Quantum computers are currently being developed across various fields, including fundamental science, material modeling, cryptography, pharmaceuticals, and national security. This technological race involves companies, governments, and investors aiming not only to create a more powerful computing tool but also to secure a position in the future market.
In the latest issue of "Quantum & After," we explore the participants in this race, the investments being made, and how to differentiate genuine progress from mere hype.
Brief Overview
Several key players are involved in the quantum race:
- Major technology corporations such as IBM, Google, Microsoft, and Amazon.
- Specialized companies focused on the development, production, and commercialization of quantum technologies, including IonQ, Quantinuum, Rigetti, QuEra, PsiQuantum, and IQM.
- Universities and national laboratories conducting fundamental and applied research funded by governmental bodies.
The motivations vary: companies seek future markets, research centers tackle scientific and engineering challenges, and governments aim to maintain technological independence and avoid falling behind.
Funding Dynamics
Funding for the industry is no longer limited to research grants, as quantum technologies increasingly become part of industrial and defense policies. In May 2026, it was announced that the U.S. Department of Commerce would allocate around $2 billion from the CHIPS Act to nine quantum companies. The condition for receiving these funds is the transfer of non-controlling minority stakes in the firms to the government.
IBM is set to receive half of this amount—$1 billion—to establish a subsidiary called Anderon in Albany, which it claims will be the first specialized quantum chip factory in the U.S. Furthermore, in June, IBM announced plans to invest over $10 billion in research, development, manufacturing, mergers and acquisitions, and ecosystem growth over the next five years.
GlobalFoundries, a semiconductor manufacturer, will receive $375 million, while the remaining funds will be distributed among seven developers specializing in superconducting, ion, photonic, silicon, and neutral-atom qubits.
Government funding levels vary significantly. According to industry analysts, China has directed $17.5 billion into three regional investment funds covering seven "industries of the future," with quantum technologies being one of them. The UK has added £2 billion to its National Quantum Strategy. In 2025, Japan declared its first year of quantum industrialization, with a separate budget of ¥1.05 trillion ($6.7 billion) allocated for quantum computing and advanced chip research. Canada has earmarked over 161 million Canadian dollars ($116.5 million) for quantum technologies in defense and security.
Additionally, cloud services play a significant role. Platforms like Amazon Braket and Microsoft Azure Quantum do not focus on quantum developments as part of their core business but rather provide access to third-party hardware, such as IonQ, Rigetti, QuEra, and IQM. IBM directly sells access to its processors through the IBM Quantum Platform.
These cloud platforms have emerged as one of the first commercial models in the industry, allowing customers to utilize quantum capabilities without purchasing cryostats. Companies also sell and install quantum systems, secure government contracts, and develop software, although most of these revenues are still tied to research and future applications.
Investor Considerations
For investors, the main pitfall lies in headlines like "Company N has unveiled a processor with X qubits." Such announcements often lack meaningful insight into actual value. Previous discussions in "Quantum & After" highlighted that the number of physical qubits is irrelevant if errors accumulate faster than the system can correct them.
The chase for impressive numbers benefits marketing but does not accurately reflect true industry progress.
ForkLog's Q-Check: How to Interpret Quantum News
- What kind of qubits are being discussed? Physical or logical—there's a hundredfold difference.
- Is operational accuracy specified? Look for fidelity of two-qubit gates. Below 99.9% indicates a typical NISQ machine; above that suggests progress.
- What are the circuit depth and coherence time? This refers to how many operations the system can perform before losing its state.
- Is it a prototype, product, or roadmap? A lab demo, a cloud-accessible system, and a slide outlining plans for 2029 represent three different readiness levels.
- Who verified the result? A press release, preprint, peer-reviewed publication, or independent reproduction.
Looking Ahead
The competition extends beyond the potential to crack cryptography. It's crucial to identify where quantum technologies can deliver real benefits. In the next issue, we will examine practical niches—such as chemistry, materials, pharmaceuticals, logistics, and finance—to see where quantum technologies can yield profits and where commercial applications remain aspirational.
Catch up on previous issues:
- Can you profit from quantum technologies?
- How are blockchains preparing for the "quantum" era?
- Can the quantum internet be hacked?
- Is the quantum computer a Bitcoin killer?
- What is the purpose of a quantum computer?
- What are the limitations of quantum computers?