In this article, we will take a look at the 15 biggest quantum computing companies in the world. If you want to see more companies in this selection, go to the 5 Biggest Quantum Computing Companies in the World.
The quantum computing industry is a rapidly evolving and expanding field with significant potential for growth and development in the coming years. According to Precedence Research, the size of the quantum computing industry is expected to grow by over 12 times from $10.13 billion in 2022 to $125 billion by the end of this decade. This would reflect a compound annual growth rate of 36.9% from 2022 to 2030. There has been a noteworthy increase in investment in the quantum computing industry in recent years, with governments, corporations, and venture capital firms all pouring funds into the development of quantum computing hardware, software, and applications.
As the demand for large-scale data analysis and simulation in the industry increases, quantum computing hardware and software development have become crucial. Notable startups in this sector, including Xanadu, ColdQuanta, and QC Ware, along with well-established corporations such as Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), International Business Machines Corporation (NYSE:IBM), D-Wave Systems (NYSE:QBTS), and IonQ, Inc. (NYSE:IONQ) are playing an important role in advancing quantum computing hardware and software. These companies have made significant strides in improving the stability, coherence, and number of qubits, which is a crucial step toward achieving large-scale quantum computing capabilities.
McKinsey has labelled quantum computing as “one of the next big trends” in the field of technology. Quantum computing, which is just one facet of the broader domain of quantum technology, holds significant promise and is projected to contribute approximately $1.3 trillion in value by the year 2035. In the coming years, the key players in the quantum computing industry are expected to progressively enhance the qubit capacity of their computers. However, this progress is anticipated to be gradual. According to McKinsey’s estimation, by 2030, the number of operational quantum computers is expected to reach approximately 5,000 only. Furthermore, the development of hardware and software capable of handling the most intricate problems may not materialize until 2035 or even later. This projected timeline underscores the challenges involved in advancing quantum computing technology to its full potential.
Currently, prominent Wall Street banks are at the forefront of exploring the potential of quantum technology. A researcher from Goldman Sachs stated in January 2020 that quantum computing has the capacity to become a crucial technology. In addition to Goldman Sachs, other major players in the financial industry, such as JPMorgan and Citigroup, have also established their own quantum computing initiatives and have made investments in quantum computing startups. In 2020, JPMorgan conducted experiments using Honeywell International Inc.’s (NASDAQ:HON) quantum computer with the goal of streamlining mathematical operations that involve Fibonacci numbers. These initiatives show how financial organizations are becoming increasingly interested in using quantum computing to solve complex computational problems.
Photo by Anton Maksimov juvnsky on Unsplash
Our Methodology
We conducted extensive research and consulted various industry reports, reputed publications, and news articles to shortlist the 15 biggest quantum computing companies in the world. Some of the companies on the list are technology giants and conglomerates investing heavily in quantum technology, while others are pure-play companies specifically focused on quantum computing. The top quantum computing companies were identified by selecting the companies with the highest market capitalizations, indicating their significant presence and market influence in the quantum computing industry. Furthermore, we also looked into factors such as the company’s research and development efforts, technological advancements, patents filed, partnerships and collaborations, and financial investments. We have ranked these companies in ascending order of their market capitalization as of May 1.
Biggest Quantum Computing Companies in the World
15. Rigetti Computing, Inc. (NASDAQ:RGTI)
Market Capitalization: $57.7 million
2022 Total Revenue: $13.1 million
Rigetti Computing, Inc. (NASDAQ:RGTI) is a Berkeley, California-based quantum computing company founded in 2013. The company specializes in superconducting qubit technology. The company has developed the Forest software development kit and the PyQuil programming language to simulate quantum computations. Rigetti Computing, Inc. (NASDAQ:RGTI) has also developed a suite of software tools and algorithms for programming and simulating quantum computations, including the Forest software development kit and the PyQuil programming language. These tools enable researchers and developers to program and simulate quantum algorithms using existing classical computing infrastructure.
14. D-Wave Quantum Inc. (NYSE:QBTS)
Market Capitalization: $62.7 million
2022 Total Revenue: $7.17 million
D-Wave Quantum Inc. (NYSE:QBTS) is a Burnaby, Canada-based leading provider of quantum computing systems and software with a focus on quantum annealing technology. The company is widely regarded as a pioneer in the development of quantum computing technology. The company’s flagship product, the D-Wave Quantum Computer, harnesses the power of quantum annealing to address complex optimization problems prevalent in various industries such as logistics, finance, and machine learning.
13. Quantum Corporation (NASDAQ:QMCO)
Market Capitalization: $101.01 million
2022 Total Revenue: $402.61 million
Quantum Corporation (NASDAQ:QMCO) is a San Jose, California-based company founded in 1980 that specializes in data storage and management solutions, including quantum computing. The company has developed a quantum computing software platform called Quantum ATFS that combines traditional data storage and management with quantum computing capabilities. This platform enables customers to process large amounts of data quickly and efficiently using quantum computing algorithms.
12. IonQ, Inc. (NYSE:IONQ)
Market Capitalization: $1.12 billion
2022 Total Revenue: $11.13 million
IonQ, Inc. (NYSE:IONQ) is a College Park, Maryland-based quantum computing company founded in 2015. The company was founded by a team of experts in quantum computing and is one of the pure plays on our list of the biggest quantum computing companies in the world. IonQ, Inc. (NYSE:IONQ) is considered a leading provider of trapped-ion quantum computing technology, which has the potential to be more scalable than other quantum computing technologies. IonQ, Inc.’s (NYSE:IONQ) quantum computing technology is based on a unique approach that uses trapped ions as qubits, which are manipulated using laser beams. Trapped ion qubits are highly stable and have long coherence times. Click here to read IonQ, Inc.’s (NYSE:IONQ) earnings call transcript for Q4 2022.
11. Atos SE (ATO.PA)
Market Capitalization: $1.53 billion (€1.39 billion)
2022 Total Revenue: $12.52 billion (€11.34 billion)
Atos SE (ATO.PA) is a Bezons, France-based information technology (IT) service and consulting company with a specialization in big data and cybersecurity services. The company has been active in the field of quantum computing for the last several years. The entity has developed a quantum computing hardware platform called Atos Quantum, which includes a range of quantum simulators and a quantum annealer. Atos Quantum also provides a software platform for quantum programming called Atos Quantum Learning Machine (QLM). The QLM can simulate up to 40 qubits and provides a range of programming languages for quantum computing, including Python, C++, and Java.
10. Toshiba Corporation (6502.T)
Market Capitalization: $14 billion (¥1.90 trillion)
2022 Total Revenue: $24.6 billion (¥3.35 trillion)
Toshiba Corporation (6502.T) is a Tokyo, Japan-based diversified technology company. The company has made notable advancements in quantum key distribution (QKD), a technique crucial for securely distributing secret digital keys to safeguard highly sensitive information across various industries. Toshiba Corporation (6502.T) has also partnered with several research institutions and companies to develop quantum computing hardware and software. Collaborations with institutions like the University of Tokyo and the National Institute of Informatics have focused on projects such as quantum annealing systems and quantum cryptography systems, demonstrating Toshiba’s commitment to advancing quantum technologies.
9. Baidu, Inc. (NASDAQ:BIDU)
Market Capitalization: $41.41 billion
2022 Total Revenue: $17.87 billion (¥123.68 billion)
Baidu, Inc. (NASDAQ:BIDU) is a Beijing, China-based tech corporation that has been investing in the field of quantum computing in recent years. The company’s dedicated research team has been actively involved in the development of both quantum computing hardware and software. In August 2022, Baidu, Inc. (NASDAQ:BIDU) introduced its first superconducting quantum computer, demonstrating its progress in integrating hardware, software, and applications. Additionally, Baidu, Inc. (NASDAQ:BIDU) has pioneered the development of a comprehensive quantum hardware-software integration solution, enabling access to a wide range of quantum chips through various platforms such as cloud services, mobile applications, and personal computers.
Here’s what Horos Asset Management said about Baidu, Inc. (NASDAQ:BIDU) in its Q4 2022 investor letter:
“As I mentioned at the beginning of this quarterly letter, we took advantage of the meltdown in technology platforms to initiate new positions in companies in which we had already been shareholders in the past and whose valuation did not, until now, provide a sufficiently high margin of safety. Such is the case of PayPal and Baidu, Inc. (NASDAQ:BIDU).
In the case of Baidu, as many will know, it is known as the “Chinese Google”. The company has been the leading Internet search engine in the Asian country for years, which has given it a historically privileged position to monetize, through online advertising, a huge user base. However, the rise of two types of applications has called into question the sustainability of its business model. On the one hand, mobile social apps, such as ByteDance’s well-known TikTok, have emerged as a new model of online consumption, generating a new platform through which to monetize Internet users. On the other hand, even more disruptive in the long term, is the emergence of the so-called super apps: a sort of virtual Swiss Army knives that allow users to access many products and services without having to leave their interface at any time, making Baidu’s traditional search engine less attractive. In this field, Tencent (with its super app Weixin/WeChat), Alibaba (Alipay) and Meituan certainly stand out. These two factors have caused Baidu’s online advertising market share to drop from 17% in 2017 to less than 7% estimated for 2022.34 To this deterioration, we should add the collapse in market value of its stake in iQiyi (video platform controlled by Baidu) and its equity holdings such as Trip.com (hotel and flight platform) …” (Click here to read the full text)
8. International Business Machines Corporation (NYSE:IBM)
Market Capitalization: $115.29 billion
2022 Total Revenue: $60.53 billion
International Business Machines Corporation (NYSE:IBM) is an Armonk, New York-based technology company. The entity is considered a trendsetter in the field of quantum computing, having developed some of the earliest quantum computers and quantum algorithms. The company has also established the IBM Quantum Network, which connects researchers and developers working on quantum computing. International Business Machines Corporation’s (NYSE:IBM) quantum computing technology is based on superconducting qubits, which are integrated into a quantum processor that is designed to be scalable and reliable.
Diamond Hill Capital shared its outlook on International Business Machines Corporation (NYSE:IBM) in its Q4 2022 investor letter:
“New positions initiated in Q4 included shorts International Business Machines Corporation (NYSE:IBM), Acushnet Holdings (GOLF) and elf Beauty (ELF). Since diversified information technology company IBM’s 2019 acquisition of Red Hat, the company has aggressively pursued a hybrid cloud strategy. Though IBM and its new management team have made solid progress on this pivot, we believe the company still meaningfully lags the cloud hyperscalers and other cloud-native companies. Management has also laid out aggressive long-term targets for revenue growth and free cash flow, both of which we believe the company will struggle to achieve as it faces intense competition in its hybrid cloud business and structural headwinds in the company’s legacy businesses.”
7. Intel Corporation (NASDAQ:INTC)
Market Capitalization: $124.55 billion
2022 Total Revenue: $63.05 billion
Intel Corporation (NASDAQ:INTC) is a Santa Clara, California-based technology company that has been heavily investing in quantum computing research and development (R&D). The company has made significant headway in developing its quantum computing hardware, software, and algorithms. Intel Corporation’s (NASDAQ:INTC) quantum computing technology is based on a different approach than many other companies in the industry, using spin qubits instead of superconducting qubits. Spin qubits are implemented using silicon, which is a mature and well-understood technology that Intel has extensive experience with. Intel Corporation’s (NASDAQ:INTC) approach is designed to enable easier manufacturing and scalability of quantum computing systems.
Here’s what ClearBridge Investments said about Intel Corporation (NASDAQ:INTC) in its Q3 2022 investor letter:
“Also on the detractor side, Intel Corporation (NASDAQ:INTC) delivered a disappointing revenue miss and lowered full-year revenue and earnings guidance as COVID-19-driven demand for PCs abated (where Intel enjoys half its sales) and a delay in its flagship Sapphire Rapids CPU hurt its data center business. Despite these issues, we still believe Intel is an economically sensitive turnaround story with substantial upside.”
6. Honeywell International Inc. (NASDAQ:HON)
Market Capitalization: $132.22 billion
2022 Total Revenue: $35.47 billion
Honeywell International Inc. (NASDAQ:HON) is a Charlotte, North Carolina-based company that is a new entrant in the quantum computing industry, focusing on developing quantum computers for industrial and commercial use. Honeywell International Inc.’s (NASDAQ:HON) quantum computing system is based on trapped ion technology, which uses ions trapped in a magnetic field to perform quantum computations. The company’s quantum computing system consists of a quantum processor made up of ion qubits and a control system used to manipulate and read out the qubits.
In addition to Honeywell International Inc. (NASDAQ:HON), companies such as Alphabet Inc. (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), and Amazon.com, Inc. (NASDAQ:AMZN) are also some of the biggest quantum computing companies in the world.
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