We look into the Quantum companies that are busy commercializing quantum computing and other quantum technologies, such as QKD. This is not an exhaustive list, and it continues to grow, but it covers some of the latest innovations in Quantum Technology. We have divided the companies into pure-play and non-pure-play. A pure play company only focuses on quantum, but a non-pure play can focus on various pursuits. Think IonQ vs Google.
None of this article is Investment Advice. You should check all facts, and the standard disclaimer applies, which is written at the bottom of this article. You should not use any of the information here as financial advice.
Public Quantum Companies
A public company, often referred to as a publicly traded company, is a company that has issued securities (like stocks or bonds) through an initial public offering (IPO) and is traded on at least one stock exchange or in the over-the-counter market. Unlike a private company, where shares are held by a small group of private investors or owners, a public company’s shares are available for purchase by the general public. This allows the company to raise capital for various purposes, such as expansion, research and development, or debt repayment.
Being public has several advantages, such as increased access to capital and a higher company profile. However, it also has its challenges. Public companies are subject to strict regulatory requirements, including regular financial reporting and disclosure to regulatory bodies like the Securities and Exchange Commission (SEC) in the U.S. They are also under constant scrutiny from analysts, shareholders, and the media, which can influence the company’s stock price and overall valuation.
Pure Play Public Quantum Companies
A “pure-play” company focuses primarily on a specific product or service segment. In the context of quantum computing, a pure-play quantum company would be one that mainly focuses on quantum technology rather than having a diversified set of products or services. A public company is listed on the stock exchange, meaning that investors can invest in the company with relative ease. So far no pure-play public companies have listed in non-US markets.
Rigetti Computing (NASDAQ:RGTI )
Rigetti has lost its co-founder, who named the company. Chad Rigetti has been replaced with another CEO. The company made headlines in August 2023 by developing a modular superconducting qubit architecture to enhance quantum computing capabilities. In a significant leadership transition on November 11, 2022, Chad Rigetti, the company’s founder, stepped down as CEO to concentrate more on product development. Financially, Rigetti Computing reported its financial results for the first quarter of 2022, hinting at the introduction of an 84 Qubit device. The company’s technological prowess was further recognized when the US Military Agency DARPA ONISQ Program selected Rigetti Computing in Phase 2 to deliver its technology on February 2, 2022. Expanding its global footprint, Rigetti Computing initiated a consortium to build the first commercial quantum computer in the UK on September 2, 2020.
Quantum Computing Inc (NASDAQ: QUBT)
The company has been actively involved in various quantum initiatives and collaborations. For instance, they have partnered with Rabobank to address banking fraud, showcasing the practical applications of quantum computing in the financial sector. In another significant move, the VIPC designated Quantum Computing Inc. as a partner for risk-based flight trajectories, highlighting the company’s capabilities in optimizing complex systems. Quantum Computing Inc. has also been proactive in expanding its service offerings, as evidenced by the launch of their subscription service for Dirac 1 Entropy Quantum Computing. One of their notable achievements includes solving a 3,854-variable problem for BMW in just six minutes, showcasing the power and efficiency of their quantum solutions. Furthermore, in a significant step towards gaining more visibility and credibility in the financial markets, Quantum Computing Inc. applied for stock-listing on Nasdaq in early 2021.
D-Wave Systems (NYSE: QBTS)
D-Wave Systems is a pioneering company in the quantum computing landscape. On August 9, 2022, D-Wave Systems announced the completion of their business combination with DPCM Capital, leading to the launch of the QBTS stock ticker. This move signifies D-Wave’s growing prominence in the quantum sector. Furthermore, on July 19, 2022, D-Wave entered into a strategic partnership with Mastercard to embark on a quantum computing project, highlighting the company’s commitment to fostering collaborations and advancing quantum applications. In a significant technological breakthrough, D-Wave achieved a milestone with the development of state-of-the-art Fluxonium Qubits, as reported on September 13, 2023. This advancement underscores D-Wave’s relentless pursuit of innovation in quantum hardware. On the business front, D-Wave Quantum reported a revenue of $1.7M, bookings worth $2.5M, and a cash balance of $50M in Q2 2023, reflecting the company’s robust financial health. Collaborative efforts also form a core part of D-Wave’s strategy, as evidenced by their partnership with the University of Waterloo in July 2023 to drive quantum computing advancements, an NSERC-funded project.
In February 2020, D-Wave introduced the Leap 2 Application suite, which focuses on Quantum Machine Learning, further emphasizing their dedication to integrating quantum computing with other cutting-edge technologies.
Recentl IonQ announced a significant $25.5M Quantum Deal with the United States Air Force Research Lab. Demonstrating their commitment to innovation, IonQ unveiled their Quantum Computing Systems named Forte and Tempo, which promise commercial advantages and record-breaking performance. Their global reach is evident in their partnership with BearingPoint to expand quantum computing services in Europe. Furthermore, they’ve collaborated with Zapata AI to advance quantum computing in generative AI applications. In a testament to their growth and confidence in the quantum market, IonQ reported record $28M bookings, raised their 2023 revenue outlook, and established their first Quantum Data Center in Europe. Their commitment to education and industry growth is evident in their partnership with South Korea. One of their notable hardware achievements includes the unveiling of Forte, described as IonQ’s highest-performing commercial quantum computer. They’ve also joined forces with QuantumBasel to deploy quantum systems in Europe and have made strides in developing quantum circuits for modelling human cognition, which paves the way for improved decision-making and generative AI.
Zapata (soon to List)
In recent developments, Zapata AI has merged with Andretti Acquisition Corp., setting the stage for it to go public. This move underscores the company’s significant growth and aspirations in the quantum domain. Zapata AI has collaborated with IonQ to advance quantum computing in generative AI applications, showcasing its commitment to harnessing quantum technology for real-world applications. Another notable collaboration involves Zapata Computing and Insilico Medicine, where they aim to boost drug discovery using quantum-enhanced AI. Zapata’s influence isn’t limited to healthcare; they’ve partnered with BMW to enhance vehicle production efficiency using quantum-inspired generative AI techniques. On the defence front, Zapata Computing has delivered 30 Quantum Challenge Scenarios to DARPA, emphasizing its role in both commercial and defence sectors. The company has also been proactive in expanding its global footprint, as evidenced by the launch of their new UK office, which is primarily focused on quantum computing software. Financially, Zapata has been on a solid footing, having announced a $38 million Series B funding to further its efforts in commercializing quantum computing technologies and applications. In an interview with Quantum Zeitgeist, Zapata Computing shed light on their new Scientific Advisory Board and discussed the future trajectory of quantum computing. All these endeavours highlight Zapata’s dedication to pushing the boundaries of quantum technology and its application across various sectors.
Non-Pure Play Public Quantum Companies
Some quantum companies have gotten their moniker because they have a diversified range of products and services, and Quantum is one of them.
Honeywell Quantum (NASDAQ: HON)
Honeywell Quantum has been a significant player in the quantum computing landscape. They have made notable strides in the quantum realm, as evidenced by their various achievements and collaborations. In November 2021, Honeywell Quantum Solutions combined forces with Cambridge Quantum to form Quantinuum, marking a significant merger in the quantum industry. This joint venture was established with the vision of addressing the challenges in quantum computing. Honeywell has also integrated quantum-enhanced encryption in smart meters, thereby boosting cybersecurity. Their System H1, known as H1 by Honeywell, has been at the forefront of quantum physics-related developments. Furthermore, in January 2022, Honeywell introduced its latest Quantum System Model, which was the first to achieve a 2,048 Quantum Volume, showcasing their commitment to advancing quantum technology. Collaborations with Cambridge Quantum have been pivotal, with both entities reaching planned milestones on their journey to making quantum computing mainstream. Honeywell’s dedication to the quantum domain is further emphasized by their majority stake acquisition in the British Quantum Computing Company, Cambridge Quantum Computing (CQC). With a series of quantum milestones, including achieving a Quantum Volume of 512, and making their System H1 Quantum Computer available on the cloud.
Alibaba Group (NYSE: BABA)
Recognizing the transformative potential of quantum computing, Alibaba established the Alibaba Cloud Quantum Laboratory (ACQL). This laboratory was founded with the primary objective of exploring the frontiers of quantum computing and its myriad applications across various sectors. The ACQL places a strong emphasis on quantum algorithms, Quantum Machine Learning (QML), and the essential hardware infrastructure required to facilitate quantum computations. Their research endeavors aim to bridge the existing gap between theoretical quantum algorithms and their practical applications, with a particular focus on cloud computing. Given Alibaba’s expansive cloud infrastructure, the company offers a robust platform for quantum research, enabling large-scale simulations and experiments. The team at ACQL comprises leading experts from diverse fields such as quantum physics, computer science, and engineering. Under the leadership of Dr. Shi Yaoyun, a renowned quantum physicist, the laboratory collaborates with academic institutions globally. One of their notable achievements in collaboration with the Chinese Academy of Sciences is the launch of a quantum computing cloud platform. This initiative underscores Alibaba’s vision of making quantum computing accessible to a broader audience, allowing researchers worldwide to access and experiment with quantum processors.
Baidu (NASDAQ: BIDU)
Baidu has been actively venturing into the realm of quantum computing. On October 27, 2020, an article titled 바이두(Baidu)의 양자 컴퓨팅 시장전략 discussed Baidu’s strategic approach to the quantum computing market. Notably, Baidu’s quantum computing market strategy is not confined to China alone, as highlighted in an article by Jeremy G on October 26, 2020. Further emphasizing Baidu’s commitment to quantum advancements, the company unveiled its new cloud quantum computing service, as reported on September 27, 2020. In addition to these endeavors, Baidu took a significant step by open-sourcing its quantum machine learning toolkit, a move covered in an article from May 28, 2020.
Fujitsu (TYO: 6702)
Fujitsu has been actively involved in various quantum-related ventures and collaborations. In May 2023, CESGA and Fujitsu partnered to launch a Quantum Knowledge Center in Spain, which was built using British technology from Oxford Quantum Circuits (OQC). This collaboration aimed to accelerate research and innovation in the quantum computing field, as highlighted in an article from April 2023. Fujitsu’s commitment to advancing quantum technology is further evident in their Digital Annealer, which unlocked new potentials for investment, as reported on December, 2022.
In addition to these advancements, Fujitsu showcased its Quantum Arcade game in June 2022, demonstrating its gaming capabilities and how it’s generating value for its clients, including major financial institutions like HSBC. Furthermore, in April 2022, Fujitsu made headlines by building the world’s fastest quantum simulator and collaborating with Fujifilm for joint research activities, as detailed in this article. These endeavours underscore Fujitsu’s dedication to pushing the boundaries of quantum technology and its applications.
Google (NASDAQ: GOOG)
Google, a tech giant known for its search engine and numerous other technological innovations, has made significant strides in various deep-tech areas. Recently, the company celebrated its 25th anniversary, with CEO Sundar Pichai reflecting on past successes and looking forward to future opportunities in artificial intelligence. In the realm of AI, Google has been challenging the dominance of OpenAI’s ChatGPT with its Gemini AI. Collaboratively, Google Cloud and NVIDIA have unveiled AI infrastructure aimed at global customers, further boosting the development of generative AI. On the quantum front, Google’s Chrome browser is set to support Quantum-Resistant Cryptography. Moreover, the company has been in the limelight for its endeavours in quantum computing, with discussions around whether Google has achieved Quantum Supremacy. Demonstrating its commitment to quantum research, Google has pledged $50M towards a Quantum Computing Partnership with universities in Chicago and Tokyo. In the machine learning domain, Google introduced PaLM 2, a next-generation language model designed to compete with ChatGPT. Furthermore, the company has made significant advancements in Quantum Error Correction, emphasizing the scaling of logical qubits. Google’s continuous efforts in both AI and quantum technologies underscore its dedication to leading the tech industry into the future.
Google is behind the Quantum Framework Cirq, which is a framework that allows quantum developers to develop quantum circuits using Python. As yet, it does not have its own Public Quantum Cloud.
Intel (NASDAQ: INTC)
On June 15, 2023, Intel unveiled its groundbreaking Quantum Research chip, Tunnel Falls Chip, with 12 qubits, marking a pivotal moment in their quantum journey. Not only has Intel been focusing on quantum hardware, but they have also been expanding their software capabilities. On March 6, 2023, Intel announced the next phase of its Quantum Software Development Kit (SDK), aiming to broaden the horizons of the quantum developer ecosystem. This move was a testament to Intel’s commitment to fostering a robust quantum programming environment. Furthermore, there was significant buzz when Intel released its Quantum SDK v1.0, with many speculating about the chip giant’s dedication to pushing the boundaries of quantum computing. Intel’s endeavors in the quantum space are a clear indication of their vision to be at the forefront of next-generation technological advancements.
NEC (TYO: 6701)
In a recent collaboration, Tohoku University and NEC launched joint research utilizing an 8-Qubit Quantum Annealing Machine, showcasing NEC’s commitment to advancing quantum technologies. Furthermore, NEC has made significant strides in quantum hardware. In March 2022, the Japanese giant NEC developed the world’s first unit cell that facilitates scaling up to a fully-connected quantum annealing architecture. This breakthrough is a testament to NEC’s dedication to pushing the boundaries of quantum computing. Additionally, NEC’s collaborative spirit is evident in its partnership with ParityQC, where both entities have worked together to make practical quantum computers. These endeavors highlight NEC’s pivotal role in the quantum computing ecosystem and its continuous efforts to drive innovation in the field.
Raytheon (NYSE: RTX)
IBM and Raytheon’s collaboration on Quantum technology announced their collaboration on October 21, 2021. This collaboration signifies Raytheon’s active involvement and commitment to advancing quantum research and its applications.
Toshiba (TYO: 6502)
One of their notable achievements includes the development of Quantum Key Distribution which acts as a shield to protect data from potential threats posed by future quantum computing advancements. This was reported on Quantum Zeitgeist on August 15, 2023. Furthermore, Toshiba has been actively collaborating with other industry giants. For instance, on October 9, 2021, BT and Toshiba joined forces to construct the world’s first commercial quantum-secured metro network spanning across London. This collaboration didn’t stop there; on October 2, 2020, both companies took a step further by installing the first quantum secure industrial network in the UK. This initiative was aimed at safeguarding the transfer of information in production facilities. Additionally, Toshiba has expanded its quantum offerings by providing an Ising machine that can tackle large combinatorial problems, and this was integrated into Azure Quantum as of September 25, 2020.
Nvidia (NASDAQ: NVDA)
Recently, Nvidia has been involved in several notable collaborations and initiatives. For instance, they have partnered with SEEQC to enhance quantum supercomputing through digital chip integration. Nvidia’s cuQuantum has also teamed up with Xanadu’s PennyLane to power supercomputer simulations. In the realm of artificial intelligence, Nvidia and Google Cloud have unveiled AI infrastructure tailored for global customers, aiming to boost generative AI development. Another significant collaboration includes Qubrid, which joined Nvidia Inception to enhance their quantum-cloud platform with AI and machine learning capabilities. Furthermore, Nvidia has been instrumental in the aerospace sector, where they collaborated with Rolls-Royce and Classiq to create the largest quantum circuit. On the software front, Quantum Brilliance’s Qristal software now supports Nvidia’s CUDA Quantum Programming Model for hybrid quantum-classical computing. Lastly, in a groundbreaking move, Nvidia and Quantum Machines have launched DGX Quantum, a system designed for quantum-classical computing. These endeavors highlight Nvidia’s commitment to pushing the boundaries of technology and its pivotal role in the quantum computing landscape.
IBM (NYSE: IBM)
in September, IBM collaborated with PINQ² to launch Canada’s first Quantum System One. Further emphasizing their commitment to education in the quantum field, IBM introduced a free online course on Quantum-Safe Cryptography for developers on September 18, 2023. In a groundbreaking achievement, Trinity and IBM Dublin realized a quantum computing breakthrough with a super diffusion simulation in August 2023. IBM Quantum’s research endeavors have led to the development of high-threshold, low-overhead quantum memory as of August 18, 2023. Collaborations with institutions like CERN and DESY have explored quantum computing’s potential in particle physics. IBM’s influence in academia is evident with Rensselaer Polytechnic housing the world’s first university-based IBM Quantum System One in June 2023. In the financial sector, Crédit Mutuel partnered with IBM to advance quantum computing for fraud and risk management. IBM’s research collaborations have also led to a quantum speedup in a bitstring guessing game in partnership with USC. Expanding its global footprint, IBM announced plans to open its first European Quantum Data Center in Germany in June 2023. Furthermore, IBM has shown its commitment to fostering quantum research by partnering with universities for a $100M Quantum-Centric Supercomputer Initiative in May 2023. These endeavours underscore IBM’s pivotal role in advancing quantum technology and research on a global scale.
IBM unveiled a quantum processor with 433 qubits. This was a significant leap in their quantum hardware capabilities and is one of the highest numbers of qubits. IBM is also behind the very popular quantum programming framework called Qiskit that interfaces with Python. It was also the first to launch a public cloud quantum service.
Microsoft (NASDAQ: MSFT)
In recent years, Microsoft has been advancing its Azure Quantum platform to accelerate scientific discovery and quantum supercomputing. The company has also unveiled an integrated hybrid feature for Azure Quantum, aiming to boost the development of hybrid quantum algorithms. Furthermore, Microsoft has been exploring the potential advantages of quantum computing, balancing the hope and hype surrounding this transformative technology. To make quantum algorithm development more accessible, Microsoft introduced Azure Quantum Sessions, simplifying the process for developers. The company’s commitment to innovation is further highlighted by its collaborations, such as the partnership with Johnson Matthey to revolutionize hydrogen fuel cell innovation using Azure Quantum. Additionally, Microsoft has teamed up with entities like KPMG and Quantinuum to offer high-level quantum algorithm development via cloud computing. These endeavors underscore Microsoft’s dedication to harnessing the power of quantum computing and shaping the future of technology.
Microsoft developed the Q# Language. Unlike classical programming languages, Q# is tailored for quantum algorithms. It integrates quantum operations, or “gates”, and allows for manipulating quantum bits, or “qubits”. It’s a blend of the familiar and the novel, making quantum concepts accessible to developers. It also has a Quantum Development Kit. Q# isn’t standalone. It works in tandem with classical languages like C# and Python. This means you can write hybrid applications where the quantum code handles complex computations.
Amazon (NASDAQ: AMZN)
Amazon, a global e-commerce and cloud computing giant, has actively ventured into the quantum computing domain. In recent years, Amazon Web Services (AWS) has collaborated with various quantum technology providers and researchers. For instance, QuEra Computing expanded the availability of its Aquila Quantum Computer on Amazon Braket due to high demand. This move signifies the growing interest and need for quantum computational resources. Additionally, the Wolfram Language integrated with Amazon Braket, further enhancing quantum computing capabilities. Amazon’s commitment to quantum technology is also evident in its partnerships, such as its collaboration with the Quantum Instrumentation Control Kit (QICK) project to create a Quantum Prototype database. Moreover, AWS and Horizon Quantum Computing achieved a milestone by successfully connecting two Quantum Key Distributions (QKD) in Singapore. This achievement underscores the potential of quantum technology in ensuring secure communication. Furthermore, AWS introduced ‘Palace’, a platform for cloud-based electromagnetics simulations of quantum computing hardware, marking another step in Amazon’s quantum journey.
Amazon Braket is a significant player in the quantum computing landscape. As a part of Amazon Web Services (AWS), Amazon Braket provides a fully managed quantum computing service that allows researchers and developers to experiment with quantum algorithms and hardware. Over the years, several notable advancements and collaborations have been reported on Quantum Zeitgeist related to Amazon Braket. For instance, in August 2023, QuEra Computing expanded the availability of its Aquila Quantum Computer on Amazon Braket due to high demand. This move signifies the growing interest and trust in Amazon Braket’s platform. Another significant development was when the Wolfram Language integrated with Amazon Braket, enhancing quantum computing capabilities. Such integrations showcase Amazon Braket’s commitment to fostering a robust quantum ecosystem by collaborating with leading technology providers. Furthermore, in May 2023, IonQ launched its cutting-edge quantum computer, IonQ Aria, on Amazon Braket, marking another milestone in Amazon Braket’s journey to make quantum computing more accessible.
Other companies are exploring Quantum Computing but not expressly developing them. We have focused on companies primarily developing the fundamental tools and technology rather than using quantum computing in a growing number of applications. VW and Lockheed Martin have been early adopters of Quantum Technologies. We also have a Mega List of Quantum Companies.
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