As the Donald Trump administration weighs the possibility of taking a stake in quantum computing, IBM (NYSE:IBM) is quietly outpacing the hype. Since 2017, IBM's quantum division has generated nearly $1 billion in revenue, a figure that dwarfs most pure-play quantum startups still in their early commercial stages.
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While firms like IonQ Inc (NYSE:IONQ) and D-Wave Quantum Inc (NYSE:QBTS) are just beginning to scale their operations, IBM is already pairing its quantum tech with a broader, profitable business.
Revenue Vs. Hype: IBM Stands Apart
Not all quantum companies are created equal. IonQ, which operates a trapped-ion quantum cloud service, is targeting $95 million in revenue this year but continues to operate at a net loss. D-Wave, using quantum annealing technology for optimization problems, generated $9 million last year and expects acceleration in 2025.
Rigetti Computing Inc (NASDAQ:RGTI) offers full-stack quantum services but has seen volatile revenue due to government contract delays. Meanwhile, pre-revenue firms like Quantum Computing Inc (NASDAQ:QUBT) and Alphabet Inc's (NASDAQ:GOOGL) (NASDAQ:GOOG) quantum divisions remain mostly R&D-focused, with minimal contribution to top-line growth.
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Against this backdrop, IBM's numbers stand out. Nearly $1 billion in cumulative revenue is more than 10x that of any startup competitor, signaling that commercial quantum computing can be more than just speculative hype. Its quantum offerings are integrated into a larger technology ecosystem that includes hybrid cloud solutions and software development kits, giving IBM a tangible path to profitability while startups still chase commercialization.
Government Interest Adds Fuel
The Trump administration's potential stake in quantum technology has reignited investor attention. While headlines often focus on flashy startup announcements or eye-popping projections, IBM's steady revenue track record positions it as the safer, more mature play.
Investors looking for exposure to quantum computing may see IBM as a bridge between speculative excitement and real-world adoption.
In a market crowded with promises and pre-revenue valuations, IBM is proving that quantum computing can already generate serious dollars. Its revenue lead not only underscores its technological edge but also highlights the commercial gap between established tech giants and ambitious newcomers. As government interest adds a new spotlight, IBM may be the quantum stock investors watch most closely.
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