Which quantum computing companies got funding?

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Quantum computing has reached a funding inflection point in 2024-2025, with venture capital and government sources deploying over $4 billion combined.

PsiQuantum's massive $750M round and Australia's strategic quantum investment signal that institutional money is betting on commercial quantum breakthroughs. The funding landscape reveals fewer but larger deals, concentrated among hardware leaders, software platforms, and control systems companies backed by tech giants and government initiatives.

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Which quantum computing companies raised funding in 2024 and 2025 so far?

PsiQuantum secured the largest single round at $750M in March 2025, positioning them to build the world's first utility-scale fault-tolerant quantum computer in Australia.

Quantum Machines raised $170M in Series C funding in February 2025, led by PSG Equity with Intel Capital participation, focusing on quantum control and orchestration hardware. Classiq closed a $110M Series C in May 2025 with Entrée Capital leading, targeting hardware-agnostic quantum algorithm synthesis software.

Alice & Bob completed a $104M Series B in January 2025 with Index Ventures and NEA backing their superconducting cat-qubit fault correction approach. IQM Quantum Computers is reportedly in talks for over €200M growth funding with World Fund and Tencent participating. QuantWare secured €20M Series A funding in March 2025 from Invest-NL Deep Tech Fund for their QPU interconnect scaling technology.

QuEra attracted $230M in convertible debt led by Google Ventures for their neutral-atom analog and digital processors. Additional funded companies include Infleqtion (formerly ColdQuanta) through DARPA QBI contracts, SandboxAQ backed by Alphabet and Nvidia, and IonQ with continued Microsoft M12 investment.

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How much total capital has been invested in quantum computing during 2024 and 2025?

Global quantum technology startups attracted approximately $2.6 billion in venture capital during 2024, representing a 58% increase from 2023 levels.

Public funding added another $1.8 billion through government grants and national initiatives, bringing the combined total to over $4.4 billion for 2024. Through the first five months of 2025, 70% of 2024's total investment has already been deployed despite only 25% of the number of rounds, indicating a clear trend toward fewer but significantly larger transactions.

Q1 2025 alone saw $1.25 billion raised by quantum computer companies, more than doubling Q1 2024 levels. Extrapolating from the 70% deployment rate by May 2025, approximately $3.1 billion in private funding has been committed in the first five months of 2025.

The funding acceleration reflects institutional confidence in quantum commercialization timelines, with government agencies particularly active in de-risking strategic quantum infrastructure investments through substantial co-funding arrangements.

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Which companies received the largest funding rounds, and how much did they get?

PsiQuantum dominates the funding landscape with their $750M round in March 2025, combining private investment from BlackRock with $620M AUD in Australian government grants and equity.

Which venture capital firms, corporate investors, or government entities funded these companies?

Venture capital leadership comes from specialized deep tech funds including Entrée Capital, PSG Equity, and BlackRock, alongside quantum-focused investors like Qbeat Ventures and Quantonation.

Corporate investors are heavily represented by strategic arms of major technology companies: Microsoft M12 maintains stakes in IonQ, Intel Capital backed Quantum Machines' Series C, Samsung Next participated in Classiq's round, and HSBC joined multiple quantum software investments. Nvidia has shown interest in both SandboxAQ and potentially PsiQuantum's future rounds.

Government funding represents the largest single source of capital, led by Australia's Commonwealth and Queensland governments committing $940M AUD to PsiQuantum. The European Innovation Council provides grants to SemiQon, eleQtron, and QuantWare through EIC Transition and Accelerator programs. DARPA's Quantum Benchmarking Initiative Stage A contracts support multiple US companies including IonQ and Infleqtion.

Additional government commitments include Japan's $7.4B chip and quantum commitment, Spain's €900M quantum pledge, and the U.K.'s National Quantum Strategy funding. The U.S. DOE Quantum Leadership Act proposes $2.5B over five years, while Business Finland and various European national funds provide ongoing R&D support.

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Which specific startups did these investors back, and what do those startups specialize in?

Hardware companies dominate the largest funding rounds, with PsiQuantum focusing on photonic-scale fault-tolerant qubits for utility-scale quantum computing, backed by BlackRock and the Australian government with GlobalFoundries as manufacturing partner.

Control system specialists include Quantum Machines, which develops quantum control and orchestration hardware/software platforms enabling tens of thousands of qubits, supported by PSG Equity and Intel Capital. IQM Quantum Computers builds superconducting full-stack quantum processing units with backing from World Fund and Tencent.

Software and algorithm companies attracted significant investment, with Classiq developing hardware-agnostic quantum algorithm synthesis supported by Entrée Capital, Samsung Next, and HSBC. QC Ware offers quantum software and chemistry-as-a-service with backing from a16z and enterprise partnerships with BMW and Citi.

Fault tolerance specialists include Alice & Bob working on superconducting cat-qubit fault correction with Index Ventures and NEA investment. QuEra develops neutral-atom analog and digital processors with Google Ventures leading their $230M convertible debt round. QuantWare focuses on QPU interconnect scaling and VIO technology with Invest-NL Deep Tech and EIC Fund support.

Integration and security startups include SandboxAQ, an Alphabet spin-out developing quantum-secure AI software with Nvidia backing, and Q-CTRL providing quantum control solutions with various strategic investors.

What technologies or breakthroughs in R&D were financed through these investments?

Photonics scaling represents the largest funded breakthrough, with PsiQuantum's $750M targeting their 1 million-qubit machine using the Omega chipset manufactured by GlobalFoundries.

Quantum control systems received substantial investment through Quantum Machines' $170M Series C, funding their orchestration platform designed to enable tens of thousands of qubits with advanced control electronics. Error correction protocols attracted significant funding through Alice & Bob's cat-qubit strategy and Quantinuum's collaboration with Microsoft on surface code demonstrations.

Software abstraction technologies were financed through Classiq's $110M for their patented program synthesis enabling hardware-agnostic quantum programming. QC Ware's enterprise applications and SandboxAQ's quantum-secure AI development received strategic backing for commercial deployment initiatives.

Neutral-atom analog processors gained momentum through QuEra's $230M convertible debt supporting their Aquila 256-qubit system development. Infleqtion's atom-based architectures received DARPA QBI funding for neutral atom quantum computing research.

Semiconductor integration advanced through funding for superconducting qubit technologies at IQM and QuantWare's QPU interconnect scaling solutions. These investments target the transition from laboratory demonstrations to commercially viable quantum systems.

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What were the funding terms or stages—pre-seed, Series A, government grants, or strategic partnerships?

Government grants and accelerator awards dominated early-stage funding, including EIC Transition and Accelerator programs, DARPA Stage A contracts, and Business Finland R&D grants targeting fundamental research and technology development.

Series A through C rounds represented the largest private funding category, with QuantWare's €20M Series A, Alice & Bob's $104M Series B, and both Quantum Machines' $170M and Classiq's $110M Series C rounds. Pre-seed and seed investments came primarily through Qbeat pre-seed programs and EIC grants to SemiQon and eleQtron.

Strategic partnerships provided significant non-dilutive funding, including Rigetti's $35M strategic round with Quanta, IonQ's ongoing Microsoft M12 relationship, and Nvidia's strategic investment in SandboxAQ. Convertible debt emerged as a preferred structure for larger rounds, exemplified by QuEra's $230M debt led by Google Ventures.

Late-stage and growth equity rounds, such as PsiQuantum's $750M and IQM's potential €200M+ round, combine private venture capital with government co-investment to de-risk large-scale commercial deployments. SPAC listings and public market access provided additional capital sources for companies like IonQ and Rigetti.

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Which countries or regions saw the most quantum investment activity during this period?

North America maintained the largest share of quantum investment activity, hosting major corporate labs, SPAC listings, and strategic funding for companies like IonQ, Rigetti, D-Wave, and PsiQuantum's Chicago operations.

Are major tech giants like IBM, Google, Microsoft, or Amazon investing in or acquiring quantum startups?

IBM maintains strategic partnerships through the Quantinuum spin-merge with Honeywell Cambridge Quantum, focusing on multi-year service agreements and joint error-correction breakthroughs with Microsoft rather than direct startup acquisitions.

Google leads QuEra's $230M convertible debt round while announcing their 1000-qubit Heron chip, demonstrating both internal development and strategic external investment. Microsoft M12 maintains equity stakes in IonQ, operates Azure Quantum partnerships, and participates in DARPA QBI as a partner while developing topological qubits internally.

Amazon pursues quantum integration through AWS Braket collaborations, the Ocelot photonic chip partnership with Caltech, and early-stage investments via the Alexa Fund rather than large acquisitions. Intel Capital directly invested in Quantum Machines' $170M Series C, while GlobalFoundries secured the fab deal for PsiQuantum's photonic quantum systems.

TSMC provides exploratory grants for quantum semiconductor research, while Samsung Next participated in Classiq's $110M Series C round. These tech giants prefer strategic investments and partnerships over outright acquisitions, maintaining flexibility while accessing quantum innovations through minority stakes and commercial agreements.

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Are companies from related industries like semiconductors, telecom, or defense also backing quantum startups?

Semiconductor companies actively invest through both corporate venture arms and strategic partnerships, with Intel Capital backing Quantum Machines' $170M Series C and GlobalFoundries securing manufacturing agreements with PsiQuantum for their photonic quantum systems.

Telecom and energy companies pursue quantum applications through strategic acquisitions and partnerships, exemplified by Saudi Aramco's acquisition of photonic quantum systems from Pasqal, NTT's quantum communication trials, and BT's investments in quantum networking infrastructure.

Defense contractors and agencies provide substantial funding through DARPA's Quantum Benchmarking Initiative contracts to IonQ and Infleqtion, the U.K. Ministry of Defence Q-Hub grants, and French defense venture capital backing quantum startups. These investments target quantum sensing, communication, and computational advantages for national security applications.

Financial services firms like HSBC participate in quantum software rounds (Classiq's $110M) while BlackRock leads PsiQuantum's massive $750M round, recognizing quantum computing's potential impact on cryptography, optimization, and risk modeling. This cross-industry investment pattern reflects quantum computing's broad applicability across multiple sectors seeking computational advantages.

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What are the most promising quantum computing companies to watch in 2026 based on current funding trends?

PsiQuantum leads the watchlist based on their $750M funding scale, government partnerships, and photonic approach targeting utility-scale fault-tolerant quantum computing with manufacturing infrastructure through GlobalFoundries.

1. PsiQuantum - Photonic quantum computing with government supercenter funding and utility-scale targets
2. Quantinuum - Industry deployments, error correction breakthroughs, and IBM partnership momentum
3. IonQ - Public listing advantages, trapped-ion scalability, and Microsoft strategic backing
4. QuEra - 256-qubit neutral atom systems with $230M Google Ventures backing
5. Quantum Machines - Control stack leadership with $170M Series C and Intel Capital support
6. Classiq - Software platform foundation with $110M and hardware-agnostic positioning
7. IQM - Europe's hardware leader with €200M+ funding discussions and government backing
8. Alice & Bob - Cat qubit error correction innovation with $104M and strong VC support

These companies combine substantial funding, strategic investor backing, technical differentiation, and clear paths to commercial deployment. Their funding rounds indicate investor confidence in their ability to achieve quantum advantage in specific applications while building sustainable business models around quantum computing infrastructure and services.

What are realistic expectations for quantum computing investment in 2026—growth, consolidation, or slowdown?

Analysts project 20-30% annual growth in total quantum funding for 2026, driven by continued government de-risking of strategic commercial systems and increasing corporate adoption of quantum-ready infrastructure.

Consolidation will accelerate among late-stage companies, with larger players absorbing smaller peers through M&A activity or strategic partnerships as the market matures beyond pure R&D toward targeted commercial applications. Multi-year service contracts and industry-specific quantum solutions will replace one-time research grants as the primary funding mechanism.

Public-private partnerships will deepen, following Australia's PsiQuantum model where government co-investment reduces private investor risk while securing national quantum capabilities. Educational pipeline expansion and workforce development programs will receive dedicated funding streams to address the quantum talent shortage.

Commercial deployment funding will shift toward logistics optimization, materials discovery, financial modeling, and national security applications where quantum advantage can be demonstrated within 2-3 year timeframes. This represents a maturation from experimental quantum research toward practical problem-solving with measurable ROI for enterprise customers.

Conclusion

Sources

1. Sifted - Quantum Tech 2025
2. IoT World Today - Quantum Technology Gains Worldwide Traction
3. The Quantum Insider - Quantum Industry Big Bets 2025
4. The Quantum Insider - Q1 2025 Investment Surge
5. PsiQuantum - Utility Scale Quantum Computer Australia
6. Reuters - PsiQuantum $750M Funding
7. Quantum Machines - $170M Series C
8. The Quantum Insider - Classiq $110M Funding
9. QuantWare - €20M Series A
10. TechCrunch - Companies Racing to Build Quantum Chips
11. Papermark - Quantum Investors
12. Queensland Treasury - PsiQuantum Investment
13. Quantum Technologies - EIC Latest Round