Quantum Computing
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Latest report
2026-05-01 14:11
Companies developing quantum computing hardware (qubits, quantum processors) or quantum advantage applications.
Pool
85
Industries
6
Cohort
7
Cohort MCap
42.0B
Layers
5
Topology Rationale
The quantum computing value chain is organized around the commercialization of quantum systems: core hardware and software platform developers sit at the center, supported upstream by semiconductor fabrication tools and by specialized control, photonics, packaging, and test hardware. Adjacent enabling compute vendors and downstream cloud / enterprise infrastructure providers matter because they shape hybrid deployment models, access channels, and demand for quantum workloads, but many general-purpose IT names in the pool do not have a sufficiently direct role and are therefore left unassigned.
Value-Chain Layers
1
Quantum Computing Hardware, Control Systems & Software Platforms
Companies directly building quantum computers, qubit processors, quantum operating stacks, or quantum application platforms for commercial and research use.
7 companies
| Company | Role | Market Cap | Revenue ($M) | R&D ($M) | Capex ($M) | Operating Cash Flow ($M) | Cash & Equivalents ($M) | GAAP Net Income ($M) |
|---|---|---|---|---|---|---|---|---|
|
IONQ Inc
IONQ
FY2025
|
trapped-ion quantum computing developer
Technology
|
15.4B | 130 | 306 | 16 | -283 | 1,031 | -510 |
|
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares
|
photonic quantum hardware and software platform
Technology
|
9.5B | — | — | — | — | — | — |
|
D-Wave Quantum Inc.
QBTS
FY2025
|
quantum annealing systems provider
Technology
|
6.8B | 25 | — | 4 | -72 | 635 | -355 |
|
Rigetti Computing Inc
RGTI
FY2025
|
superconducting quantum processor developer
Technology
|
5.3B | 7 | 61 | 19 | -59 | 45 | -216 |
|
Infleqtion, Inc.
INFQ
FY2025
|
quantum hardware and quantum software stack
Technology
|
2.6B | 32 | — | — | — | — | — |
|
Quantum Computing Inc
QUBT
FY2025
|
quantum computing and photonics-focused systems
Technology
|
1.9B | 1 | 20 | — | — | — | -19 |
|
Qnity Electronics, Inc
Q
FY2025
|
interconnect and semiconductor technologies can support quantum hardware platforms
Technology
|
29.6B | 4,754 | — | 285 | 1,273 | 915 | 729 |
2
Semiconductor Fabrication, Process Control & Materials for Quantum Devices
These companies supply lithography, deposition, metrology, materials, EDA, foundry, and packaging capabilities that can be used to manufacture and iterate quantum chips and supporting electronics.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | GAAP Gross Margin (%) |
|---|---|---|---|---|---|---|---|
|
Taiwan Semiconductor Manufacturing
|
leading foundry for advanced chip fabrication
Technology
|
2.0T | — | — | — | — | — |
|
ASML Holding NV ADR
|
lithography equipment for advanced device manufacturing
Technology
|
537.3B | — | — | — | — | — |
|
Lam Research Corp
LRCX
Q3-2026
|
etch and deposition process tools
Technology
|
311.1B | 5,841 | 332 | 1,141 | 810 | 49.8% |
|
Applied Materials Inc
AMAT
Q1-2026
|
semiconductor systems and process equipment
Technology
|
303.6B | 7,012 | 646 | 1,686 | — | 49.0% |
|
KLA Corporation
KLAC
Q3-FY2026
|
process control and inspection tools
Technology
|
238.6B | 3,415 | 85 | 707 | 622 | — |
|
Synopsys Inc
SNPS
Q1-2026
|
chip design automation for control and interface silicon
Technology
|
92.2B | 2,409 | 35 | 857 | 822 | — |
|
Cadence Design Systems Inc
CDNS
Q1-2026
|
EDA tools for supporting semiconductor design
Technology
|
91.1B | 1,474 | 49 | 356 | 307 | 85.4% |
|
ASE Industrial Holding Co Ltd ADR
|
outsourced semiconductor assembly and test
Technology
|
67.0B | — | — | — | — | — |
|
Teradyne Inc
TER
Q1-2026
|
semiconductor test systems
Technology
|
48.0B | 1,282 | 65 | 265 | 200 | 60.9% |
|
Globalfoundries Inc
|
specialty foundry services relevant to mixed-signal control chips
Technology
|
34.4B | — | — | — | — | — |
|
United Microelectronics
|
foundry capacity for supporting electronics
Technology
|
32.1B | — | — | — | — | — |
|
Tower Semiconductor Ltd
|
specialty analog and mixed-signal foundry
Technology
|
23.7B | — | — | — | — | — |
|
Entegris Inc
ENTG
Q4-2025
|
high-purity materials and contamination control
Technology
|
22.7B | 824 | 299 | 695 | 396 | 43.8% |
|
Nova Ltd
|
metrology tools for semiconductor process control
Technology
|
15.9B | — | — | — | — | — |
|
Amkor Technology Inc
AMKR
Q1-2026
|
advanced packaging and semiconductor assembly
Technology
|
17.5B | 1,685 | 225 | 145 | — | — |
3
Precision Electronics, Photonics & Test Infrastructure
This layer provides the measurement gear, photonic components, analog/mixed-signal control, interconnect, and subsystem hardware required to operate, read out, and connect quantum systems.
15 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | GAAP Gross Margin (%) | GAAP Net Income ($M) | Operating Cash Flow ($M) |
|---|---|---|---|---|---|---|---|
|
Intel Corporation
INTC
Q1-2026
|
control-chip and cryogenic electronics relevance
Technology
|
474.9B | 13,577 | 4,963 | 39.4% | -3,728 | 1,096 |
|
Texas Instruments Incorporated
TXN
Q1-2026
|
analog and embedded control semiconductors
Technology
|
245.0B | 4,825 | 676 | — | 1,545 | 1,520 |
|
Analog Devices Inc
ADI
Q1-2026
|
precision analog and signal-chain devices
Technology
|
190.1B | 3,160 | 109 | 64.7% | 831 | 1,369 |
|
Arm Holdings plc American Depositary Shares
|
processor IP for supporting control systems
Technology
|
214.2B | — | — | — | — | — |
|
Monolithic Power Systems Inc
MPWR
Q1-2026
|
power management for high-performance electronics
Technology
|
75.0B | 804 | — | 55.3% | 193 | 250 |
|
NXP Semiconductors NV
NXPI
Q1-2026
|
mixed-signal and connectivity semiconductors
Technology
|
73.0B | 3,181 | 79 | 56.2% | 1,122 | 793 |
|
Lumentum Holdings Inc
LITE
Q2-FY2026
|
optical components and systems
Technology
|
61.3B | 666 | — | 36.1% | 78 | — |
|
Keysight Technologies Inc
KEYS
Q1-2026
|
electronic measurement and test instrumentation
Technology
|
57.5B | 1,600 | 34 | — | 281 | 441 |
|
Coherent Inc
COHR
Q2-FY2026
|
lasers and photonics components
Technology
|
57.2B | 1,686 | 258 | 36.9% | 147 | 104 |
|
Microchip Technology Inc
MCHP
Q3-FY2026
|
microcontrollers and timing/control devices
Technology
|
48.8B | 1,185 | — | — | — | — |
|
MACOM Technology Solutions Holdings Inc
MTSI
Q1-2026
|
high-frequency analog and optical semis
Technology
|
20.2B | 272 | 13 | 55.9% | 49 | 43 |
|
MKS Instruments Inc
MKSI
Q4-2025
|
instruments, lasers, and control subsystems
Technology
|
17.9B | 3,832 | 148 | — | 278 | 679 |
|
Astera Labs, Inc.
ALAB
FY2025
|
connectivity and data movement silicon
Technology
|
33.7B | 853 | 38 | 75.7% | 219 | 319 |
|
Credo Technology Group Holding Ltd
CRDO
Q3-FY2026
|
high-speed interconnect components
Technology
|
32.4B | 406 | — | — | — | — |
|
Lattice Semiconductor Corporation
LSCC
FY2025
|
programmable logic for instrumentation/control
Technology
|
15.8B | 523 | 43 | 68.2% | 3 | — |
4
Hybrid Compute & Classical Infrastructure Enablers
These companies provide the classical compute, servers, networking, memory, and related systems that complement quantum processing in hybrid workflows and help shape deployment architectures.
13 companies
| Company | Role | Market Cap | Revenue ($M) | GAAP Gross Margin (%) | Capex ($M) | Operating Cash Flow ($M) | Inventories ($M) |
|---|---|---|---|---|---|---|---|
|
NVIDIA Corporation
NVDA
FY2026
|
classical acceleration for hybrid quantum workflows
Technology
|
5.1T | 215,938 | 71.1% | 6,042 | 102,718 | 21,403 |
|
Broadcom Inc
AVGO
Q1-2026
|
infrastructure semiconductors and software
Technology
|
1.9T | 19,311 | 68.1% | 250 | 8,260 | — |
|
Micron Technology Inc
MU
Q2-2026
|
memory for high-performance compute environments
Technology
|
584.7B | 23,860 | 74.4% | 5,004 | 11,903 | — |
|
Advanced Micro Devices Inc
AMD
FY2025
|
CPUs and GPUs for hybrid quantum-classical computing
Technology
|
549.6B | 34,639 | 50.0% | 974 | 7,709 | — |
|
Marvell Technology Group Ltd
MRVL
FY2026
|
data-center connectivity and compute silicon
Technology
|
136.9B | 2,219 | 51.7% | 114 | 374 | 1,388 |
|
Dell Technologies Inc
DELL
FY2026
|
enterprise servers and integrated systems
Technology
|
133.7B | 113,538 | 20.0% | 2,633 | 11,185 | 10,437 |
|
Sandisk Corp
SNDK
Q3-2026
|
storage used in compute infrastructure
Technology
|
157.1B | 5,950 | 78.4% | 45 | 3,038 | — |
|
Seagate Technology PLC
STX
FQ3-2026
|
data storage hardware
Technology
|
144.1B | 3,112 | 46.5% | — | 1,114 | — |
|
Western Digital Corporation
WDC
Q2-2026
|
storage devices for compute environments
Technology
|
141.1B | 3,017 | 45.7% | 92 | 745 | — |
|
Hewlett Packard Enterprise Co
HPE
Q1-2026
|
HPC and enterprise compute systems
Technology
|
37.5B | 9,301 | 35.9% | 569 | 1,178 | — |
|
NetApp Inc
NTAP
Q3-FY2026
|
data infrastructure for hybrid compute deployments
Technology
|
21.5B | 1,713 | 70.6% | 46 | 317 | — |
|
Pure Storage Inc
PSTG
FY2026
|
high-performance storage platforms
Technology
|
21.4B | 3,663 | 70.4% | 264 | 880 | — |
|
Super Micro Computer Inc
SMCI
Q2-2026
|
server platforms for specialized compute
Technology
|
15.8B | 12,682 | 6.3% | 46 | -24 | 10,595 |
5
Cloud Access Channels, Developer Platforms & Quantum End-Market Demand
This layer captures cloud/infrastructure channels through which users may access quantum services, plus selected enterprise software and industrial design platforms that could become beneficiaries or users of quantum advantage applications.
11 companies
| Company | Role | Market Cap | Revenue ($M) | Capex ($M) | Operating Cash Flow ($M) | Free Cash Flow ($M) | GAAP Operating Margin (%) |
|---|---|---|---|---|---|---|---|
|
Palantir Technologies Inc.
PLTR
FY2025
|
analytics platform that could consume quantum capabilities
Technology
|
330.7B | 4,475 | 34 | 2,134 | — | 32.0% |
|
SAP SE ADR
|
enterprise application stack as potential quantum use-case channel
Technology
|
200.5B | — | — | — | — | — |
|
Salesforce.com Inc
CRM
FY2026
|
enterprise software demand-side exposure
Technology
|
148.2B | 41,525 | 594 | 14,996 | 14,402 | 20.1% |
|
ServiceNow Inc
NOW
Q1-2026
|
enterprise workflow platform and potential application channel
Technology
|
91.7B | 3,770 | 141 | 1,670 | 1,665 | 13.5% |
|
Cloudflare Inc
NET
FY2025
|
cloud infrastructure access layer
Technology
|
74.6B | 2,168 | 316 | 603 | 261 | -9.6% |
|
CoreWeave, Inc. Class A Common Stock
CRWV
FY2025
|
cloud compute operator and infrastructure channel
Technology
|
60.3B | 5,131 | 10,309 | 3,058 | — | -1.0% |
|
Autodesk Inc
ADSK
FY2026
|
engineering design workloads could benefit from quantum methods
Technology
|
49.8B | 7,206 | 43 | 2,452 | 2,409 | 22.0% |
|
Snowflake Inc.
SNOW
FY2026
|
data platform that could integrate quantum services
Technology
|
48.8B | 4,684 | 102 | 1,222 | 1,120 | -31.0% |
|
Datadog Inc
DDOG
FY2025
|
observability for complex compute environments
Technology
|
47.4B | 3,427 | 50 | 1,050 | 915 | -1.0% |
|
Nebius Group N.V.
|
cloud/AI infrastructure operator
Communication Services
|
35.7B | — | — | — | — | — |
|
PTC Inc
PTC
Q1-2026
|
industrial software with optimization use-case potential
Technology
|
16.4B | 686 | 2 | 270 | 267 | 32.2% |
Report History
| Generated | Pool | Layers |
|---|---|---|
| 2026-05-01 14:11 | 85 | 5 |