The Computing Breakthrough Banks Can't Ignore Is Quietly Reshaping Wall Street

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

The global quantum computing sector continued its accelerated growth in 2025, supported by increased funding, advances in hardware and error correction, and early enterprise use cases — particularly in banking and financial services. According to MarketsandMarkets, the market was projected to grow from US$3.52 billion in 2025 to US$20.20 billion by 2030, driven by adoption in areas such as optimization, machine learning, and simulation.

Industry-wide funding surged in 2025. Based on data cited in Network World, quantum computing companies raised approximately US$3.77 billion in equity financing in the first nine months of the year, nearly tripling the amount raised in 2024. Government support also increased sharply, with national investments reaching US$10 billion by April. These figures reflected growing global confidence in quantum technologies reaching commercial readiness.

Financial institutions began reporting measurable gains from quantum computing adoption. In one high-profile example, HSBC announced in September that it had used a quantum system to improve bond trading predictions by 34% compared to classical computing alone. While this remains the only publicly disclosed financial trading result to date, it underscores the potential value of quantum applications in the banking sector, including portfolio optimization, risk modeling, and fraud detection.

A July survey of 400 business leaders working in optimization, sponsored by a quantum technology provider, found that 81% believed they had reached the limits of classical computing. More than half of those surveyed were already planning to incorporate quantum computing into their workflows, with 22% citing significant early impacts and 31% expecting rollout within two years.

Advancements in error correction throughout the year were widely recognized as key to broader adoption. Improved fault tolerance was cited as one reason for the industry's transition from experimental research to deployable systems. According to a University of Chicago expert quoted in Network World, quantum systems had reached a point where further development had become an engineering challenge rather than a physics problem, signaling that the infrastructure necessary for commercial scaling is taking shape.

Hybrid quantum-classical computing also gained traction as a practical deployment model. This approach, which combines quantum processors with traditional high-performance computing systems, allowed for increased flexibility in applications like financial simulations and data analysis. Integration strategies advanced significantly, enabling quantum to complement existing enterprise architectures rather than replace them.

According to BCC Research, the market growth is supported by demand in finance, healthcare, logistics, and cryptography. Precedence Research placed the 2025 market size at US$1.44 billion, forecasting growth to US$16.44 billion by 2034. North America held a leading position, with the U.S. market projected to rise from US$470.82 million in 2024 to over US$7 billion by 2034, due in part to sustained federal support and a strong academic ecosystem.

The year also saw growing interest in combining quantum computing with artificial intelligence for use in financial services. In a May survey of 500 global business leaders, 60% reported active investment or exploration in quantum-AI technologies, pointing to the potential for enhanced model training, fraud detection, and predictive analytics.

As financial institutions increasingly explore practical implementations and real-world gains become more measurable, the quantum computing sector has positioned itself as an emerging tool for enterprise-level innovation. With continued investment and maturing infrastructure, the groundwork for broader adoption in financial markets and beyond is steadily being established.

Valuation Meets Reality: Risks Facing the Quantum Computing Sector

Despite strong investment momentum in 2025, the quantum computing sector continued to face structural risks tied to technology readiness, revenue visibility, and valuation uncertainty. SpinQ noted that most systems remain in the Noisy Intermediate-Scale Quantum phase, meaning current platforms typically operate with 50 to 1,000 qubits and lack the fault tolerance required for executing large-scale quantum algorithms. This gap between current capability and long-term theoretical potential complicates valuation models across the industry.

Commercial revenue remained limited relative to multi‑billion‑dollar valuations. SpinQ estimated that total sector revenue reached approximately US$650 million to US$750 million in 2024 and was expected to exceed US$1 billion in 2025, figures that reflect early commercialization rather than mass adoption. Juniper Research, cited by SpinQ, projected that only about 300 quantum computers would be deployed globally by 2030, highlighting the capital‑intensive and specialized nature of the market.

Timeline uncertainty also remained a defining risk. Industry forecasts varied widely, with some experts suggesting that broadly useful, fault‑tolerant quantum computing may still be 15 to 30 years away. Even with significant progress in error correction and hybrid systems during 2025, SpinQ emphasized that scalability, coherence, and operational reliability continue to limit widespread enterprise deployment.

Workforce constraints further challenged the sector's growth trajectory. SpinQ reported that demand for quantum professionals far outstripped supply, with more than 250,000 additional specialists expected to be needed globally by 2030. This shortage has the potential to slow research, development, and commercialization efforts despite rising funding and government support.

As the sector advances, several companies have emerged, each pursuing distinct approaches to quantum computing. These firms range from hardware developers focused on scaling qubit fidelity, to cloud-based service providers offering remote access to quantum systems, and software-driven enterprises targeting early use cases in sectors like finance and logistics.

IonQ 

IONQ Inc. (IONQ:NASDAQ) is operating at the intersection of advanced hardware development and real-world software deployment. The firm is recognized for its trapped-ion technology, which utilizes laser-cooled atoms suspended in electromagnetic fields to produce high-fidelity qubits. 

In recent years, IonQ has focused heavily on commercializing its platform through cloud-based access, strategic partnerships, and multi-sector pilot projects. As reported by Rolling Out on December 26, the company has attracted attention for its efforts to secure long-term contracts in finance, logistics, and pharmaceuticals — industries often cited as early adopters of quantum solutions. These contracts have helped build near-term revenue visibility, which remains a challenge for many competitors in the emerging quantum space.

According to current guidance, IonQ has reported revenue of US$106 million to US$110 million for 2025, placing it among the sector's revenue leaders. While these figures are modest compared to valuations, they reflect steady growth and commercial traction. The company's visibility in the public markets also sets it apart: according to the investor presentation, IonQ became the first publicly traded pure-play quantum computing company and remains a popular stock among retail and institutional investors alike.

Analyst coverage has remained bullish. Fourteen analysts currently cover IonQ, with a consensus rating of "Strong Buy" and an average price target of US$68.57. This implies a potential upside of over 50% from recent levels. Price targets range from a low of US$30 to a high of US$100. In a note published December 17, 2025, Jefferies analyst Keven Garrigan initiated coverage with a "Buy" rating and a US$100 target, highlighting confidence in the company's long-term trajectory and technology roadmap.

¹49.58% of IonQ is held by Institutions. Of them, Vanguard Group holds 8.27%, Morgan Stanley Investment Management has 6.34%, and BlackRock Institutional Trust holds 5.43%. Management and Insiders hold 2.41%, and Strategic Entities own 0.22%. The rest is retail. 

IonQ has 344.63 million free float shares, a market cap of US$16.03 billion, and a 52-week trading range of US$17.88 - US$84.64.

D-Wave Quantum 

D-Wave Quantum Inc. (QBTS:NYSE) describes itself as the world’s first commercial supplier of quantum computers and a leader in quantum annealing technology. Unlike gate-based quantum systems, which aim for highly precise answers, annealing is designed to find practical solutions to real-world challenges in logistics, materials science, drug discovery, and resource scheduling. This emphasis on "good-enough" answers has made D-Wave's systems immediately applicable to enterprise customers seeking to improve efficiency through quantum-powered tools. 

The company experienced a breakout year in 2025, with revenue rising 235% year-over-year through the first nine months. This surge was largely attributed to the commercial rollout of its Advantage2 system, which contributed to a significant expansion in its customer base. According to analysts from Stock Analysis, D-Wave now counts more than 100 revenue-generating clients, including several Global 2000 companies and government contractors. The company also signed a five-year agreement with Swiss Quantum Technology and completed installations for major customers, including an Advantage2 deployment at a U.S. government contractor site.

D-Wave's platform is available both on-premises and through its cloud-based Quantum Computing as a Service (QCaaS) model, which has seen growing adoption. Roth Capital Managing Director Suji Desilva reiterated a "Buy" rating on the stock in a November 6 report, citing the company's growing revenue visibility and improved financial position. Roth lowered its 12-month price target from US$50 to US$40, noting that the company's cash balance, now over US$800 million, could support continued R&D efforts and potential inorganic expansion. Roth also highlighted D-Wave's strong product roadmap, which includes development of the Advantage3 system and a future gate-model quantum computing initiative.

As of December 29, shares of D-Wave closed at US$26.15, with pre-market trading lifting the price to US$26.66 on December 30. Analysts covering the stock remain broadly bullish: all 14 firms rate it a "Strong Buy," with a median price target of US$31.50 and a high target of US$46. A December 22 article from The Motley Fool noted that Wall Street expects D-Wave's stock could rise as much as 92% in 2026, making it one of the most closely followed names in the quantum space.

D‑Wave has reported strong year‑over‑year revenue growth and an expanding customer base for its Advantage2 systems, with more than 100 revenue‑generating clients and increased bookings, reflecting growing adoption of its quantum computing services. However, the company continues to report operating losses while investing heavily in research and development, highlighting ongoing execution risk and valuation volatility common in early‑stage quantum technology firms.”

¹52.76% of D-Wave is held by Institutions, with Vanguard holding 11.07%, BlackRock Institutional with 6.6%, and D.E. Shaw & Company with 3.94%. Strategic Entities hold 0.9%, and Management and Insiders own 0.55%. The rest is retail.

D-Wave has 341.71 million free float shares, a market capitalization of US$9.155 billion, and a 52-week range of US$3.74-US$46.75.

Rigetti Computing 

 Rigetti Computing (RGTI:NASDAQ) develops superconducting quantum processors and delivers them through a vertically integrated technology stack that spans chip design, fabrication, packaging, control systems, and cloud access. The company operates its own captive quantum integrated circuit foundry, known as Fab‑1, where it combines semiconductor and MEMS manufacturing techniques with superconducting materials such as aluminum, indium, and niobium to produce ultra‑low‑loss quantum integrated circuits. This in‑house manufacturing capability is intended to accelerate development cycles and improve performance iteration. 

The company's processor architecture incorporates advanced 3D integration, including through‑silicon vias and bonded superconducting caps, designed to isolate qubit components, minimize crosstalk, and maximize coherence. Rigetti engineers employ high‑throughput cryogenic test systems and automated measurement software to characterize dozens of qubits simultaneously, allowing the company to collect statistically significant performance data with each design or process change.

Rigetti has operated quantum computers in the cloud continuously since 2017 through its QCS platform, providing developers and enterprises with remote access to its systems. Over time, the company has steadily increased both qubit counts and operational fidelity, positioning its platform as an end‑to‑end environment that integrates hardware, control systems, and software tools into a single workflow.

A key strategic focus is the company's modular chiplet architecture roadmap. Management has outlined targets of more than 100 qubits by 2026, over 150 qubits by 2026, and more than 1,000 qubits by 2027, using scalable packaging and multi‑chip integration techniques. This approach is designed to overcome the physical limits of monolithic chips while enabling step‑wise improvements in processor scale.

Analyst coverage reflects continued interest in Rigetti's progress. According to TipRanks, 10 analysts currently provide 12‑month price targets with an average of US$39.75, representing approximately 62% upside from recent trading levels. Targets range from a low of US$30 to a high of US$51, indicating broad expectations for performance improvement tied to execution of the company's roadmap.

¹As for ownership, Institutions hold 49.68% with Vanguard Group holding 9.69%, BlackRock owns 6.70%, and D.E. Shaw & Co. with 3.87%. Strategic Entities hold 1.07%. Management and Insiders own 0.52%.

The company has 324.78 million free float shares, a market cap of US$7.349 billion, and a 52-week range of US$5.95-US$58.15.