updated continuously
The quantum cohort
A screener for the quantum economy — every public ticker and material private actor, ranked by the Ledger Score and read against the same set of editorial questions.
The most useful screener for a pre-revenue sector is the one that lets you sort by conviction, not market cap.
— the editorial premise of this directory
The cohort below is the universe the Ledger watches every weekday. It is curated, not exhaustive: each name is here because it is either publicly listed, materially funded, or carrying a technical claim other operators take seriously. The Ledger Score is a composite — capital, technical milestones, sentiment, policy, talent, patents — and is not a recommendation. Treat the rankings as a starting point, the per-company profile as the actual argument.
Filter by ownership=listed, modality=all, or change the sort order=score. The directory state lives in the URL — copy the address bar and you've shared the screen.
Most active · today's session
Where the cohort is moving
Most-diversified quantum portfolio — neutral atom computer + atomic clocks + sensors; only US-listed neutral-atom pure-play.
A $1.4B cash hoard from peak-retail ATM raises looking for a thesis — photonic chip foundry + post-quantum crypto via NuCrypt.
The only public quantum pure-play crossing $100M revenue; vertically integrating via the $1.8B SkyWater acquisition.
The screener · 11 of 41 match
Ranked by Ledger conviction
- 01IBM (Quantum)IBM
Sets the field's calendar — largest installed base, most credible roadmap (Heron → Nighthawk → Loon → Kookaburra → Starling).
Superconducting
Armonk, NY, USA
$245.0B+0.4%85/100 - 02HoneywellHON
The pre-IPO public-market proxy for Quantinuum — ~54% owner ahead of the Quantinuum (QNT) listing at $20B+ target valuation.
Trapped ion
Charlotte, NC, USA
$132.0B-2.1%83/100 - 03IonQIONQ
The only public quantum pure-play crossing $100M revenue; vertically integrating via the $1.8B SkyWater acquisition.
Trapped ion
College Park, MD, USA
$20.8B-9.6%81/100 - 04Microsoft (Azure Quantum)MSFT
Hedged play — owns Azure Quantum cloud (hosting Quantinuum, IonQ, Rigetti, Pasqal) plus contested in-house topological qubit bet.
Topological
Redmond, WA, USA
$3.1T+3.1%74/100 - 05Google Quantum AIGOOGL
Willow set the QEC bar (below-threshold error correction, Dec 2024); Quantum Echoes (Oct 2025) made the first verifiable advantage claim.
Superconducting
Santa Barbara, CA, USA
$2.2T-1.1%72/100 - 06InfleqtionINFQ
Most-diversified quantum portfolio — neutral atom computer + atomic clocks + sensors; only US-listed neutral-atom pure-play.
Neutral atom
Boulder, CO, USA
$720.0M-11.0%61/100 - 07D-Wave QuantumQBTS
Quantum annealing veteran now also doing gate-based via Quantum Circuits acquisition — only player with a useful supremacy claim still uncontested.
Annealing
Burnaby, BC, Canada
$8.4B-8.0%60/100 - 08XanaduXNDU
Newly public photonic player (March 2026 SPAC) with Aurora networked photonic system and first on-chip GKP states.
Photonic
Toronto, Canada
$1.5Bn/a50/100 - 09Rigetti ComputingRGTI
Cash-rich superconducting modular-chiplet bet, but revenue is shrinking and competing directly with IBM at a fraction of the scale.
Superconducting
Berkeley, CA, USA
$6.8B-7.4%42/100 - 10Quantum Computing Inc.QUBT
A $1.4B cash hoard from peak-retail ATM raises looking for a thesis — photonic chip foundry + post-quantum crypto via NuCrypt.
Photonic
Hoboken, NJ, USA
$2.3B-10.4%29/100 - 11Arqit QuantumARQQ
Post-quantum cryptography pure-play — bets symmetric key agreement beats NIST PQC algorithms in enterprise procurement.
Encryption
London, UK
$230.0M-3.8%23/100
A cohort is not an index. We omit names that publish only aspirational roadmaps; we include names with no revenue if a sovereign technical buyer has audited the science.
— directory methodology