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Tracking revenue, losses, and the path to profitability for 12 quantum computing hardware companies — from publicly traded pure-plays to private moonshots and Big Tech divisions. Data sourced from SEC filings and earnings releases. Updated quarterly.
Federal Investment · May 21, 2026
The U.S. Department of Commerce announced CHIPS Act incentives across nine quantum computing companies, the largest single federal injection into the quantum industry to date.
Recipients
Sorted by annual revenue. Click any row to expand details.
| Company | Type | Modality | Revenue | Net Loss | Rev YoY | Flagship Hardware | Runway | Profitable? | |
|---|---|---|---|---|---|---|---|---|---|
IonQIONQ · NYSE | Public | Trapped-Ion | $130.0M FY2025 | -$500.0M | +755% | 35 AQ (Forte Enterprise) | 3+ years | ✗ No | |
QuantinuumPrivate | Private | Trapped-Ion | $30.9M FY2025 | -$192.6M | +45% | 98-qubit Helios (all-to-all) | 2+ years | ✗ No | |
D-WaveQBTS · NYSE | Public | Quantum Annealing | $24.6M FY2025 | -$355.0M | +22% | 5,000+ qubit Advantage2 | 2 years | ✗ No | |
Rigetti ComputingRGTI · NASDAQ | Public | Superconducting | $10.2M FY2025 | -$150.0M | -5% | 84-qubit Ankaa-3 | ~18 months | ✗ No | |
Quantum Computing Inc.QUBT · NASDAQ | Public | Photonic | $1.0M FY2025 | -$80.0M | +900% | Dirac-3 (entropy computing) | ~12 months | ✗ No | |
InfleqtionINFQ · NASDAQ | Public | Neutral Atom | — FY2025 | — | — | 100+ atom Sqale platform | — | ✗ No | |
PsiQuantumPrivate | Private | Photonic | — FY2025 | — | — | 1M+ qubit target (silicon photonics) | — | ✗ No | |
QuEra ComputingPrivate | Private | Neutral Atom | — FY2025 | — | — | 256-atom Aquila | — | ✗ No | |
PasqalPrivate | Private | Neutral Atom | — FY2025 | — | — | 1,000-atom roadmap | — | ✗ No | |
IBM QuantumIBM · NYSE | Division | Superconducting | — FY2025 | — | — | 156-qubit Heron R2 | N/A (parent-funded) | N/A | |
Google Quantum AIGOOGL · NASDAQ | Division | Superconducting | — FY2025 | — | — | 105-qubit Willow | N/A (parent-funded) | N/A | |
Microsoft Azure QuantumMSFT · NASDAQ | Division | Topological | — FY2025 | — | — | 8 topological qubits (Majorana 1, 2025) | N/A (parent-funded) | N/A |
12 of 12 companies · Click any row to expand · Data: SEC filings, earnings releases, company disclosures
Why aren't they profitable yet?
Quantum hardware requires enormous R&D and cryogenic infrastructure. Most companies are in the 'build and prove' phase — they're selling cloud access and pilots, not shipping at scale. Compute costs dwarf revenue at current qubit counts.
Who is closest to profitability?
IonQ. With $260–270M in 2026 revenue guidance and improving gross margins, analysts project profitability by late 2027 or 2028. Quantinuum ($30.9M revenue) is second in pure-play terms but backed by Honeywell.
How is this different from AI profitability?
Quantum is a decade earlier in commercialization. AI companies have software margins and consumer scale; quantum is hardware-first with long sales cycles and government/enterprise buyers. The upside is different too — fault-tolerant QC could unlock trillion-dollar applications.