What are the top quantum startups by revenue today?

The ranking of top startups in the quantum computing market by revenue

Below is a table ranking all the companies in this market by their current revenue scale. You can find our methodology at the end of this page.

If you want a deeper understanding of the market and its current dynamics, get our report covering the Quantum Computing Market.

What are the top quantum startups by revenue today?

IonQ is clearly the biggest quantum pure-play by current recognized revenue, with roughly $145 million generated in the first half of 2026.

The gap is much larger than the industry's valuations and press coverage might suggest. IonQ reported $64.7 million in Q1 and $80.1 million in Q2. Behind it, the next group is still mostly operating around $20–40 million of annual revenue.

IQM reported roughly $36 million of 2025 revenue. Infleqtion reported $32.5 million, although that includes quantum sensing and timing as well as computing. Quantinuum generated $30.9 million. D-Wave reached $24.6 million, while Pasqal reported €16.4 million.

After that, the numbers fall quickly. Rigetti generated $7.1 million in 2025, Xanadu $4.6 million and SEEQC roughly $4.2 million. Quantum Computing Inc. produced $9.3 million across the first half of 2026, but most of its latest quarter came from a broader photonics portfolio, which makes a straight comparison with pure quantum-computing companies less useful.

Several famous companies cannot be ranked cleanly at all. PsiQuantum has a $125 million DARPA agreement, Q-CTRL disclosed more than $50 million in sales and contract wins, Quantum Machines supplies hundreds of quantum facilities, and IBM says its quantum program has signed more than $1.1 billion of contracts since 2017. Those figures tell us a lot about commercial scale, but none is equivalent to annual recognized revenue.

Company	Strongest current figure	Metric	How we read it
IonQ	~$145M	H1 2026 revenue	Clear revenue leader
IQM	~$36M	2025 revenue	Leading private/full-stack figure
Infleqtion	$32.5M	2025 revenue	Includes sensing and computing
Quantinuum	$30.9M	2025 net revenue	Highly comparable quantum revenue
D-Wave	$24.6M	2025 revenue	Strong recent acceleration
Pasqal	€16.4M	2025 revenue	Fast-growing neutral-atom business
Quantum Computing Inc.	$9.3M	H1 2026 revenue	Broader photonics perimeter
Rigetti	$7.1M	2025 revenue	Clean reported revenue
Xanadu	$4.6M	2025 revenue	Rapid growth from a small base
SEEQC	~$4.2M	2025 revenue	Mostly quantum-related services and integration
Oxford Quantum Circuits	~£0.34M	FY2025 turnover	Filed but still very small

Is IonQ really that far ahead of every other quantum company?

Yes. IonQ's current revenue lead is enormous: its $80.1 million second quarter alone was bigger than the latest full-year revenue of any pure-play competitor we found.

IonQ had already generated $64.7 million in Q1, so first-half revenue reached about $145 million. Q2 revenue grew 287% year over year, while Q1 had grown 755%.

The mix is also getting broader. IonQ said around 60% of Q2 revenue came from commercial customers, roughly 50% came from international customers and about 25% came from customers buying multiple parts of its platform. The business now stretches beyond quantum-computing access into systems, networking, sensing, security and other products.

IonQ also lifted its full-year revenue guidance to $280–290 million. Guidance is obviously different from booked revenue, so we do not use the $290 million figure in the ranking. Still, even the lower end would put IonQ far beyond the revenue scale currently disclosed by IQM, Quantinuum, D-Wave or Pasqal.

For now, it is hard to find a bigger commercial gap among the quantum pure plays.

Which private quantum startup makes the most revenue?

IQM has the strongest clean private-company revenue figure we found, with about €31 million, or roughly $36 million, of 2025 revenue.

IQM's commercial footprint also looks more concrete than a single big contract. The company said it had sold 23 quantum systems, delivered 15 and built more than 30. Its filings also show customers buying systems more than once.

That puts IQM slightly ahead of Quantinuum's $30.9 million of 2025 net revenue. Pasqal remains lower at €16.4 million.

Infleqtion reported $32.5 million, which sits close to IQM and Quantinuum in absolute terms. The comparison is less clean because Infleqtion sells quantum sensing and precision timing products alongside quantum computing. We therefore would not automatically call Infleqtion's entire $32.5 million "quantum-computing revenue."

The cleaner takeaway: there is now a genuine private-company revenue tier around $30–40 million, and IQM has the clearest current claim to the top of it.

Is Infleqtion actually bigger than Quantinuum?

Infleqtion reported slightly more company-wide revenue than Quantinuum in 2025, but Quantinuum has the cleaner quantum-computing number.

Infleqtion generated $32.5 million, while Quantinuum reported $30.9 million. On the surface, Infleqtion is ahead by only $1.6 million.

The businesses are different enough that we should be careful with that comparison. Infleqtion's own outlook refers to demand across quantum sensing and quantum computing. Quantinuum's revenue comes from a more tightly defined stack built around trapped-ion computers, cloud access, software and quantum applications.

There is another wrinkle inside Quantinuum's number. Of its $30.9 million in 2025 revenue, $16.5 million came from specialized quantum-computing hardware tied to a sales-type lease transaction. Cloud platform, research and support revenue fell by $8.5 million.

So Infleqtion currently has the slightly larger corporate revenue figure. Quantinuum gives us the cleaner answer when the question is specifically about quantum computing.

How much revenue does D-Wave make now?

D-Wave generated $24.6 million in 2025, and its commercial pipeline has since moved well beyond that annual revenue number.

The $24.6 million represented 179% growth from $8.8 million a year earlier. D-Wave therefore added almost $16 million of annual revenue in twelve months.

The more recent bookings show how quickly the business is moving. D-Wave entered 2026 after booking €10 million for access to an Advantage2 system in Italy. It then announced a $20 million system purchase by Florida Atlantic University and a $10 million two-year QCaaS deal with a Fortune 100 customer. By late February, first-quarter bookings had already exceeded $32.8 million.

We keep those bookings separate from revenue because the contracts will be recognized over different periods. They still give us a useful read on direction: D-Wave's current commercial activity is running materially ahead of the $24.6 million shown in the latest full-year accounts.

Is Pasqal finally making serious money?

Pasqal has finally moved into meaningful commercial revenue, with 2025 revenue jumping from €3.5 million to €16.4 million.

That is almost five times the previous year's level.

Pasqal's filings say the growth came from stronger demand for its neutral-atom quantum systems across research, industrial and public-sector customers. The company had seven commercial QPUs installed and another three in production when it presented its transaction materials.

Pasqal also disclosed more than €66 million of booked and awarded business. We would not combine that with the €16.4 million of recognized revenue because the larger figure includes future business and grants. Still, a booked pipeline that size is meaningful next to a €16 million revenue base.

The company has now reached a scale where its commercial progress can be measured through delivered systems, annual revenue and bookings rather than mainly through technical milestones. Among neutral-atom specialists, Pasqal has some of the clearest financial evidence we found.

Which quantum startups are growing revenue the fastest right now?

IonQ, Pasqal, Xanadu and D-Wave are currently posting the sharpest revenue growth among quantum companies with usable financial disclosures.

IonQ's Q1 revenue rose 755% year over year and Q2 rose 287%. Pasqal grew from €3.5 million to €16.4 million in one year. D-Wave increased annual revenue 179%.

Xanadu belongs in the same conversation, although from a much smaller base. Revenue moved from $1.6 million to $4.6 million. Its filing attributed the increase to larger government contracts and non-recurring algorithm work where project milestones were completed.

Quantinuum grew more slowly at 35%, from $23 million to $30.9 million.

These percentages can swing dramatically when a company only has a few major customers, so the dollar increase matters too. IonQ stands out on both. Pasqal and D-Wave also added enough actual revenue for their growth rates to mean more than a statistical jump from near-zero sales.

Company	Earlier comparable figure	Latest figure	Growth
IonQ Q1	~$7.6M	$64.7M	+755% YoY
Pasqal	€3.5M	€16.4M	+369%
IonQ Q2	~$20.7M	$80.1M	+287% YoY
Xanadu	$1.6M	$4.6M	~+190%
D-Wave	$8.8M	$24.6M	+179%
Quantinuum	$23.0M	$30.9M	+35%

How much revenue does Rigetti actually make?

Rigetti generated $7.1 million in 2025, which puts its commercial scale well below its visibility in the public quantum market.

Fourth-quarter revenue was $1.9 million.

Rigetti is one of the quantum names retail investors encounter most often because it is publicly listed and focused on superconducting quantum computers. Revenue paints a more modest picture. D-Wave generated more than three times as much during the same year, while the leading $30–40 million companies are several times larger again.

That does not settle anything about which technology eventually wins. It does show where the business stands today: Rigetti is still a single-digit-million-dollar annual revenue company.

How much money are Xanadu and SEEQC making?

Xanadu and SEEQC each generated roughly $4–5 million in 2025, putting both near the lower end of the quantum companies with meaningful disclosed annual revenue.

Xanadu reported $4.6 million, up from $1.6 million. Its SEC filing says larger government contracts and non-recurring algorithm milestones drove the increase.

SEEQC generated roughly $4.2 million. Its filings say about 95% of 2025 revenue came from quantum-computing-related work such as engineering services and integration, while fully commercialized product sales accounted for only around 5%.

That difference is useful. Both companies have reached several million dollars of annual revenue, yet much of the money still comes from engineering, projects and development work around the core technology.

At this scale, a handful of large programs can still shape an entire year.

Is Quantum Computing Inc. one of the biggest quantum companies by revenue?

Quantum Computing Inc. is growing quickly, but its latest revenue cannot be treated as pure quantum-computing revenue.

QCi generated $3.7 million in Q1 and $5.6 million in Q2, taking first-half revenue to about $9.3 million. Q2 alone was up from just $61,000 a year earlier.

The company's own Q2 results make the perimeter issue clear. Revenue came from its integrated portfolio of quantum and photonics technologies, and management said photonics products were the main driver of the quarter. QCi has also been expanding through semiconductor and advanced-packaging acquisitions.

That broader business can become commercially valuable in its own right. It simply means the $9.3 million cannot be lined up mechanically against $7.1 million at Rigetti or $4.6 million at Xanadu and read as a clean ranking of quantum-computing sales.

For revenue analysis, QCi is currently best treated as a mixed quantum, photonics and semiconductor company.

Does PsiQuantum really make $125 million in revenue?

PsiQuantum's $125 million figure is a performance-based DARPA agreement, so treating it as $125 million of annual revenue would badly overstate the company's current financial scale.

The agreement covers testing and evaluation under DARPA's Quantum Benchmarking Initiative. It expanded earlier work, including a $31.8 million Stage C agreement.

This is still one of the strongest commercial endorsements anywhere in the sector. DARPA is paying for extensive validation of PsiQuantum's hardware designs, components, system performance and software as the company works toward a utility-scale photonic computer.

The accounting distinction remains important. A multi-year performance-based government agreement can be paid and recognized gradually as milestones are completed.

PsiQuantum belongs near the top when we compare contract momentum or government backing. Annual revenue is a different question, and the company has not publicly disclosed a directly comparable figure that would justify placing $125 million in the revenue column.

Does Q-CTRL really have more than $50 million of revenue?

Q-CTRL disclosed more than $50 million of sales and contract wins in 2025, which is a strong commercial figure but still broader than recognized annual revenue.

Q-CTRL's CEO used that wording in the company's year-end review. We should keep it exactly that way.

The company has an unusually broad business for the quantum sector. It sells quantum-control and error-suppression software while also building quantum sensing and navigation products. That gives Q-CTRL several ways to generate money before fault-tolerant quantum computing arrives.

Its software has also been used across different quantum hardware platforms. That reduces the company's dependence on one type of qubit winning the technical race.

Commercially, Q-CTRL belongs among the more advanced private quantum companies today. A clean revenue comparison still requires an actual recognized-revenue disclosure rather than the $50 million-plus sales-and-contract-wins figure.

Is IBM Quantum actually bigger than all the quantum startups?

IBM Quantum has signed more than $1.1 billion of client contracts since 2017, giving IBM a level of cumulative commercial quantum activity that no startup publicly matches.

IBM disclosed the figure while discussing its long-term investment in quantum computing.

The time period makes the comparison tricky. More than $1.1 billion accumulated since 2017 is very different from IonQ generating roughly $145 million during six months or D-Wave generating $24.6 million in one year.

IBM also reports quantum as part of a huge corporation rather than as a standalone financial segment. We cannot derive an annual IBM Quantum revenue figure from the cumulative contract number.

What the disclosure does show is scale. The commercial quantum market has already supported more than $1 billion of contracted activity inside one incumbent's program. Looking only at startup annual revenue therefore understates how much money is already flowing through the wider quantum ecosystem.

Why aren't Quantum Machines and Qblox near the top of the revenue ranking?

Quantum Machines and Qblox may already be substantial commercial quantum suppliers, but public disclosures do not give us clean revenue figures to rank them.

Quantum Machines is the clearest example. The company said its technology was used in more than 280 quantum-computing facilities across 23 countries as early as 2023. By 2025, Quantum Machines said its customer base covered more than half of the companies developing quantum computers.

The company raised a $170 million Series C and has continued expanding through acquisitions. None of those facts gives us recognized annual revenue.

Qblox has a similar position in quantum-control electronics. Control suppliers can sell into superconducting, spin and other hardware ecosystems without betting everything on a single computer architecture. That makes the business model attractive surprisingly early in the industry's development.

Revenue rankings probably understate this part of the market. We would rather leave Quantum Machines and Qblox unranked than turn customer counts, funding or installed systems into invented revenue.

How many quantum startups already make more than $10 million a year?

At least six quantum-focused companies now have strong evidence of annual or current-period revenue running above roughly $10 million.

IonQ is far beyond the threshold. IQM, Infleqtion, Quantinuum, D-Wave and Pasqal also clear it using direct financial disclosures.

The next group drops into single-digit millions. Rigetti was at $7.1 million for 2025, while Xanadu and SEEQC were around $4–5 million. QCi has already generated $9.3 million in the first half of 2026, although its expanding photonics business makes the figure less comparable.

The shape of the market is revealing. We do not yet see dozens of companies clustered at $50 million, $100 million or $200 million of revenue. Instead, one company has broken far ahead, a small second tier sits around the tens of millions, and a long tail remains below $10 million or undisclosed.

Revenue scale	Companies we can place with reasonable confidence
Above $100M current-period revenue	IonQ
Around $30–40M annually	IQM, Infleqtion, Quantinuum
Around $15–30M annually	D-Wave, Pasqal
Around $5–10M	Rigetti; QCi on a broader company basis
Around $3–5M	Xanadu, SEEQC
Below $1M in latest filed accounts	Oxford Quantum Circuits and several smaller players
Commercially important but unranked	Quantum Machines, Qblox, QuEra, QuantWare, ORCA and others

Are quantum companies making more money from physical computers or cloud access?

Physical systems, large deployments and project contracts currently drive a surprisingly large share of quantum revenue alongside cloud access.

IQM gives us a simple example: much of its commercial story comes from selling and installing complete superconducting computers at research and supercomputing centers.

Quantinuum's filings are even more revealing. The company reached $30.9 million of 2025 revenue, with $16.5 million tied to specialized quantum hardware through a sales-type lease transaction. Meanwhile, cloud platform, research and support revenue fell.

D-Wave mixes system purchases with QCaaS contracts. Pasqal sells QPUs alongside cloud access, software, algorithms and maintenance. IonQ is also seeing revenue from system deployments, cloud use and customers buying several parts of its wider quantum platform.

Cloud access remains part of the business, but the companies making the most money today increasingly look like complex hardware-and-services vendors rather than simple "AWS for quantum" platforms.

Are quantum-company valuations still huge compared with revenue?

Yes. Quantum valuations remain far ahead of current revenue because investors are mainly paying for what these companies might become.

IQM's public-market transaction valued the company at about $1.8 billion pre-money while its 2025 revenue was roughly $36 million.

Pasqal's transaction materials also implied a multibillion-dollar value around a business that generated €16.4 million in the latest year.

Those gaps would look extreme for an ordinary mature hardware company. Quantum investors are underwriting a much larger future market where fault-tolerant computers, quantum networking, sensing and related infrastructure could become major industries.

Revenue and valuation answer different questions right now. Revenue tells us who has managed to sell meaningful quantum technology already. Valuation shows how much investors are willing to pay for the possibility that today's relatively small businesses become far larger later.

That gap remains one of the defining features of the sector.

How dependent is quantum-company revenue on governments?

Government customers still account for a large part of the quantum industry's commercial activity, especially among companies below the very top revenue tier.

PsiQuantum's $125 million DARPA agreement is the most obvious example. SEEQC's filings show U.S. government work contributing heavily to its revenue base. Xanadu says larger government-agency contract values helped drive its 2025 growth.

Publicly funded supercomputing centers are also major buyers of full systems from companies such as IQM and Pasqal.

Governments often act as early buyers of strategically important technologies that are too expensive or immature for mass commercial adoption. The more useful question is whether private demand is beginning to grow alongside that public demand.

IonQ offers one encouraging answer: around 60% of its latest quarterly revenue came from commercial customers. D-Wave has also announced large enterprise contracts.

For much of the rest of the sector, governments and public research institutions remain central customers.

Why do so many famous quantum startups still disclose no revenue?

Many well-known quantum startups remain private and have little reason to publish detailed financials, so technical reputation often tells us more than public revenue data does.

QuEra, Quantum Machines, Qblox, QuantWare, ORCA Computing, Alice & Bob and several other important companies all have visible customers, deployments or partnerships without giving us a clean annual revenue number.

Some disclose machines sold. Others disclose customers, countries served or government contracts. These are useful clues about commercial maturity.

Turning those clues into revenue would require assumptions about system prices, contract economics, subscription levels or how much of a partnership is actually paid work. We deliberately avoid that.

There is therefore an unavoidable disclosure bias in this ranking. Public companies and businesses preparing to list give us far better numbers than private startups.

A private company missing from the revenue table may simply be less transparent rather than smaller.

Is quantum revenue concentrated in just a few companies?

Yes. Current disclosed revenue is highly concentrated, with IonQ sitting far above a relatively small group of companies in the tens of millions.

The gap becomes obvious when we aggregate the strongest comparable figures.

Behind IonQ, IQM, Infleqtion, Quantinuum, D-Wave and Pasqal together represent roughly the next meaningful commercial tier. After those names, we quickly reach companies generating single-digit millions.

This concentration also explains why one contract can reshuffle the lower half of the ranking. A $5 million project barely changes IonQ's annual picture, while the same contract could double the revenue of a smaller quantum startup.

The market is broadening, though. Several unrelated architectures are now generating meaningful sales at the same time: trapped ions, superconducting systems, annealing, neutral atoms, photonics and quantum-control infrastructure.

The dollars are still concentrated. The number of companies proving that somebody will pay for quantum technology is getting wider.

Is quantum computing finally becoming a real commercial industry?

Quantum computing has moved beyond the broadly pre-revenue phase, although the industry is still early, concentrated and heavily driven by large projects.

The strongest evidence comes from seeing the same shift across different companies rather than relying on one headline.

IonQ is already operating at a nine-figure current revenue pace. IQM, Infleqtion and Quantinuum have reached the low tens of millions. D-Wave nearly tripled annual revenue. Pasqal grew almost fivefold. Xanadu nearly tripled from a smaller base. SEEQC crossed several million dollars.

At the same time, there are still very few companies above $50 million of clearly comparable annual revenue. A handful of customers can move results dramatically, and government procurement remains a major source of demand.

That is what the market looks like today: customers are paying real money, machines are being delivered and repeat sales are appearing, but the revenue base is nowhere near the depth we see in mature enterprise technology markets.

So who are the real quantum revenue leaders right now?

IonQ is the clear number one today, followed by a second tier led by IQM, Infleqtion, Quantinuum, D-Wave and Pasqal.

As seen above, IonQ has already generated roughly $145 million in the first half of the year. No close pure-play competitor currently reports anything comparable.

IQM has the strongest clean private full-stack figure at roughly $36 million for 2025. Infleqtion sits at $32.5 million across its wider sensing-and-computing portfolio. D-Wave has reached $24.6 million and is now carrying a much larger bookings pipeline. Pasqal has moved into the mid-teens of millions of euros after an unusually strong year.

Below that group, recognized revenue still falls toward single-digit millions very quickly.

PsiQuantum, Q-CTRL, Quantum Machines, Qblox and other important companies complicate the picture because their strongest disclosures involve contracts, sales wins, customers or installed systems rather than directly comparable annual revenue.

The sharpest answer today is that IonQ has already escaped the revenue range where most quantum startups remain. The next real milestone will be seeing which companies in the $20–40 million group can build a repeatable $100 million-plus business rather than reach that scale through one unusually large system sale or government program.