The latest trends in quantum featuring first-hand insights from global practitioners Table ofContents 04 About the Report06 Executive Summary07 Theme I:State of the Market - Where Quantum Really Stands in 202612 State of the Quantum Computing MarketOn Track Towards Fault Tolerance1317 Theme II:Market opportunity, Investment, and Momentum25 The Quantum OpportunityNational Programs and HPC-Quantum IntegrationRegional Perspectives: AMER vs EMEA vs APAC263235 Theme III:Current State of Customer Adoption - Procurement and Purchasing Patterns38 Infrastructure and Public SectorEnterprise AdoptionBarriers to Adoption394250Organizational barriers: workforce dominates, but decision-making also mattersTechnical barriers: less about qubits, more about software, algorithms, standards,and accessibilityEconomic barriers: the harder problem is proving ROI525354 Theme IV:Quantum Readiness Index (QRI)56 QRI Framework OverviewQRI Results: Customer Type and Regional Insights5860By Customer TypeBy Region6063 Theme V:What Comes Next - From Readiness to Impact66 For Solution ProvidersFor HPC Centers and National LabsFor Enterprise and Industry LeadersFor Policymakers and National Program OwnersFor Universities and Academic InstitutionsFor Investors676869707172 Afterword from OpenOcean73 75 Conclusion Appendix Survey methodology and profileThe Quantum Readiness Index (QRI) MethodologyTaxonomyContacts79828485 Foreword fromIQM Quantum Computers from. The value comes slowly. It comes fromthe people you train, the algorithms you writefor the problems you actually care about, theoperational experience you only get by runningthe thing over and over. You cannot buy any ofthat in a hurry later on.Fault-tolerant systems are not here yet. The When we published this reportlast year, people were still talkingabout a quantum winter. Investment had cooled and nobody was sureif the field had real momentum or just a goodnews cycle. A year later I think that question hasmostly answered itself. Contract volume is upmore than sixfold since 2021. There are nowmore thanfifty HPC-quantum deploymentslive or coming online acrossfourteencountries. Quantum computers are beingbought, installed, and actually run. That partfeels settled to me. roadmaps point somewhere between 2029 and2031, though honestly nobody knows the realdate and I would be careful of anyone who saysthey do. But I do not think that uncertainty isa reason to wait. If anything it is the opposite.The organizations spending these yearsbuilding talent and partnerships and hands-onexperience will be ready when the technologyturns the corner. The ones holding out fora clear signal tend to find the signal and thedeadline show up on the same morning. The harder question is the one this report goesafter. It is not really whether you can get accessto a quantum system anymore. It is whether youcan build something useful around it. Those arevery different things, and to my eye the gapbetween them is where the next few years getdecided. What I like about this report is that it doesnot oversell. Quantum today is no longer anexperiment, but it is not a mature technologyeither. The momentum is real. So are the gaps,in skills, in algorithms, in proven commercialreturns. We did not try to hide either side. Thepoint was to give policymakers, investors,technologists, and educators an honest readon where this is going and what it will take to beready. You can see it in how buyers behave now. Theserious ones have stopped leading with qubitcounts. They want to know if they can seeinto the machine, calibrate it, connect it to thesystems they already run, and learn from it asthey go. They are not after one result. Theywant a capability they get to keep.And this is the part I think people stillunderestimate. A quantum computer is not likea server you switch on and start getting value The quantum future is closerthan it looks. The work of beingready for it starts now. Jan Goetz, Co-Founder & CEO,IQM Quantum Computers Foreword fromThe Quantum Insider This is the fourth edition of theState of Quantum, and it restson the deepest evidence basewe have assembled: trackedtransaction data, validatedsurvey research, and in-depthinterviews with the peoplemaking quantum decisions. For investors, the evidence shows a marketthat now prices demonstrated milestones overroadmap ambition. The Quantum Readiness Index, new this year,puts a number on the market’s preparation. Itscores the structural foundations of readinessacross workforce, innovation, investment,and adoption. The first score is a baseline:the engaged buyer base has programs andbudgets in place, but production deploymentand proprietary output are still ahead. Itsvalue compounds from here. Each futureedition could measure movement againstit, and movement is what will tell us whetherpreparation is keeping pace with ambition. The 2026 picture is one of real scale:well overa hundred systems contracted, deploymentsembedded in national comp