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In 2025, the quantum-computing industry saw significant advancements, with companies like IonQ, D-Wave Quantum, and Rigetti enhancing their hardware and cloud offerings. The industry attracted considerable investor interest, exemplified by the Defiance Quantum Computing ETF (QTUM) crossing $2 billion in assets under management, achieving year-to-date returns of around 25%. The White House also prepared executive actions to promote the federal adoption of quantum information science and post-quantum cryptography.
IonQ reported $39.9 million in revenues for Q3 2025, up 222% year-over-year, and reached a record two-qubit gate fidelity of 99.99%. D-Wave’s revenue also doubled year-over-year to $3.7 million. IBM introduced its 120-qubit Quantum Nighthawk processor in November 2025, while Google reported a 13,000x speed-up with its “Quantum Echo” algorithm on the 105-qubit Willow chip. Despite progress, the industry faces risks, including potential capital reallocation and execution challenges.
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