Betting on a quantum computing company? See who’s really ahead before you pick a side

Updated October 202670+ pagesPDF

Quantum Computing: Who’s Ahead
Cover of NewMarketPitch's Quantum Computing: Who’s Ahead report, 2026 edition
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.
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.
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.
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.
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 two companies worth more than all other quantum stocks together? Yes. IonQ and Quantinuum are worth about $22.8B together, against about $13.5B for the five other listed quantum computing companies, D-Wave, Rigetti, Infleqtion, IQM and Quantum Computing Inc. Chart from NewMarketPitch's Quantum Computing report.

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Inside the report

  • Who’s ahead, and who’s falling behind
  • How far the rest trail IBM and Google
  • Who has working machines, who only promises
  • What technologies are gaining traction
  • Who are the top companies today
  • What are their valuations
  • Who’s getting funded, and by whom
  • Which business models are winning
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026