TLDR
- Quantinuum’s IPO and new listings show quantum computing moving toward real commercial use.
- Amgen and Cleveland Clinic are testing quantum systems for drug discovery and research.
- The U.S. Commerce Department pledged $2 billion in May to speed up quantum development.
- IonQ reported record quarterly revenue of $80.1 million, up 287% year over year.
- Bank of America started coverage of IonQ with a Buy rating and a $60 price target.
Quantum computing is attracting more attention from investors this year. Several companies in the field have gone public recently, including Quantinuum, whose listing marked a shift toward commercial use rather than pure research.
Big names in tech are also making moves. Microsoft opened a new quantum research center in Maryland last month. IonQ said its newest system will be placed at Nvidia’s quantum research center.
A technical paper also claimed IBM’s Nighthawk processor finished a task in 19 seconds that would take a supercomputer 110 years.
International Business Machines Corporation, IBM
Healthcare Companies Testing Quantum Systems
Drug companies are among the first to explore quantum computing for real work. Amgen, one of the largest pharmaceutical companies in the world, is using the technology to try to shorten how long it takes to develop new drugs.
Amgen was a lead investor in Quantinuum’s first major funding round. The company also works with quantum firm QuEra.
Cleveland Clinic has run a quantum program for five years. It started as a small effort and grew into a partnership with IBM covering more than 60 projects in artificial intelligence, computing, and quantum research.
Researchers from Cleveland Clinic, IBM, and Japan’s Riken institute were nominated for the ACM Gordon Bell prize for work on protein modeling. Cleveland Clinic’s chief research information officer said the nomination helped validate quantum research as a serious investment.
Government Funding And Security Concerns
The federal government is also funding quantum research. The Commerce Department announced a $2 billion package in May aimed at speeding up the technology and setting up a system at a national laboratory by 2028.
Part of the push comes from concerns about encryption. A program called Shor’s algorithm could one day break current encryption methods, though it has not been used to do so yet.
Cloud companies such as Amazon Web Services and Microsoft now let developers test quantum computing without owning hardware. That access could speed up both helpful and harmful uses of the technology, according to Booz Allen’s quantum lead.
Among public companies, IonQ continues to draw interest from analysts. Bank of America started coverage of the stock with a Buy rating and a $60 price target, citing the company’s trapped ion technology and its purchase of chip maker SkyWater Technology.
IonQ reported second quarter revenue of $80.1 million, up 287% from a year earlier. The company’s net loss per share also widened to $5.08 from $0.70 in the same period last year.
IonQ has also announced new partnerships this fall. It agreed to supply a quantum computer to South Korea’s SDT and said it will make the first on premise quantum deployment at Nvidia’s research center.
Other companies in the sector include Rigetti Computing, D-Wave Quantum, and Xanadu Quantum Technologies. Xanadu went public in March through a merger with a special purpose acquisition company and has seen its stock fall more than 39% over the past six months.
Xanadu reported second quarter revenue of $1.5 million, down from $2.8 million in the first quarter. The company said it had $312.8 million in cash and liquid assets as of June 30.
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