Quantinuum began trading on Nasdaq under the ticker QNT on June 4, after pricing its IPO at $60 per share. The offering was 20 times oversubscribed and raised $1.68 billion, the largest public-market raise in quantum hardware history.
IBM committed $10 billion over five years to quantum computing on June 2. The US Department of Commerce signed letters of intent the week before directing $2 billion in CHIPS Act funds to nine companies. France's Quobly closed a €115 million Series A led by STMicroelectronics and Bpifrance on June 3.
Why it matters
Public markets have priced Quantinuum at $14 billion on $31 million in annual revenue—with no commercial-scale hardware expected before 2033.
Questions about this story
0
I’ve seen several people that worked on quantum computers for years say that even when it works, we have very little software to run on it.
The software gap is real and, by Google Quantum AI's own admission, now the bigger bottleneck — finding problems where quantum beats classical and turning them into working applications is harder than building the hardware.
Why it matters: Billions are flowing to hardware companies like those in this story, but payoff requires software that doesn't yet exist at scale.
—Google Quantum AI researchers explicitly named the application layer — not qubits — as the field's most underfunded and underestimated challenge, citing two gaps: identifying problems with genuine quantum advantage, and mapping those to real-world use cases.
—IQM's State of Quantum 2025 report concluded the industry must solve software platforms and talent shortages, not just qubit counts, to scale commercially.
—Quantum software must currently be rewritten for each hardware architecture (superconducting, trapped-ion, photonic), so there is no shared software stack — the fragmentation that plagued early computing before UNIX and x86 standardized things.
—The closest thing to a near-term 'killer app' is quantum chemistry simulation (drug discovery, materials science), but as of mid-2026 no quantum solution is commercially indispensable in any sector.
Hardware-first investors argue the software gap is expected and historically normal — PC software didn't exist before PCs did, and the stack will follow once machines are reliable enough to program against; the counter-view is that classical computing had a clear general-purpose instruction set from the start, whereas no equivalent abstraction layer exists yet for quantum.
AI-generated with web search — may be wrong. Check the linked sources.
13 events
Latest: June 3rd, 2026 · 1 month ago
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June 2026
Quobly closes €115 million Series A for silicon-based quantum computers
LatestFunding
The Grenoble-based startup, a spinout from CEA-Leti and CNRS, closed a €115 million Series A led by Bpifrance, STMicroelectronics, and SEALSQ. Its first product, Alloy Pioneer, is planned for cloud access by end of 2026.
IBM commits $10 billion over five years to quantum computing
Corporate
IBM announced a five-year, $10 billion commitment to quantum computing spanning research, capital expenditure, manufacturing scale-up, and acquisitions. The company targets IBM Quantum Starling, its planned first large-scale fault-tolerant quantum computer, for 2029.
May 2026
US Commerce Department commits $2 billion in CHIPS Act funds to nine quantum companies
Government
The Department of Commerce signed letters of intent to distribute $2.013 billion under the CHIPS and Science Act to nine quantum companies, including Quantinuum, PsiQuantum, D-Wave, Rigetti, Infleqtion, and Atom Computing at up to $100 million each. IBM receives $1 billion to build a domestic superconducting wafer foundry; the government takes a minority equity stake in each recipient.
Nord Quantique financing becomes public
Disclosure
The Globe and Mail reports the March 2026 round, making Nord Quantique the fourth Canadian-founded quantum company to cross a billion-dollar valuation.
Nord Quantique appoints Tammy Furlong as CFO
Personnel
Furlong joins from Elevation Oncology, where she served as CFO. She brings 25 years in pre-IPO biotech and infrastructure finance to guide Nord Quantique's financial strategy and industrialization path.
Quantinuum publicly files S-1 for Nasdaq IPO under ticker QNT
IPO
Honeywell's quantum computing subsidiary files a registration statement with the SEC seeking to raise up to $1.5 billion at a valuation above $20 billion. J.P. Morgan and Morgan Stanley are lead underwriters. Pricing is expected in mid-June 2026.
March 2026
Nord Quantique closes $30M Fidelity-led round
Funding
Fidelity leads the round at a $1.4B post-money valuation. The financing was kept private at the time of close.
December 2025
Nord Quantique receives CAD$23M Quantum Champions grant
Government
Canadian federal program awards Nord Quantique non-dilutive funding to support hardware buildout and team expansion.
November 2025
Nord Quantique selected for DARPA Stage B
Government
Nord Quantique wins a $5M contract, extendable to $15M, to deliver an engineering roadmap for utility-scale quantum computing by 2033.
Fidelity joins Quantinuum's $800M round at $10B valuation
Funding
Fidelity International makes its first quantum hardware investment as Quantinuum's oversubscribed round expands from $600M to $800M.
September 2025
PsiQuantum raises $1B Series E at $7B valuation
Funding
BlackRock, Temasek and Baillie Gifford lead the round, with Nvidia's NVentures arm joining. PsiQuantum will build utility-scale sites in Brisbane and Chicago.
February 2022
Nord Quantique closes CAD$9.5M seed round
Funding
BDC Capital's Deep Tech Venture Fund and Paris-based Quantonation co-lead the seed round, with Real Ventures participating.
2020
Nord Quantique spins out of Institut Quantique
Founding
Julien Camirand Lemyre and Philippe St-Jean launch Nord Quantique out of the Université de Sherbrooke's quantum research institute.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
1 of 3
2023-2024
AI foundation model funding surge (2023-2024)
OpenAI, Anthropic, Mistral and xAI raised more than $30 billion combined to build large language models that had minimal commercial revenue at the time of investment. Microsoft alone committed $10 billion to OpenAI in January 2023. Multibillion-dollar valuations preceded any clear unit economics.
Then
Capital concentration drove rapid compute buildout and a race for model scale. Independent labs that could not raise at scale were forced into acquihires or pivots.
Now
The sector ended 2024 with commercial revenue still concentrated in a handful of incumbents. Whether revenue catches up to invested capital is still an open question.
Why this matters now
Quantum financing follows the same playbook: institutional capital backs hardware-heavy companies years before commercial revenue. The open bet is whether quantum follows AI's revenue trajectory or stalls.
2 of 3
October 1980
Biotech IPO wave anchored by Genentech (1980)
Genentech went public in October 1980 with no commercial product. The stock priced at $35 and traded above $80 within an hour. Cetus, Biogen and Genex followed. Roughly $500 million flowed into early biotech from institutional investors.
Then
The first wave of public capital let companies build production capacity for commercial biologics. Most of the 1980 cohort took 5 to 10 years to ship a drug.
Now
Genentech produced the first recombinant human insulin in 1982 and was acquired by Roche in 2009 for $46.8 billion. The category proved investors right, though the timeline stretched well beyond initial expectations.
Why this matters now
Like biotech in 1980, quantum companies are raising billions before commercial revenue exists. Genentech shows the pattern can work. It also shows how long the lag between financing and validation can run.
3 of 3
2008-2012
Cleantech investment freeze (2008-2012)
Venture capital poured roughly $25 billion into cleantech between 2006 and 2011. Solyndra, A123 Systems and Fisker Automotive all collapsed. MIT Energy Initiative researchers later estimated investors lost more than half their capital in the cohort.
Then
Series funding for cleantech hardware froze for nearly a decade. Surviving companies pivoted to software-heavier business models.
Now
The sector recovered by 2020 as battery costs fell and policy support returned. Tesla and a few others vindicated the original thesis, though most early investors did not see returns.
Why this matters now
Cleantech shows what happens when capital-intensive deep tech misses commercialization deadlines: a multi-year funding winter. Quantum's 2033 utility-scale target gives it a comparable runway problem if the milestone slips.