Quantum is Entering Its Credibility Era
The quantum industry is undergoing a fundamental shift. Historically, there has been a focus on research and development, and public and private sector investments emphasized establishing the viability of the technology. Now, there is a race to scale and bring revolutionary products and services to the market.
This evolution will inevitably trigger a significant uptick in capital markets activity, like the activity we saw during the tech boom in the 2010s and more recently in the artificial intelligence-related frenzy. One thing is certain: the market opportunity is immense, and positioning for success is critical for each player in the system.
There are several indicators that point to quantum technologies being on the cusp of significant capital markets activity:
- Its role as a critical Governments consider quantum a critical technology because of its implications for national security, cybersecurity, and technological superiority, making its continued development and commercialization a necessity. This was recently reinforced when the U.S. government announced $2.01 billion in total investments in several quantum computing companies, in exchange for minority, non-controlling equity stakes in those companies.1
- Growth potential across industries. Quantum technologies will have dramatic implications and applications across virtually every major sector, including healthcare, financial services, energy, manufacturing, logistics, and national security, with greenfield opportunities emerging as companies continue to identify new commercial use cases and business applications.2
- Diverse and specialized supply chain. Quantum technologies rely on a restricted and complex supply chain— spanning rare earths and semiconductor-grade materials to lasers, optics, cryogenic systems, control electronics, fabrication, packaging, and platform-specific subsystems. Hundreds of quantum companies are developing products and solutions, and as costs continue to rise, companies looking to simplify their supply chain, reduce risk, or expand product offerings will pursue acquisitions to bring some capabilities in-house.3
- Significant growth in IP and patents. By the end of 2025, there were more than 69,000 active quantum-related patents globally, up 20% since 2020.4 Patents and IP can increase a company’s technological and competitive advantage; for companies looking to expand their quantum capabilities, patents and IP are attractive assets that might trigger an acquisition decision.
- Limited workforce. Sourcing talent for this field will require a workforce that is specialized and scarce. With a limited talent pool, companies with good IP and talent in this market will make them an attractive target for M&A activity for acquihires and brainpower.
Taken together, these dynamics should support a meaningful rise in IPOs, M&A, strategic investments, and other partnerships as companies and investors position around the platforms, talent, and intellectual property most likely to define the quantum value chain.
Quantum is already experiencing a surge in capital markets and M&A activity. In the first quarter of 2026 alone, multiple quantum companies announced SPAC mergers,5 while major players, such as Quantinuum, filed for a traditional U.S. IPO.6
At the same time, consolidation is accelerating in the sector. IonQ completed multiple acquisitions between 2025 and 2026,7 spanning hardware, sensing, and communications, while companies, including D-Wave8 and Quantum Computing Inc.,9 expanded through multiple million-dollar transactions in early 2026.
For many observers and early adopters, the trajectory feels all too familiar. The current quantum landscape resembles the trajectory of early internet, cloud, and AI markets: initially fragmented, R&D heavy and characterized by a small group of leaders dominating the narrative ahead of commercialization. The decisions made today will not only shape the market’s direction but define the standards and narrative driving broader interests.
Six Considerations for Quantum Companies Considering a Capital Markets Transaction
Demystify the technology to all stakeholders
Understanding quantum technologies among the general public (and most investors) remains limited. Ensure messaging includes an educational component, so it’s accessible to a broad range of stakeholders and not just those already familiar with the technology.
Set realistic expectations with investors
Investors are eager to capitalize on the promise of quantum technologies, but the technology is in its early stages, and commercialization timelines are uncertain. Companies should communicate a clear and credible roadmap about the technology’s development that balances long-term potential with near-term realities, avoiding overpromising commercialization, scalability or revenue generation.
Prepare for M&A speculation and pressure
Very few would debate whether the future of quantum is promising. It is very promising. M&A, however, is not a debate about the promise of a company or its technology. M&A is a comparison of the probability and timing of that promising future versus the certainty and attractive premium of being acquired Much like the biotech space and most recently AI companies, well-capitalized strategic buyers can offer very high premiums to acquire small, capital-constrained companies that achieve remarkable product or technological breakthroughs. Inherent to potential deal activity is media speculation, unsolicited bids, employee uncertainty, and broader speculation. Proactively preparing for these multi-stakeholder pressures will enable companies to successfully navigate the tension between a promising future and a potential transaction.
Don’t underestimate the importance of media
Since most quantum companies are pre-revenue, their valuations often rely heavily on perception, narrative and confidence in future potential. Media coverage can therefore play an outsized role in shaping investor sentiment, public understanding and regulatory scrutiny. Companies should take a proactive approach to media engagement by clearly articulating the strategic rationale behind a transaction, the real-world applications of the technology, and the company’s long-term vision for growth.
Begin building relationships in DC early
As scrutiny of companies deploying pioneering technologies continues to intensify, proactive engagement with policymakers and regulators is increasingly important. Companies considering a transaction should begin establishing credibility and relationships in Washington well in advance of a transaction announcement.
Prepare for or attract potential government investment
The U.S. has invested billions of dollars in the development of quantum technologies.[i] As the sector grows and transaction activity accelerates, additional government investment and involvement is likely to continue. While such investments can provide a significant financial and reputational boost, companies should respond strategically by positioning the investment as a deliberate step that aligns with the company’s broader strategic goals and long-term growth plans. This can help reinforce credibility and underscore that government backing complements, rather than defines, the company’s long-term vision.
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References
[1] U.S. Dep’t of Com., “Department of Commerce Announces Letters of Intent with 9 Companies for $2 Billion to Accelerate U.S. Leadership in Quantum Computing” (May 21, 2026), https://www.nist.gov/system/files/documents/2026/05/21/Quantum%20CHIPS%20Press%20Release-2026-05-21-Updated_Final.pdf.
[2] Rothenberger, Elizabeth, “The Future is Quantum—and You Can’t Afford to Ignore It,” FTI Consulting (Oct. 28, 2025), https://fticommunications.com/the-future-is-quantum-and-you-cant-afford-to-ignore-it/?topic_origin=telecom-media-technology.
[3] Quantum Econ. Dev. Consortium, 2026 State of the Global Quantum Industry Report (2026), https://quantumconsortium.org/publication/2026-state-of-the-global-quantum-industry-report/#:~:text=DOWNLOAD%20METHODOLOGY-,Key%20Findings,-COMPOSITION.
[4] Id.
[5] Tatananni, Mackenzie, “SPACs are Back. Why So Many Quantum Companies Are Going Public,” Barron’s (Apr. 20, 2026), https://www.barrons.com/articles/why-so-many-quantum-companies-are-going-public-ec2c503d.
[6] Swayne, Matt, “Honeywell-Backed Quantinuum Files for Landmark Quantum IPO,” Quantum Insider (May 28, 2026), https://thequantuminsider.com/2026/05/26/honeywell-backed-quantinuum-files-for-landmark-quantum-ipo/.
[1] IonQ, “IonQ Completes Acquisition of Vector Atomic, the Global Leader in Advanced Quantum Sensing” (Oct. 7, 2025), https://www.ionq.com/news/ionq-completes-acquisition-of-vector-atomic-the-global-leader-in-advanced#:~:text=This%20acquisition%20follows%20a%20series%20of%20strategic%20moves%20by%20IonQ%20to%20build%20the%20most%20comprehensive%20portfolio%20in%20the%20quantum%20sector.%20In%20the%20last%2012%20months%2C%20IonQ%20has%20acquired%20Oxford%20Ionics%2C%20Capella%20Space%2C%20Lightsynq%20Technologies%2C%20Qubitekk%2C%20and%20secured%20a%20majority%20stake%20in%20ID%20Quantique.
[7] D-wave, “D-Wave Completes Acquisition of Quantum Circuits Inc., Creating World’s Leading Quantum Computing Company” (Jan. 20, 2026), https://www.dwavequantum.com/company/newsroom/press-release/d-wave-completes-acquisition-of-quantum-circuits/.
[8] Quantum Computing Inc., “Quantum Computing Inc. Completes Acquisition of Luminar Semiconductor, Inc.” (Feb. 2, 2026), https://quantumcomputinginc.com/news/press-releases/2026/quantum-computing-inc.-completes-acquisition-of-luminar-semiconductor-inc.
[9] Tomoshige, Hideki, “Innovation Lightbulb: U.S. Federal Investments in Quantum Technology Research and Infrastructure,” Center for Strategic & Int’l Studies (June 26, 2025), https://www.csis.org/analysis/innovation-lightbulb-us-federal-investments-quantum-technology-research-and-infrastructure.
