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5 Best Quantum Computing Companies (June 2024)

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Unlike traditional methods of computation that rely on a Binary language, Quantum computers look to leverage quantum bits or ‘qubits' instead.  Unlike Binary, which is built atop 0 and 1, qubits can be superimposed – meaning they can exist simultaneously as 0 and 1, or anywhere in between.  The result is a system that is able to perform certain types of computation at speeds magnitudes quicker than more traditional approaches.

The ability to process vast amounts of data and solve certain complex problems much faster than traditional computers is a key reason why Quantum computing is so important.  Their unmatched performance means that such systems boast massive potential for advancements in fields like medicine, environmental science, cryptography, and artificial intelligence.

Before its potential can be realized, there are a few significant hurdles that must first be cleared; namely, quantum computers are extremely sensitive to environmental changes (making them error-prone) in addition to only being effective for specific algorithms.

With that in mind, the following are a few publicly traded companies leading the way in the research and development of this game-changing approach to computing.

1.  International Business Machines Corporation (IBM)

International Business Machines Corporation (IBM) is a notable name that has made significant breakthroughs in quantum computing over the years.  For example, by using its ‘127-qubit Eagle quantum computer', IBM has been able to solve complex problems that long stumped the leading classical methods.  Despite the challenges of noise and errors in quantum systems, IBM was able to generate accurate results by using an ‘advanced error mitigation' technique that were verified by running the problem on a traditional supercomputer for lower levels of complexity.

In the time since its Eagle quantum computer was released, IBM has already developed a 433 qubit system known as ‘Osprey' and is expected to soon launch a 1,121 qubit system known as Condor.  Each of these successive generations greatly improves upon its predecessor while widening the gap between what is possible with a traditional supercomputer.  IBM states that,

“As quantum processors scale up, each additional qubit doubles the amount of space complexity — the amount of memory space required to execute algorithms — for a classical computer to reliably simulate quantum circuits.”

While the potential abilities of a quantum computer cannot be replicated by more traditional approaches, IBM notes that it does not envision a future where only one exists.  Rather, the company anticipates that both quantum and binary variants will continue to thrive in use cases geared specifically toward the strengths of each.

Looking forward, IBM has already announced its next major goal in anticipation of its current quantum chips ‘outgrowing' the currently used infrastructure.  This goal is known as ‘IBM Quantum System Two'; a modular system that has the potential to support up to 16,632 qubits.

 

IBM Quantum System Two: Design Sneak Preview

 

Market Cap: $116.85B

Price to Earnings Ratio (P/E): 65.7

Earnings Per Share (EPS): $1.97

At the time of writing, IBM boasted the above metrics and is listed as a ‘Buy' among most major investment firms.

2.  Intel Corporation (INTC)

Intel is a pioneer in silicon transistors for traditional computing.  Whether a desktop or laptop, the chances are good that, regardless of PC form factor, you have utilized a computer powered by an Intel chip.

As we make our way through 2023, Intel has forged a clear, yet divergent, strategy for the future that involves quantum computing.  Drawing upon its existing expertise, Intel is leveraging its expertise in high-volume transistor manufacturing to develop silicon spin qubits.  For example, Intel has developed what it calls the ‘Horse Ridge II cryogenic quantum control chip' that is said to enhance integration, while its ‘cryoprobers' allow for high-volume testing.

Working alongside other companies determined to develop commercialized quantum computers, Intel is also doing its part to help.  Currently, Intel boasts the ‘Tunnel Falls' spin qubit chip as its most advanced offering to date and is, “…making the chip available to the quantum research community to spur advancements in the field.”

 

Intel Quantum Researchers Introduce Tunnel Falls Silicon Qubit Research Chip

 

Market Cap: $138.89B

Price to Earnings Ratio (P/E): -157.14

Earnings Per Share (EPS): $-0.68

At the time of writing, Intel boasted the above metrics and is listed as a ‘Buy' among most major investment firms.

3.  Alphabet Inc. (GOOG)

Operating out of Santa Barbara is ‘Quantum AI' – an endeavor by Alphabet, which is the parent company of Google.  The goal of Quantum AI is to, “…build scalable quantum computers that enable humankind to solve problems that would otherwise be impossible.”

Beyond developing the hardware, like the Sycamore processor, for its own take on a quantum computer, Google's Quantum AI also makes available a suite of software designed to assist scientists in the development of quantum algorithms.

 

Demonstrating Quantum Error Correction

 

Market Cap: $1.54T

Price to Earnings Ratio (P/E): 22.74

Earnings Per Share (EPS): $4.49

At the time of writing, Alphabet boasted the above metrics and is listed as a ‘Strong Buy' among most major investment firms.

4.  Honeywell International (HON)

The quantum computing division at Honeywell is a joint effort known as ‘Quantinuum', which also involves Cambridge Quantum.

It is believed that Quantinuum continues to focus on increasing our understanding of ‘trapped ion quantum computing'.  This technology involves utilizing ions trapped in a vacuum, which are then manipulated using lasers, allowing for the ions to behave as qubits.

Like each of the companies listed above, Quantinuum is hoping that its design will allow for high precision, while simultaneously boasting error-correction capabilities – each crucial if quantum computers are ever to become commercially viable.

 

Introducing Quantinuum

 

Market Cap: $132.79B

Price to Earnings Ratio (P/E): 21.84

Earnings Per Share (EPS): $7.70

At the time of writing, Honeywell boasted the above metrics and is listed as a ‘Strong Buy' among most major investment firms.

5.  IonQ Incorporated (IONQ)

While it may not have the same name recognition as IBM, Intel, and Alphabet, IonQ has still managed to establish itself as a significant player in the field of quantum computing.

IonQ is known specifically for its research on ‘trapped ion quantum computing'.  As previously stated, this is a method that leverages qubits comprised of individual ions suspended and manipulated within a vacuum.

As it stands, IonQ has reportedly developed quantum computers on par with the most powerful across the globe.  In fact, its most recent offering is set to become the first of its kind to be utilized in a commercial setting.  IonQ boasts that,

“Once quantum computers are powerful and stable enough, their unique computational power will solve world-changing problems that are beyond the capabilities of even the largest supercomputers.”

The company indicates that it hopes to achieve this goal through what it believes is a better approach (trapped ions), than those taken by many of its competitors.

 

IonQ | The Age of Quantum

 

Market Cap: $1.92B

Price to Earnings Ratio (P/E): -27.56

Earnings Per Share (EPS): $-0.36

At the time of writing, IonQ boasted the above metrics and is listed as a ‘Buy' among most major investment firms.

Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.