Quantum computing is difficult, and few companies have the resources. If there are two leading companies, they are clearly IBM and Google, although they are not alone. I have had the opportunity to study closely the widespread sentiment, not among consumers, but in academic/industry research. It will obviously depend on the company's management, and only those that survive the exorbitant investments in R&D and see a return will flourish.
QC makes sense. However, we are at an extremely early stage. The list of quantum computers is not very long, but it is useful to see how a few start-ups specializing in QC have crept in among Google and others. Companies with their own quantum computers, some of which have already left the initial phase behind and are now being public.
I decided to make some DD and would like to share it with you. Please, feel free to tell what you think, if you own some of them, or if you have any other suggestions:
D-Wave Quantum Inc. (QBTS):
Founded in 1999, this Canadian company is recognized as the first company to create a commercial quantum computer, far removed from the purely academic world. They hold more than 160 patents and are characterized by their commitment to quantum-hardening computers. In 2020, they presented their D-Wave Advantage with 5,760 qubits; the new version is expected to have more than 7,000 qubits. If we look at its revenues, D-Wave is a company that is expected to have revenues of between 11 and 13 million dollars by 2023, although with a negative EBITDA of around 58 million dollars. These figures reflect that pursuing better quantum computers is not a profitable business for this British Columbia company at the moment.
IonQ (IONQ):
The first to go public. Not surprisingly, IonQ bases its quantum computers on ion traps. Its founder is Chris Monroe, who worked with Nobel Prize-winning physicist David Wineland on his pioneering work on controllable qubits. This Maryland company was the first company specializing in quantum computing to go public. It previously received more than $20 million from Google Ventures and stands out for offering its quantum computers through major cloud services such as AWS, Azure and Google Cloud.
Quantum Computing Inc. (QUBT):
Specializing in photonic quantum information processing, this company is listed on the Nasdaq despite its small size. They have won awards for helping NASA monitor climate change with their quantum solutions.
Rigetti (RGTI):
Former IBM employee Chad Rigetti decided to create his own company specializing in quantum chips in 2013. Since then, Rigetti has launched multiple quantum computers. With up to 84 qubits, such as the recent Ankaa-1, the company comes closest to rivalling the two giants. At the time, it was announced that the goal for 2024 was to make a full leap with a 1,000-qubit quantum computer and by 2026, a 4,000-qubit quantum computer. But this first year on the stock market has not been easy for quantum startups, which have seen their shares fall.
Rigetti's achievements include selling its first quantum CPU (QPU) to a well-known US national lab. Next year, they are already working on defining Lyra, their 336-qubit quantum computer. The roadmap is promising and Rigetti's ambition is to try to approach IBM's numbers, but the business model for this sector is yet to be defined.
Rigetti expects to have revenues of about $65-75 million by the end of the year, with a second-quarter net loss of about $17 million.
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Personally, I am planning to go +15 years with at least two of them. They are different enough and tackle distinct enough market niches to diversify and fulfill different goals. Obviously, they are a shot to the moon. Highly speculative investments that have everything it takes to go wrong. However, I also think it might be a good opportunity to be in the right spot at the right time.
What do you think?
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