What are the most valuable quantum computing startups?

Last updated: 3 November 2026

Cover of NewMarketPitch's Top Quantum Computing Companies report, 2026 edition

Is the US government now a shareholder in quantum computing? Yes, since September 2026. In May the Commerce Department offered up to $2.0B to nine quantum companies in exchange for minority stakes, and it signed six of the deals in September. Half goes to IBM’s new subsidiary Anderon, most of the rest up to $100M each to companies such as D-Wave and Rigetti. Chart from NewMarketPitch's Quantum Computing report.

Beyond the US, where does quantum money go? Mostly to Europe. European start-ups recently raised about $1.9B, 27% of the $7.1B, led by the UK, France, Finland and the Netherlands. China raised about $1.2B and Israel about $0.6B. Chart from NewMarketPitch's Quantum Computing report.

Is China now doing more quantum deals than the US? Far more, and now more money too. Chinese quantum start-ups closed 29 funding rounds from January to September 2026, against 6 in the US, and raised about $1.1B against $0.6B. In 2024 it was 3 rounds against 10. Chart from NewMarketPitch's Quantum Computing report.

How much can one sentence move quantum stocks? A lot. When Nvidia’s boss said in January 2025 that very useful quantum computers were 15 to 30 years away, Rigetti fell 45% the next day, Quantum Computing Inc 43%, IonQ 39% and D-Wave 36%. Together, they were back to their earlier value by May. He softened his words in March and changed his mind in June. Chart from NewMarketPitch's Quantum Computing report.

Do a handful of quantum start-ups take most of the money? Yes. Ten of the 92 quantum computing start-ups tracked raised about 62% of the $7.1B invested recently, led by Quantinuum and PsiQuantum, with more than $1B each. Chart from NewMarketPitch's Quantum Computing report.

How much have quantum stocks lost in 2026? Most lost value. Since the end of 2025, D-Wave and Rigetti lost about half their value and IonQ about 16%. Quantinuum is worth about 40% less than at its June IPO. Of the 2026 listings, only Infleqtion is slightly above its listing deal value, IQM is slightly below, Pasqal and Xanadu far below. Chart from NewMarketPitch's Quantum Computing report.

Who is each country’s quantum champion? In the US, Quantinuum and PsiQuantum, with more than $1B each raised recently. Elsewhere the champions raised a few hundred million: Origin Quantum in China, OQC in the UK, IQM in Finland, Pasqal in France and QuantWare in the Netherlands. Chart from NewMarketPitch's Quantum Computing report.

Are quantum start-ups rushing to the stock market? Yes. Six listed in 2026 alone, against three big ones in 2021 and 2022. Five of the six merged with a listed shell company (a SPAC), Quantinuum raised about $1.7B in a classic IPO, and three Chinese start-ups are preparing to list at home. Chart from NewMarketPitch's Quantum Computing report.

Every funding round, every investor, and who is really ahead in quantum computing, in one document. Have a look ↓

Summary

PsiQuantum is the most valuable private quantum computing startup today, valued at $9.0B–$11.0B, followed by Oratomic at $5.4B, Quantum Art at $2.0B–$5.0B, Oxford Quantum Circuits at $1.8B–$2.5B and Photonic at $2.0B. The top companies are pursuing very different technologies, and none has yet established a clear commercial lead at industrial scale.

Quantum computing investment has exploded ahead of commercial revenue. Startups attracted $12.6 billion in 2025, according to McKinsey, while the entire quantum computing market generated approximately $1.4 billion, according to QED-C. Investors are financing machines and infrastructure years before they are expected to become profitable.

There are 11 private quantum computing startups valued at $1 billion or more, with another five potentially crossing that threshold. Unicorn status in this industry reflects expectations about technological breakthroughs far more than established sales or profitability.

The most striking financing story is Oratomic, which launched in March 2026 and announced $775 million in cumulative funding by October at a $5.4 billion valuation. That speed shows how much investors are willing to pay for scientific teams they believe can build fault-tolerant quantum computers.

No hardware architecture has won. Photonic systems lead the private valuation ranking through PsiQuantum, but neutral atoms, superconducting circuits, silicon spin qubits and trapped ions all remain credible approaches. A company's valuation says little about which technology will ultimately produce the cheapest useful computation.

Infrastructure suppliers offer a different investment proposition. Companies such as QuantWare, Quantum Machines and Qblox can sell processors, control electronics and other specialized equipment to quantum developers today, without having to build an entire commercially successful quantum computer themselves.

There is genuine commercial activity beneath the hype. More than 300 organizations are working with quantum technology companies, governments are purchasing research systems, and IBM reported more than $1.1 billion in cumulative quantum customer contracts since 2017. Most customers, however, are still exploring applications rather than generating substantial financial returns from quantum hardware.

The geographic competition is uneven. American startups dominate the highest valuations, European companies have built strong positions in specialist hardware and infrastructure, and China is developing a broad domestic quantum computing industry that private valuations alone cannot adequately measure.

Public companies are creating another possible route to returns. IonQ's $1.075 billion agreement to acquire Oxford Ionics demonstrates how larger quantum developers can use acquisitions to secure specialized technology, providing potential exits for smaller startups even before the industry reaches mass commercialization.

Our conclusion is that quantum computing's long-term opportunity is credible, but its highest startup valuations leave little room for delays. The companies that justify these prices will need more than impressive qubit counts: they must demonstrate reliable logical computations, repeatable manufacturing and customers willing to pay for a measurable advantage over conventional computing.

Written by the New Market Pitch teamWe track new markets so founders and investors can move faster. About us

Top startups in the quantum computing market ranked by valuation

Here is an updated table that ranks the top startups in the quantum computing market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the quantum computing market.

#	Startup Name	What They Do	Current Valuation ($)	Valuation Confidence Level	Valuation Type	Evidence Status	Total Funding ($)	Funding Confidence Level	Country
1	PsiQuantum	Builds photonic fault-tolerant quantum computers	$9.0B–$11.0B	Strong Confidence	Implied Valuation from Raise	Estimated	~$2.4B	-	United States
2	Oratomic	Builds fault-tolerant neutral-atom quantum computers	$5.4B	Full Confidence	Announced Private Round Valuation	Observed	$775M	-	United States
3	Quantum Art	Develops trapped-ion quantum computers	$2.0B–$5.0B	Low Confidence	IPO or Listing Range Valuation	Estimated	$140M+	-	Israel
4	Oxford Quantum Circuits	Builds superconducting quantum cloud computers	$1.8B–$2.5B	Partial Confidence	Implied Valuation from Raise	Implied	~$488M	-	United Kingdom
5	Photonic	Develops distributed silicon-based quantum computers	$2.0B	Full Confidence	Announced Private Round Valuation	Observed	$350M+	-	Canada
6	Atom Computing	Develops neutral-atom quantum computing hardware	$1.7B–$2.2B	Strong Confidence	Implied Valuation from Raise	Implied	$279.26M	-	United States
7	QuantWare	Manufactures scalable superconducting quantum processors	$1.2B–$2.0B	Partial Confidence	Implied Valuation from Raise	Implied	~$220M	-	Netherlands
8	Quantum Motion	Builds silicon-based quantum processors	$1.1B–$1.8B	Partial Confidence	Implied Valuation from Raise	Implied	$200M+	-	United Kingdom
9	Nord Quantique	Develops error-corrected superconducting quantum processors	$1.4B	Full Confidence	Announced Private Round Valuation	Observed	~$58M–$73M	-	Canada
10	SEEQC	Develops digital superconducting quantum chips	$1.1B–$1.4B	Partial Confidence	Comparables-Based Estimate	Estimated	~$81M	-	United States
11	QBoson	Builds photonic quantum computing systems	$850M–$1.6B	Low Confidence	IPO or Listing Range Valuation	Estimated	~$145M	-	China
12	Origin Quantum	Builds superconducting quantum computers	$950M–$1.3B	Partial Confidence	Comparables-Based Estimate	Estimated	~$166M	-	China
13	TuringQ	Develops photonic quantum processors and systems	$1.0B–$1.2B	Strong Confidence	IPO or Listing Range Valuation	Estimated	$140M+	-	China
14	SpinQ Technology	Develops superconducting and desktop quantum computers	$900M–$1.2B	Partial Confidence	Implied Valuation from Raise	Implied	~$257M	-	China
15	QuEra Computing	Develops neutral-atom quantum computers	$800M–$1.2B	Partial Confidence	Comparables-Based Estimate	Estimated	$277M+	-	United States
16	Quobly	Develops semiconductor-compatible silicon quantum computers	$650M–$1.1B	Partial Confidence	Implied Valuation from Raise	Implied	$140M+	-	France
17	Taiyi Quantum	Develops neutral-atom fault-tolerant quantum computing	$650M–$950M	Partial Confidence	Comparables-Based Estimate	Estimated	$140M+	-	China
18	Quantum Machines	Provides quantum control hardware and software	$650M–$850M	Strong Confidence	Implied Valuation from Raise	Estimated	~$280M	-	Israel
19	Universal Quantum	Builds modular trapped-ion quantum computing systems	$500M–$830M	Partial Confidence	Implied Valuation from Raise	Implied	$114M+	-	United Kingdom
20	Monarch Quantum	Manufactures integrated quantum photonics hardware	$370M–$690M	Partial Confidence	Implied Valuation from Raise	Implied	$55M+	-	United States
21	Riverlane	Develops quantum error correction technology	$400M–$650M	Partial Confidence	Comparables-Based Estimate	Estimated	~$120M+	-	United Kingdom
22	Alice & Bob	Builds fault-tolerant superconducting quantum computers	$350M–$500M	Partial Confidence	Comparables-Based Estimate	Estimated	$165.97M¹	-	France
23	Sygaldry	Builds quantum-accelerated AI computing servers	$380M–$450M	Strong Confidence	Implied Valuation from Raise	Implied	~$139M	-	United States
24	eleQtron	Builds trapped-ion quantum computing systems	$350M–$450M	Partial Confidence	Implied Valuation from Raise	Implied	$116.29M¹	-	Germany
25	Equal1	Develops silicon-based quantum computing processors	$300M–$500M	Partial Confidence	Implied Valuation from Raise	Implied	$85M+	-	Ireland
26	Nu Quantum	Builds distributed quantum networking infrastructure	$300M–$500M	Strong Confidence	Implied Valuation from Raise	Implied	~$75M–$86M	-	United Kingdom
27	Q-CTRL	Develops quantum control software infrastructure	$300M–$450M	Partial Confidence	Comparables-Based Estimate	Estimated	~$133M	-	Australia
28	planqc	Develops neutral-atom quantum processors	$280M–$440M	Partial Confidence	Comparables-Based Estimate	Estimated	~$60M+	-	Germany
29	Qolab	Develops superconducting quantum computing hardware	$300M–$400M	Partial Confidence	Implied Valuation from Raise	Implied	~$70M+¹	-	United States
30	Quandela	Builds photonic quantum computing platforms	$270M–$430M	Partial Confidence	Comparables-Based Estimate	Estimated	~$72M	-	France
31	Unitary Quantum	Builds QCCD trapped-ion quantum computers	$250M–$450M	Partial Confidence	Implied Valuation from Raise	Implied	~$85M–$115M	-	China
32	Maybell Quantum	Manufactures quantum cryogenic infrastructure	$270M–$370M	Partial Confidence	Implied Valuation from Raise	Implied	$65M–$75M+	-	United States
33	OptQC	Develops photonic quantum computing processors	$240M–$390M	Strong Confidence	Implied Valuation from Raise	Implied	~$62M	-	Japan
34	ORCA Computing	Builds photonic quantum computing systems	$250M–$370M	Partial Confidence	Implied Valuation from Raise	Implied	$52M+	-	United Kingdom
35	Quantum Source	Develops photonic quantum computing systems	$220M–$380M	Partial Confidence	Comparables-Based Estimate	Estimated	$77M+	-	Israel
36	Silicon Quantum Computing	Builds atomic-precision silicon quantum processors	$220M–$350M	Partial Confidence	Comparables-Based Estimate	Estimated	~$144M¹	-	Australia
37	Huayi Quantum	Develops trapped-ion quantum computers	$150M–$300M	Low Confidence	Comparables-Based Estimate	Estimated	Undisclosed	-	China
38	LogicBit Technology	Builds superconducting quantum computing hardware	$140M–$280M	Low Confidence	Comparables-Based Estimate	Estimated	Undisclosed	-	China
39	Qblox	Manufactures quantum processor control electronics	$150M–$240M	Partial Confidence	Comparables-Based Estimate	Estimated	~$34M	-	Netherlands
40	Phasecraft	Develops quantum algorithms for industry	$150M–$230M	Partial Confidence	Implied Valuation from Raise	Implied	~$55M	-	United Kingdom
41	SemiQon	Develops silicon quantum chips and cryoelectronics	$140M–$240M	Low Confidence	Implied Valuation from Raise	Implied	~$57M¹	-	Finland
42	Sparrow Quantum	Develops deterministic single-photon quantum chips	$140M–$230M	Partial Confidence	Implied Valuation from Raise	Implied	~$35M¹	-	Denmark
43	Algorithmiq	Develops quantum algorithms for molecular simulations	$140M–$190M	Partial Confidence	Implied Valuation from Raise	Implied	$42.19M	-	Finland
44	QpiAI	Develops quantum and AI infrastructure	$140M–$190M	Partial Confidence	Comparables-Based Estimate	Estimated	~$44M¹	-	India
45	Qedma	Develops quantum error suppression software	$130M–$190M	Partial Confidence	Comparables-Based Estimate	Estimated	~$30M+	-	Israel
46	QuamCore	Designs scalable superconducting quantum architectures	$125M–$190M	Partial Confidence	Implied Valuation from Raise	Implied	~$35M	-	Israel
47	Quantum Brilliance	Develops room-temperature diamond quantum processors	$110M–$190M	Partial Confidence	Comparables-Based Estimate	Estimated	~$49M	-	Australia
48	Diraq	Builds silicon-spin quantum processors	$110M–$180M	Partial Confidence	Comparables-Based Estimate	Estimated	$69.01M¹	-	Australia
49	ZuriQ	Develops scalable two-dimensional trapped-ion processors	$102M–$170M	Strong Confidence	Implied Valuation from Raise	Implied	~$30M	-	Switzerland
50	Alpine Quantum Technologies	Develops trapped-ion quantum computing systems	$90M–$180M	Low Confidence	Comparables-Based Estimate	Estimated	$34.8M¹	-	Austria
51	QUDORA Technologies	Builds trapped-ion quantum computing systems	$80M–$180M	Low Confidence	Proxy-Based Estimate	Estimated	Undisclosed	-	Germany
52	Q-Factor	Builds neutral-atom quantum computing systems	$96M–$160M	Partial Confidence	Implied Valuation from Raise	Implied	$24M	-	Israel
53	Qilimanjaro Quantum Tech	Develops analog quantum annealing processors	$100M–$145M	Partial Confidence	Implied Valuation from Raise	Implied	~$29M	-	Spain
54	Hefei Sizhen Chip Technology	Builds silicon-photonic quantum computing chips	$85M–$145M	Partial Confidence	Implied Valuation from Raise	Implied	~$32M	-	China
55	QuiX Quantum	Builds photonic quantum computing processors	$85M–$140M	Partial Confidence	Implied Valuation from Raise	Implied	~$23M	-	Netherlands
56	Liangyi Wanxiang	Develops neutral-atom quantum computing systems	$75M–$145M	Partial Confidence	Implied Valuation from Raise	Implied	Undisclosed	-	China
57	QC Ware	Develops enterprise quantum computing software	$70M–$120M	Low Confidence	Comparables-Based Estimate	Estimated	~$34M	-	United States
58	Lightsynq	Develops optical quantum interconnects	$65M–$115M	Partial Confidence	Comparables-Based Estimate	Estimated	$18M+	-	United States
59	QunaSys	Develops quantum algorithms and simulation software	$65M–$115M	Partial Confidence	Comparables-Based Estimate	Estimated	~$30M	-	Japan
60	SDT Inc.	Develops quantum computing infrastructure and systems	$65M–$115M	Partial Confidence	Comparables-Based Estimate	Estimated	~$57M	-	South Korea
61	QuantrolOx	Automates quantum processor tuning and calibration	$67M–$112M	Strong Confidence	Implied Valuation from Raise	Implied	~$31M	-	United Kingdom
62	C12 Quantum Electronics	Builds carbon-nanotube quantum computing processors	$65M–$110M	Partial Confidence	Comparables-Based Estimate	Estimated	$45.8M¹	-	France
63	1QBit	Develops quantum optimization and simulation software	$45M–$110M	Low Confidence	Proxy-Based Estimate	Estimated	$37.59M	-	Canada
64	Anyon Systems	Builds superconducting quantum computing hardware	$50M–$100M	Low Confidence	Proxy-Based Estimate	Estimated	$17.07M¹	-	Canada
65	Qunova Computing	Develops quantum chemistry simulation algorithms	$45M–$85M	Partial Confidence	Implied Valuation from Raise	Implied	~$14.5M	-	South Korea
66	Kipu Quantum	Develops quantum optimization software	$40M–$80M	Partial Confidence	Comparables-Based Estimate	Estimated	~$14M–$15M	-	Germany
67	Kvantify	Develops quantum-enabled drug discovery software	$50M–$70M	Partial Confidence	Comparables-Based Estimate	Estimated	~$24M–$27M	-	Denmark
68	Orange Quantum Systems	Manufactures quantum chip testing equipment	$45M–$75M	Partial Confidence	Implied Valuation from Raise	Implied	~$15M–$17M	-	Netherlands
69	Haiqu	Develops noise-resilient quantum computing software	$44M–$73M	Partial Confidence	Implied Valuation from Raise	Implied	$15.1M	-	United States
70	OQT	Builds neutral-atom quantum computing processors	$45M–$70M	Strong Confidence	Implied Valuation from Raise	Implied	~$13M	-	South Korea
71	Delft Circuits	Builds cryogenic quantum computing interconnects	$45M–$65M	Partial Confidence	Implied Valuation from Raise	Implied	$16.04M	-	Netherlands
72	Quantum Transistors	Develops diamond-based quantum computing chips	$35M–$75M	Low Confidence	Comparables-Based Estimate	Estimated	~$19M	-	United States
73	memQ	Develops quantum networking hardware	$40M–$65M	Strong Confidence	Implied Valuation from Raise	Implied	$10M+	-	United States
74	Quanfluence	Develops full-stack photonic quantum computers	$40M–$65M	Partial Confidence	Implied Valuation from Raise	Implied	~$12M¹	-	India
75	QphoX	Develops quantum interconnects and modems	$35M–$65M	Low Confidence	Comparables-Based Estimate	Estimated	~$15M	-	Netherlands
76	Groove Quantum	Develops germanium semiconductor quantum processors	$40M–$55M	Strong Confidence	Implied Valuation from Raise	Implied	~$18M¹	-	United States
77	CavilinQ	Develops photonic quantum processor interconnects	$35M–$53M	Strong Confidence	Implied Valuation from Raise	Implied	$8.8M	-	Israel
78	BlueQubit	Develops cloud-based quantum computing software	$25M–$45M	Low Confidence	Comparables-Based Estimate	Estimated	$13M¹	-	United States
79	EeroQ	Develops electrons-on-helium quantum computing hardware	$20M–$45M	Low Confidence	Proxy-Based Estimate	Estimated	$8.35M¹	-	United States
80	Aegiq	Develops photonic quantum processors and networking	$24M–$40M	Partial Confidence	Comparables-Based Estimate	Estimated	$12.42M	-	United Kingdom
81	Iceberg Quantum	Develops quantum error-correction architectures	$24M–$40M	Strong Confidence	Implied Valuation from Raise	Implied	$8M	-	Israel
82	Qubitcore	Develops modular trapped-ion quantum interconnects	$22M–$35M	Strong Confidence	Implied Valuation from Raise	Implied	~$9.6M+	-	Japan
83	Quemix	Develops industrial quantum computing algorithms	$20M–$35M	Partial Confidence	Comparables-Based Estimate	Estimated	~$5.7M+	-	Japan

Which startups in the quantum computing market have been acquired or gone public?

These startups no longer have a private-market valuation of their own, so we list them separately, using their acquisition price or their current market capitalization.

#	Startup Name	What They Do	Current Valuation ($)	Valuation Confidence Level	Valuation Type	Evidence Status	Total Funding ($)	Funding Confidence Level	Country
1	IonQ	Develops trapped-ion quantum computing systems	$13.9B	Full Confidence	Public Market Cap	Observed	Undisclosed	-	United States
2	Quantinuum	Develops integrated quantum hardware and software	$10.1B	Full Confidence	Public Market Cap	Observed	~$1.5B¹	-	United States
3	Rigetti Computing	Builds superconducting quantum computing systems	$4.1B	Full Confidence	Public Market Cap	Observed	$298M+	-	United States
4	IQM Quantum Computers	Manufactures superconducting quantum computing systems	$1.8B	Full Confidence	Public Market Cap	Observed	Undisclosed	-	Finland
5	Pasqal	Develops neutral-atom quantum computing systems	$1.2B	Full Confidence	Public Market Cap	Observed	~$500M+¹	-	France
6	Xanadu	Develops photonic quantum computers and software	$974M	Full Confidence	Public Market Cap	Observed	~$270M¹	-	Canada
7	Horizon Quantum Computing	Develops quantum programming tools and infrastructure	$826M	Full Confidence	Public Market Cap	Observed	$33.34M¹	-	Singapore
8	QuantumCore	Develops superconducting quantum computing components	$41M	Full Confidence	Public Market Cap	Observed	Undisclosed	-	Canada

May include grants, commitments, SPAC money, convertible notes or other non-equity capital.

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How expensive are quantum stocks, measured by their sales? Bubble-priced, most of them. Quantum stocks are worth about 50 to 350 times their yearly sales, against under 10 for most companies and 10 to 30 for big tech. Chart from NewMarketPitch's Quantum Computing report.

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Why are quantum computing startup valuations rising so fast?

Quantum computing startups are attracting far more money because investors now see a realistic path toward commercially useful machines, even though most of the technology is still years away from working at scale.

According to McKinsey's Quantum Technology Monitor 2026, investment in quantum technology startups reached $12.6 billion in 2025, 6.3 times the amount recorded in 2024. Around 90% went to quantum computing. The increase was unusually concentrated, with the ten largest deals accounting for roughly 60% of total investment.

The striking part is how much faster investment has grown than the actual market. McKinsey estimates that quantum computing companies generated more than $1 billion in revenue in 2025, while the Quantum Economic Development Consortium (QED-C) puts the market at approximately $1.4 billion. That's a relatively small industry compared with the amounts investors are committing to its leading developers.

There's a technical reason for the excitement. Google's Willow processor demonstrated below-threshold quantum error correction in research published in Nature, while IBM is working toward a fault-tolerant system capable of executing 100 million quantum gates in 2029. Both developments bring practical quantum computing closer, although neither means a large-scale commercial machine is already available.

What has changed is investors' willingness to finance the entire journey. They're funding chip manufacturing, massive computing facilities, cooling systems and error-correction technology years before those investments are expected to generate meaningful profits.

Which quantum computing startups are worth the most today?

PsiQuantum is currently the most valuable private quantum computing startup, with a valuation of $9.0B–$11.0B, followed by Oratomic at $5.4B.

PsiQuantum is developing photonic quantum computers, using light rather than superconducting circuits or trapped atoms to process quantum information. Oratomic is pursuing fault-tolerant neutral-atom systems. Both companies are trying to solve the same commercial problem through very different technologies: building quantum computers powerful and reliable enough to perform calculations conventional machines cannot efficiently handle.

Other highly valued startups include Quantum Art at $2.0B–$5.0B, Oxford Quantum Circuits at $1.8B–$2.5B and Photonic at $2.0B. Atom Computing, QuantWare and Quantum Motion also occupy the multibillion-dollar valuation range.

These companies aren't all selling the same thing. PsiQuantum and Oratomic want to build complete quantum computing systems, while QuantWare supplies processors that other companies can integrate into their own machines. Quantum Motion focuses on silicon-based quantum processors, and Oxford Quantum Circuits develops superconducting cloud systems.

The leading valuations reflect different bets on how quantum computing will eventually be built and sold. Investors are backing entire computing platforms, but they're also placing significant value on companies that could supply essential components to multiple hardware manufacturers.

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Are quantum computing companies keeping their promises? Not all of them. IBM says it is on track for 2029, but PsiQuantum’s first big machine is running late and Microsoft’s breakthrough chip is contested. Even Nvidia’s boss walked back his words within months. Chart from NewMarketPitch's Quantum Computing report.

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How many quantum computing unicorns are there?

There are currently 11 private quantum computing startups whose valuation ranges start at $1 billion or higher, with another five whose valuations could also place them above that threshold.

The first group includes PsiQuantum, Oratomic, Quantum Art, Oxford Quantum Circuits, Photonic, Atom Computing, QuantWare, Quantum Motion, Nord Quantique, SEEQC and TuringQ.

QBoson, Origin Quantum, SpinQ Technology, QuEra Computing and Quobly have valuation ranges that cross the $1 billion mark.

That puts the number between 11 and 16, depending on whether we count only companies firmly above $1 billion or include those whose valuations could exceed it.

There's something unusual about unicorn status in this industry. A software startup might reach a billion-dollar valuation after proving that thousands of businesses will pay for its product. Some quantum hardware developers reach the same milestone while their core machines are still being developed.

Unicorn status tells us much more about financing expectations than commercial maturity in quantum computing. That's worth keeping in mind when comparing these startups with billion-dollar companies in more established technology markets.

Is PsiQuantum really worth $9.0B–$11.0B?

PsiQuantum's $9.0B–$11.0B valuation is a very large bet on industrial-scale photonic quantum computing, and its investment case will ultimately stand or fall on whether that manufacturing strategy works.

In September 2025, PsiQuantum announced a $1 billion Series E financing at a reported $7 billion valuation. Investors included BlackRock, Temasek, Baillie Gifford and Qatar Investment Authority, alongside strategic investors such as NVIDIA's NVentures.

The money was intended to support utility-scale quantum computing facilities in Brisbane and Chicago, large prototype systems, and improvements to photonic quantum chips. The company's cumulative funding is approximately $2.4 billion.

PsiQuantum's strategy is expensive because it targets a very different kind of machine from the smaller experimental systems available today. The company wants to manufacture quantum computing components using industrial semiconductor processes and assemble them into fault-tolerant systems.

That manufacturing approach is central to its potential advantage. A successful design could benefit from established chip production methods and the ability to connect optical components. But controlling photon losses, producing reliable quantum states and implementing error correction across very large systems remain difficult.

The valuation creates enormous expectations. Even if PsiQuantum produces an impressive scientific breakthrough, investors will eventually need evidence that its systems can be manufactured repeatedly and operated at a cost customers can justify.

For now, PsiQuantum represents the industry's biggest private financing commitment to photonic quantum computing. Its commercial valuation remains far ahead of the revenue base publicly demonstrated so far.

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Which way of building a quantum computer does the stock market prefer? Trapped ions. Quantinuum and IonQ, both built on trapped ions, are worth about $22.8B, more than twice the three superconducting companies together ($10.0B). Private investors split their money far more evenly between the approaches. Chart from NewMarketPitch's Quantum Computing report.

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How did Oratomic reach a $5.4B valuation so quickly?

Oratomic reached a $5.4B valuation after raising $775 million within months of launching, making its rise one of the most unusual financing stories in quantum computing.

The company launched in March 2026 and announced its cumulative funding in October. Its investors include ARCH Venture Partners, Spark Capital, Khosla Ventures, Index Ventures, General Catalyst and Bezos Expeditions.

Oratomic develops quantum computers based on reconfigurable arrays of neutral atoms and advanced error correction. Its strategy is focused directly on building utility-scale fault-tolerant machines.

The scale of financing is remarkable for such a young business. Oratomic raised approximately $775 million before establishing the kind of long-term commercial revenue history normally associated with a multibillion-dollar technology company.

Investors are effectively paying for the scientific team's ability to turn promising research into a functioning computing architecture. Neutral atoms can be arranged and manipulated using lasers, offering ways to increase qubit counts and configure interactions between them.

The challenge is maintaining sufficiently low error rates as the system becomes larger and more complex. A machine with many physical qubits is useful only if those qubits can perform reliable calculations.

Oratomic's valuation shows just how aggressively investors now reward companies they believe can reach fault tolerance. That confidence has arrived well before large-scale commercial success.

Which quantum computing technology is attracting the biggest valuations?

Photonic quantum computing currently has the highest-valued private startup, but neutral-atom, superconducting and silicon-based approaches are all attracting substantial investment.

PsiQuantum's $9.0B–$11.0B valuation makes photonics especially visible. Photonic, valued at $2.0B, is pursuing distributed silicon-based systems, while companies such as ORCA Computing, Quantum Source and Quandela are developing other photonic architectures.

Neutral-atom systems have produced another group of highly valued businesses. Oratomic is valued at $5.4B, Atom Computing at $1.7B–$2.2B and QuEra Computing at $800M–$1.2B.

Superconducting technology remains important too. Oxford Quantum Circuits, Nord Quantique, QuantWare and SEEQC are pursuing different opportunities in this area, from full computing systems to specialized processors.

Investors are spreading capital across these approaches because each has strengths, and none has yet demonstrated clear commercial superiority at industrial scale.

Photonic systems could benefit from optical networking and semiconductor manufacturing. Neutral atoms offer flexible qubit arrangements. Superconducting circuits have decades of research behind them and can perform fast quantum operations. Silicon-based processors could eventually benefit from existing semiconductor production techniques.

Technology	Potential advantage	Biggest challenge
Photonic	Optical networking and semiconductor-compatible manufacturing	Photon losses and fault-tolerant operations
Neutral atom	Large configurable arrays of physical qubits	Gate fidelity and atom loss
Superconducting	Fast gates and extensive research experience	Cooling, wiring and scaling
Trapped ion	High-quality quantum operations	Gate speed and large-system integration
Silicon spin	Compatibility with semiconductor manufacturing	Reliable qubit control and fabrication
Diamond-based	Potential operation without extreme refrigeration	Scaling coherent interactions
Modular quantum computing	Connecting smaller processors into larger systems	Maintaining reliable quantum links

The competition is wide open. Several architectures may remain commercially relevant, particularly because different workloads could eventually favor different hardware designs. Today's qubit counts and startup valuations aren't enough to pick a winner.

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Can neutral-atom quantum computers beat photonic quantum computers?

Neutral-atom quantum computers have a credible chance of competing with photonic systems, especially if their developers can turn large arrays of atoms into reliable logical qubits.

Oratomic, Atom Computing and QuEra Computing are among the most prominent private developers pursuing this approach. QuEra announced more than $230 million in financing in February 2025, with Google and SoftBank among its investors. NVIDIA's venture arm subsequently participated in an expansion of the financing.

The architecture has an important attraction: atoms can be trapped using lasers and rearranged into different configurations. That makes it possible to create large arrays and change how qubits interact.

Photonic computing takes a different route. PsiQuantum and other developers use optical components to generate, manipulate and transmit quantum information. This could offer important advantages when connecting processors or manufacturing large systems.

The harder question is how much physical hardware each architecture will need to produce reliable logical computations. Neutral-atom systems face problems involving atom loss and gate fidelity, while photonic systems must control losses and efficiently generate and manipulate quantum states.

Neither approach has yet established that it can deliver cheaper useful computations at industrial scale. Still, the financing of both Oratomic and PsiQuantum shows that investors are willing to make enormous bets on each technology.

Can superconducting quantum computing startups still win?

Superconducting quantum computing remains one of the strongest contenders, particularly because researchers have already demonstrated important advances in error correction and larger system integration.

Google's Willow research is a useful example. Published in Nature, the work showed that increasing the size of certain error-corrected quantum memories could reduce their logical error rates. That is an important step toward building computers capable of longer, more reliable calculations.

IBM has also made measurable engineering progress. In August 2026, the company announced that it had connected and cooled two modular cryogenic systems to below 15 millikelvin. The design is intended to support larger installations containing many quantum chips.

Neither Google nor IBM belongs to the private startup ranking, but their research helps explain why investors continue backing superconducting hardware businesses.

Oxford Quantum Circuits, Nord Quantique and other developers can build on a substantial body of scientific work in superconducting circuits. Specialized manufacturers are also expanding the production infrastructure needed to make these systems.

QuantWare provides a particularly concrete example. Its May 2026 financing was tied to plans for a dedicated manufacturing facility that would increase production capacity twentyfold.

Superconducting computing still faces serious problems with cooling, control electronics and wiring. But these are engineering challenges that large companies and specialized suppliers are already spending heavily to solve. Writing off superconducting systems would be premature.

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Are quantum stocks priced like other tech companies? No. Big tech is worth 10 to 30 times its yearly sales. IonQ is worth about 54 times its sales, Quantinuum and D-Wave more than 300 times. Chart from NewMarketPitch's Quantum Computing report.

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Are quantum computing startups making real money yet?

Quantum computing companies are generating real revenue today, but the amounts remain surprisingly small compared with the industry's biggest startup valuations.

McKinsey estimates that quantum computing companies generated more than $1 billion in revenue worldwide in 2025, up from approximately $650 million–$750 million in 2024. QED-C's separate market forecast estimates $1.4 billion for 2025 and projects more than $3 billion by 2028.

Those figures cover several parts of the market. Customers pay for hardware, cloud access, specialized software, development services and related systems. Some sales come from commercial businesses, while others depend heavily on government and research budgets.

QuEra offers an example of the industry's commercial progress. In December 2025, the company reported record revenues and customer cash collections from quantum computing products and services. It also described progress toward industrial manufacturing.

However, publicly available information still offers limited visibility into recurring revenue, gross margins and profitability at many major private developers.

The scale gap is clear. The entire quantum computing market generated roughly $1.4 billion in 2025 according to QED-C, while individual startups already have valuations several times larger.

That can make financial sense if the market grows dramatically. Right now, though, buyers are paying for specialized, early-stage capabilities rather than purchasing quantum computing power at anything close to the scale of conventional cloud infrastructure.

Are businesses actually buying quantum computers?

Businesses are increasingly paying to explore quantum computing, although most are still testing applications rather than running major commercial operations on quantum hardware.

McKinsey's 2026 research identified more than 300 organizations working with quantum technology companies. Participants include Airbus, JPMorgan Chase, E.ON and Boehringer Ingelheim, with projects involving industrial simulation, financial applications and other potential uses.

Its research also found substantial spending among the organizations surveyed. One-third allocated more than $10 million to quantum initiatives in 2025, and 7% spent more than $50 million.

Those budgets shouldn't be confused with revenue received directly by quantum computing startups. They can include internal teams, conventional computing infrastructure, research projects and consulting.

Government procurement offers more concrete evidence of purchases. The European High Performance Computing Joint Undertaking has been acquiring quantum systems for research infrastructure across Europe, including a €13 million installation in Italy and an €8.5 million installation in Spain.

IBM provides another useful commercial reference. In June 2026, it stated that its quantum program had signed more than $1.1 billion in customer contracts since 2017.

These are real commercial commitments, and they show that quantum computing has begun moving beyond small research budgets.

The big test comes next: whether companies buying quantum computing services for experimentation eventually earn enough from using the technology to justify larger, recurring contracts.

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Are quantum computing startup valuations growing faster than revenue?

Quantum computing valuations are running far ahead of industry revenue, and the gap will remain difficult to justify unless commercial sales grow much faster over the next several years.

The current figures are revealing. McKinsey estimates more than $1 billion in quantum computing company revenue for 2025, while QED-C estimates a $1.4 billion market. Meanwhile, PsiQuantum alone is valued at $9.0B–$11.0B.

Of course, an individual company's valuation and an entire industry's revenue cannot be divided to produce a meaningful valuation multiple. But the difference in scale tells us something important about investor expectations.

Companies that have yet to commercialize their largest planned systems are receiving valuations comparable to established businesses in much larger technology markets.

Investment is also highly concentrated. The ten largest deals accounted for approximately 60% of quantum technology startup investment in 2025.

A few massive financing rounds can therefore make investment growth look spectacular even while the number of paying commercial customers increases much more gradually.

There isn't yet a mature revenue base supporting the industry's highest valuations. Their justification rests mainly on how large the market might become once fault-tolerant machines begin solving commercially valuable problems.

Are Chinese quantum computing startups catching up with American companies?

Chinese quantum computing startups are developing a broad range of technologies, but the United States still leads the highest private valuation positions.

China's leading private businesses include TuringQ at $1.0B–$1.2B, Origin Quantum at $950M–$1.3B, SpinQ Technology at $900M–$1.2B and QBoson at $850M–$1.6B.

Their technical approaches differ considerably. TuringQ and QBoson work on photonic computing, Origin Quantum develops superconducting machines, and SpinQ Technology produces superconducting and desktop quantum computers.

Other Chinese companies are pursuing neutral atoms, trapped ions and silicon-photonic components. This breadth gives China exposure to several possible paths toward commercially useful quantum computing.

The American advantage is especially visible at the top of the funding market. PsiQuantum and Oratomic have attracted enormous capital commitments, enabling them to finance development programs on a scale that few private competitors can match.

But valuations are an imperfect way to compare national technological capabilities. Chinese research institutions and government-backed programs can contribute substantial resources without creating equivalent private-market valuations.

China is a serious competitor, particularly in building domestic quantum computing capabilities and supply chains. Its private startup valuations nevertheless remain below the highest US figures.

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How long could listed quantum companies keep losing money? Years. At today’s loss, D-Wave’s cash would last about three years, IonQ’s about three and Rigetti’s about six. Quantum Computing Inc, which raised about $1.6B from share sales, could go on for about twenty. Chart from NewMarketPitch's Quantum Computing report.

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Can European quantum computing startups compete with the US?

European quantum computing startups can compete technically with American developers, and their strongest position may be in the components and specialist technologies that larger systems need.

The United Kingdom has several important businesses, including Oxford Quantum Circuits, Quantum Motion, Universal Quantum, Riverlane and Nu Quantum. France has Alice & Bob, Quobly, Quandela and C12 Quantum Electronics, while the Netherlands has QuantWare, Qblox, QuiX Quantum and other hardware specialists.

Germany, Finland, Denmark, Spain, Ireland, Austria and Switzerland also have active quantum computing companies.

The region's advantage is its combination of university research, specialized engineering businesses and public computing infrastructure.

The EuroHPC program demonstrates how this can translate into actual demand. By May 2026, it had procured six quantum computers for locations across Europe, with four already inaugurated. These projects give researchers access to physical machines and support the companies building them.

European suppliers also have commercial opportunities that extend beyond selling complete quantum computers. Control electronics, error-correction software, cooling equipment and quantum interconnects are needed across several hardware architectures.

The funding gap remains a concern. Large American companies can sometimes finance development programs through individual rounds exceeding the cumulative investment received by smaller European competitors.

Europe doesn't need every startup to build a complete quantum computer to remain competitive. Its component manufacturers and software specialists could become important suppliers to an international industry.

Could quantum computing software startups be worth more than hardware companies?

Quantum computing software startups could eventually become extremely valuable, but hardware developers still attract the biggest valuations because the market for useful quantum applications remains early.

Quantum Machines is valued at $650M–$850M, while Riverlane is valued at $400M–$650M and Q-CTRL at $300M–$450M. These companies work on different layers of the software and control infrastructure surrounding quantum hardware.

Riverlane, for example, raised $75 million in Series C financing in August 2024 to develop its quantum error-correction technology. Its commercial opportunity depends on helping increasingly powerful systems perform reliable operations.

Other businesses focus on applications. Phasecraft develops quantum algorithms for industrial problems, Algorithmiq works on molecular simulations, and QunaSys develops quantum software and simulation tools.

Software has obvious advantages once a substantial market exists. It can potentially reach customers without requiring each developer to manufacture expensive quantum processors.

However, quantum software currently operates under a constraint that conventional enterprise software rarely faces: its most ambitious applications depend on hardware that is still being developed.

A drug-discovery algorithm, for example, becomes significantly more valuable if it can produce accurate results faster or cheaper than existing computational methods. Until that advantage is demonstrated consistently, customers have limited reasons to spend heavily on specialized applications.

Software valuations could rise considerably as hardware improves. For now, the biggest checks are going to the companies building the machines, not those writing applications for them.

Could quantum computing infrastructure startups be better investments than hardware developers?

Quantum computing infrastructure startups may offer a more practical way to benefit from industry growth because some can sell useful products before fault-tolerant machines become commercially available.

QuantWare manufactures quantum processors, Quantum Machines develops control hardware and software, and Qblox supplies the electronics used to operate quantum chips.

Other companies work on narrower engineering problems. QuantrolOx automates processor calibration, Maybell Quantum manufactures cryogenic infrastructure, and Nu Quantum develops networking technology for connecting quantum processors.

Several of these products are needed regardless of whether quantum computers eventually become widely used in drug discovery, materials science or financial modeling.

There is also potential for customers to buy from specialist suppliers while they develop competing hardware architectures. That could give successful infrastructure businesses broader customer bases than companies relying entirely on their own complete machines.

However, the opportunity depends on which technologies prevail. A supplier specializing in equipment for superconducting processors may not benefit equally if photonic or neutral-atom machines dominate future installations.

Large manufacturers could also start producing more components internally, reducing demand for independent suppliers.

Infrastructure businesses look particularly interesting where their technology can serve several customers and hardware platforms. Their commercial prospects may be easier to measure in the near term, even if their eventual market is smaller than that of a successful full-stack quantum computer manufacturer.

Which quantum computing startups have recently raised the most money?

PsiQuantum, Oratomic, QuantWare and QuEra Computing illustrate how large quantum computing financing rounds have become, with capital increasingly going toward manufacturing capacity and fault-tolerant architectures.

PsiQuantum's $1 billion Series E in September 2025 was one of the most prominent transactions. Oratomic announced $775 million in cumulative funding in October 2026, an extraordinary amount for a company launched earlier that year.

QuantWare raised $178 million in May 2026 to expand quantum processor manufacturing. Its KiloFab project is designed to increase production capacity twentyfold.

QuEra's financing of more than $230 million, announced in February 2025 and subsequently expanded with an investment from NVIDIA's venture arm, supports development of neutral-atom systems.

The size and purpose of these transactions show how the financing market is changing. Early quantum startups primarily needed money for scientific teams and laboratories. Some of the leading developers now require industrial facilities, manufacturing equipment, specialist supply chains and increasingly complex computing infrastructure.

That makes quantum computing unusually capital-intensive compared with many other emerging software markets.

The following financing events illustrate the range of capital commitments across different development stages. These are financing transactions and development programs, rather than a ranking of startup valuations.

Company	Financing event	Amount	Announced purpose
PsiQuantum	September 2025 Series E	$1 billion	Utility-scale photonic computing
Oratomic	Funding announced October 2026	$775 million cumulative	Fault-tolerant neutral-atom systems
QuEra Computing	February 2025 financing	More than $230 million	Large-scale neutral-atom computers
QuantWare	May 2026 Series B	$178 million	Industrial quantum processor production
Riverlane	August 2024 Series C	$75 million	Quantum error correction
PsiQuantum	Chicago and Brisbane development programs	Financed partly through Series E	Large computing installations
QuEra Computing	September 2025 financing expansion	Additional amount undisclosed	Quantum-classical system development

Are publicly traded quantum computing companies worth more than private startups?

Some publicly traded quantum computing companies have higher market values than the leading private startups, although the public and private markets price these businesses differently.

IonQ has a market capitalization of $13.9B in our public-company ranking, while Quantinuum stands at $10.1B. Rigetti Computing is valued at $4.1B, IQM Quantum Computers at $1.8B and Pasqal at $1.2B.

Xanadu, Horizon Quantum Computing and QuantumCore also appear in the separate public-market group.

IonQ is particularly interesting because it has been building its business through acquisitions. Its agreement to acquire Oxford Ionics in June 2025 was valued at $1.075 billion. The transaction brought together different trapped-ion capabilities and was part of a broader acquisition strategy.

In 2025, IonQ also pursued acquisitions involving businesses such as Capella Space, Lightsynq, Qubitekk and Vector Atomic. Established quantum companies increasingly see acquisitions as a way to accelerate development and secure specialized technology.

That creates potential exit opportunities for smaller startups whose technologies become important to larger platforms.

There is one major difference between the valuations. Public market capitalizations change continuously with share prices, while private valuations are often anchored to funding transactions that occurred months earlier.

A small difference between a private valuation and a public market capitalization doesn't tell us which company is more commercially successful. Revenue, cash consumption, technical progress and future financing requirements are far more useful comparisons.

Are quantum computing startups overvalued right now?

The largest quantum computing startup valuations are aggressive today, and several will be difficult to justify unless fault-tolerant computing reaches commercial scale within the coming years.

There has been genuine technical progress. Google's error-correction experiments, IBM's modular computing work and advances across neutral-atom and photonic architectures have made the long-term opportunity more credible.

Commercial activity is also increasing. According to QED-C, the quantum computing market reached approximately $1.4 billion in 2025 and could exceed $3 billion by 2028.

But even that projected market would remain small compared with the valuations of the largest private developers. Investors are paying for the possibility of a much bigger industry emerging after 2028.

The risk is especially high for companies planning enormous hardware investments. Manufacturing facilities, cryogenic systems, photonic components and specialist engineering teams require substantial spending before commercial systems can generate enough revenue to finance their own development.

If technical schedules slip, these companies may need further investment at less attractive terms. Existing shareholders could face dilution even if the underlying technology continues improving.

Scientific success won't automatically create attractive businesses either. Competing architectures may eventually offer similar capabilities, putting pressure on prices. Some computing applications may turn out to be less valuable than early forecasts suggest.

The quantum computing opportunity is real, but the industry's highest valuations already reflect substantial future success. The companies most likely to justify those prices will be those that demonstrate reliable computing performance, repeatable manufacturing and customers willing to pay for economically useful results.

Our methodology

Our analysis ranks the most valuable independent startups in the quantum computing market, including companies developing quantum hardware, specialized software and essential computing infrastructure. We excluded established technology conglomerates and their internal divisions from the private startup ranking, while placing publicly traded and acquired companies in a separate category.

We assessed current valuations using completed financing rounds, company and investor announcements, regulatory filings, financial disclosures, comparable transactions and relevant operating information. Recent funding rounds with disclosed valuations received the greatest weight. Where direct valuations were unavailable or older, we considered financing activity, business maturity, revenue, customer traction, technical progress and comparable-company valuations.

Valuations announced within approximately twelve months generally remained useful reference points. Older financing valuations were assessed alongside subsequent developments and market conditions. We used individual figures where the financial evidence supported them and ranges where a company's current value was less certain. The distinction between a disclosed financing valuation and a current valuation estimate is important, particularly in a sector where large funding rounds can occur well before meaningful commercial revenue.

Industry investment, market revenue and adoption figures primarily come from McKinsey's Quantum Technology Monitor 2026, the QED-C 2026 Quantum Computing Market Forecast and the QED-C State of the Global Quantum Industry 2026. These sources establish the broader commercial context, including startup investment, customer adoption, industry revenue and projected market expansion.

For major private financing transactions, we relied on primary announcements including Qatar Investment Authority's announcement of PsiQuantum's Series E, Oratomic's financing announcement, QuantWare's Series B, QuEra Computing's financing, its subsequent expansion, and Riverlane's Series C.

Technical and commercialization assessments draw on Google's quantum error-correction research published in Nature, Google Research's explanation of Willow, IBM's quantum computing roadmap, its modular cryogenic systems announcement, and IBM's commercial investment update. We also considered QuEra's 2025 operating update when assessing commercial progress.

Government procurement and acquisition activity were considered through the EuroHPC quantum computing procurement in Italy, the EuroHPC installation in Spain, and IonQ's agreement to acquire Oxford Ionics. Together, these sources help distinguish technological ambition from commercial purchases, financing activity and completed corporate transactions.

Our approach gives the greatest weight to recent financial transactions and concrete commercial developments, while treating technical milestones and future computing roadmaps as important context. The objective is to present realistic valuations for quantum computing startups without confusing promising scientific progress with established financial performance.

A company can appear in this ranking even when its total funding is undisclosed: its position depends on its valuation, not on the capital it has raised.