, to build the control and orchestration infrastructure that large-scale quantum systems increasingly depend on.
- D-Wave Quantum raised $150 million in an earlier ATM program at the start of 2025 to cover working capital and continue its quantum annealing commercialization efforts.
- Photonic raised $130 million (C$180M), led by Planet First Partners with RBC and Microsoft backing, to develop its distributed silicon spin-qubit quantum architecture.
And, yes, we do cover most of them in our beautiful pitch about the quantum computing market.
You may also want to check our ranking of the most funded startups in the quantum computing market as well as our list of the most valued startups.
In our quantum computing market deck, we answer all the common questions from investors and entrepreneurs
Is the quantum computing market shifting toward smaller or bigger deals?
The average quantum computing deal across all 30 rounds and 5 quarters was $156 million, but that figure is heavily skewed by a small number of mega-rounds at the top.
The quarterly average ranged from $80 million in Q1 2026 to $246 million in Q3 2025, and the big swings come almost entirely from one or two outlier rounds per quarter, like PsiQuantum or D-Wave's ATM programs, pulling the average up dramatically in those periods.
If you strip the top two rounds from each quarter, the quantum computing market shows a much steadier deal size of roughly $20-40 million, which suggests that mid-market activity is actually quite consistent and the perceived volatility is mostly a mega-round story.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 8 | $93M | 0 | 4 |
| Q2 2025 | 4 | $125M | 0 | 2 |
| Q3 2025 | 11 | $246M | 0 | 4 |
| Q4 2025 | 4 | $124M | 0 | 3 |
| Q1 2026 | 3 | $80M | 0 | 2 |
| All quarters | 30 | $156M | 0 | 15 |
In our quantum computing market deck, we help you understand how the market is structured
How concentrated was funding activity in the quantum computing market?
Funding in the quantum computing market was extremely top-heavy in every single quarter: the top 3 deals captured at least 73% of total capital raised, and in Q2 2025 and Q4 2025 the top 3 deals accounted for over 97% of the quarter's total.
This pattern matters because it means that most quantum computing startups, even those raising $20-40 million rounds, are competing in a very different funding environment than the headline numbers suggest: the market is large in total, but the capital is concentrated in a handful of platform bets.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 8 | 30.9% | 73.9% | 100.0% |
| Q2 2025 | 4 | 70.3% | 97.2% | 100.0% |
| Q3 2025 | 11 | 37.0% | 81.3% | 99.6% |
| Q4 2025 | 4 | 55.6% | 98.1% | 100.0% |
| Q1 2026 | 3 | 54.2% | 100.0% | 100.0% |
| All quarters | 30 | 21.4% | 55.7% | 87.9% |
In our quantum computing market deck, we have designed useful charts to give you full market clarity
Which categories in the quantum computing market received the most funding?
Hardware and full-stack quantum compute platforms captured $4.06 billion, about 87% of total quantum computing market funding, across 16 deals, which reflects the reality that building a working quantum computer still requires enormous capital and remains the central challenge investors want to fund.
Infrastructure, components, control systems, and cryogenics raised $334 million across 8 deals, showing that investors increasingly see the hardware supply chain (chips, cables, control electronics, test equipment) as a valuable layer in its own right as quantum systems grow larger.
Quantum-specific software raised $290 million across 6 deals, a relatively small share of total quantum computing funding, which likely reflects the fact that software value in this market is still closely tied to hardware capabilities that have not yet reached their full potential.
| Category | Number of deals | Total raised | Startups and amounts |
|---|---|---|---|
| Hardware / full-stack compute platforms | 16 | $4,058M | D-Wave Quantum ($550M total), ZuriQ ($4.2M), Alice & Bob ($104M), QuEra ($230M), Rigetti ($385M total), QuiX Quantum ($17.5M), QpiAI ($32M), IQM ($320M), Quantinuum ($800M), PsiQuantum ($1,000M), Quantum Art ($100M), Xanadu ($275M), Photonic ($130M), Equal1 ($60M), SpinQ ($50M) |
| Infrastructure / components / control / testing / cryogenics | 8 | $334M | SEEQC ($30M), Quantum Machines ($170M), QuantWare ($21.2M), Sparrow Quantum ($24M), OrangeQS ($13.8M), QuamCore ($26M), Maybell Quantum ($40M), Delft Circuits ($9.3M) |
| Quantum-specific software | 6 | $290M | Classiq ($110M), Qedma ($26M), Qunova Computing ($10M), Phasecraft ($34M), Horizon Quantum Computing ($110M) |
In our quantum computing market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the quantum computing market?
The European Innovation Council (EIC) is the most active named investor in the quantum computing market with 4 deals, backing Alice & Bob, QuantWare, QuiX Quantum, and Equal1, which reflects the EU's deliberate strategy to build a European quantum computing supply chain from hardware components to full systems.
Invest-NL participated in 2 deals, co-leading rounds for both QuantWare and QuiX Quantum, making it the anchor institutional backer of the Dutch quantum hardware ecosystem.
InnovationQuarter also appeared in 2 deals, supporting both QuantWare and OrangeQS, two Netherlands-based quantum computing hardware and testing companies.
Quanta Computer invested in 2 deals across the period, backing Rigetti Computing's strategic collaboration and joining Quantinuum's growth round, signaling a manufacturer's bet on multiple quantum hardware platforms simultaneously.
QBeat Ventures appeared in 2 deals, participating in both OrangeQS and Quantum Art, which shows a consistent focus on infrastructure and hardware within the quantum computing market.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded | Startups |
|---|---|---|---|
| EIC / EIC Fund | 4 | $499M | Alice & Bob, QuantWare, QuiX Quantum, Equal1 |
| Invest-NL | 2 | $38.7M | QuantWare, QuiX Quantum |
| InnovationQuarter | 2 | $35M | QuantWare, OrangeQS |
| Quanta Computer | 2 | $835M | Rigetti Computing, Quantinuum |
| QBeat Ventures | 2 | $113.8M | OrangeQS, Quantum Art |
In our quantum computing market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- A full list of funding deals in quantum computing
- The startups that have raised the most funding in quantum computing
