Make better decisions on the quantum computing market

Updated October 202670+ pagesPDF

Quantum Computing Reality Check
Cover of NewMarketPitch's Quantum Computing Reality Check report, 2026 edition
When will quantum computers be useful, say the people building them? Anywhere from 2029 to 2055. IBM promises a large error-corrected machine by 2029, Google’s boss said 5 to 10 years in 2025, and Nvidia’s boss said 15 to 30 years before changing his mind. Chart from NewMarketPitch's Quantum Computing report.
How much do quantum companies lose for every $1 they sell? Between $2 and $15. D-Wave lost about $15 for each $1 of sales in its last quarter, Quantinuum about $6 in 2025. IonQ, which sells by far the most, lost about $2.70. Chart from NewMarketPitch's Quantum Computing report.
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.
Who is really ahead in quantum computing, Google or IBM? Google on proof, IBM on scale. Google has the peer-reviewed error-correction results. IBM has 90+ machines in use, a $10B plan and a place in DARPA’s final stage, but its July “advantage” claim was matched on graphics chips. Chart from NewMarketPitch's Quantum Computing report.
PsiQuantum or Quantinuum: who is closer to a useful quantum computer? Quantinuum. It has a machine customers use and has shown error-corrected qubits. PsiQuantum, valued at $7B after raising more than $2B, has shown working chips only so far. Chart from NewMarketPitch's Quantum Computing report.
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.
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.
Is IonQ’s price catching up with its sales? Slowly. IonQ was worth 1,500 times its yearly sales in 2021. It is worth 54 times today, 28 times less, but still above the 10 to 30 times big tech gets. Chart from NewMarketPitch's Quantum Computing report.
Who is fighting whom in quantum computing? Five head-to-heads. Google leads IBM on proof, Quantinuum and IonQ split quality and sales, QuEra and PsiQuantum lead their fronts, and Microsoft’s and Amazon’s new qubits are both still unproven. Chart from NewMarketPitch's Quantum Computing report.

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  • What has changed in the last 12 months
  • What works today, and what’s still hype
  • What are the biggest unsolved problems
  • What technologies are gaining traction
  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • Which business models are winning
  • Which investors are making the biggest bets
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026