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D-Wave has announced its Q2 2024 financial results. A quick summary of some key financial metrics comparing Q2 2024 versus Q1 2024 and the year ago quarter of Q2 2023 is shown in the chart below. The company reported continued Year-over-Year growth in the second quarter. However, there was no sequential growth from the previous quarter as the quantum market, in general, is still in its early phases and quite lumpy. Of the $2.2 million in revenue this quarter, 81% came from QCaaS (Quantum Computing as a Service) and 16% came from Professional Services. The company reiterated their full 2024 year outlook [...]

IonQ has announced its Q2 2024 financial results. A quick summary of some key financial metrics comparing Q2 2024 versus Q1 2024 and the year ago quarter of Q2 2023 is shown in the chart below. IonQ had a strong second quarter with revenues of $11.4 million, substantially above their previous forecast of $7.6 to $9.2 million. They also showed $9.0 million in bookings. Their previous forecast for bookings was $75 to $95 million for the full year. So far, they have achieved $9.3 million for the first half, so they will need strong bookings in the second half of 2024 to [...]

We have reported recently on many developments in fault tolerant computer research with many different codes such as the surface code and q-LDPC (Quantum Low Density Parity Check) being researched. But a big concern about many of these error correction codes is the large overhead they will require in order to achieve a low enough error rate for a usable quantum advantage. For example, several proposed implementations of the surface code would require 1000 physical qubits to create one logical qubit with an acceptable error rate. Recently, we have started see a few efforts to develop codes or technologies that have [...]

QuEra Computing's latest research highlights accelerated advancements in quantum computing, with over 51% of surveyed quantum professionals noting faster progress than anticipated. The report indicates that 40% of experts expect quantum computing to surpass classical computing for specific tasks within five years. The study, conducted on over 900 global quantum academics and scientists, underscores the disruptive potential of the technology in solving previously unsolvable problems. Key barriers to quantum computing, including scalability, error correction, and hardware performance, are being addressed, but concerns remain about potential resource bottlenecks similar to those experienced in AI. A third of respondents worry that rapid advancements [...]

LightSolver has secured €12.5M from the European Innovation Council (EIC) Accelerator Program to advance its pioneering all-optical processor. The funding includes an initial €2.5 million grant from the EIC Fund and a future equity investment of €10 million, placing LightSolver among the top 68 companies selected from 969 applicants. This investment will accelerate the commercialization of their laser-based computing platform, which promises significant energy efficiency and reduced Total Cost of Computing (TCoC). The company’s Laser Processing Unit™ (LPU) uses the natural properties of light to perform complex mathematical operations swiftly and efficiently, making it suitable for compute-intensive applications like computer-assisted engineering [...]

The Applied Research Laboratory for Intelligence and Security (ARLIS), based at the University of Maryland has awarded an initial $5.7 million contract to IonQ to design a networked quantum computing system for the Department of Defense (DOD) to enable studying cybersecurity of multi-party quantum computation. This initial award is only for first phase design work on such a system and ARLIS indicates that a potential award of up to $12 million could be awarded in the future for construction, delivery, and maintenance of these systems. This award is funded by the Secretary of the Air Force Concepts, Development, and Management Office [...]

Davidson Technologies and D-Wave Quantum Inc. received robust support from local and federal lawmakers for their initiative to bring advanced quantum computing to Huntsville, Alabama. At the Space and Missile Defense Symposium, Huntsville Mayor Tommy Battle and Sen. Tommy Tuberville emphasized the strategic significance of D-Wave’s AdvantageTM quantum computing system, set to be installed at Davidson’s new headquarters in 2025. This installation will enhance the region's leadership in quantum computing and support national security efforts. D-Wave’s state-of-the-art system will operate in a secure facility to handle sensitive applications. Efforts are already underway for use case identification, application development, and community engagement. [...]

Riverlane, a global leader in quantum error correction (QEC) technology, announced the successful raising of $75 million in Series C funding. The round was led by Planet First Partners, with participation from ETF Partners, EDBI, and existing investors including Cambridge Innovation Capital, Amadeus Capital Partners, NSSIF, and Altair. This funding will support Riverlane's ambitious goal of achieving one million error-free quantum computer operations by 2026. (For information about Riverlane's error correction roadmap, you can view the article posted on the Quantum Computing Report by GQI here.) Driven by technical breakthroughs and improvements in qubit quality, the demand for QEC technology has [...]

Terra Quantum, a leader in quantum technology, has been awarded a competitive Small Business Innovation Research (SBIR) contract to explore the feasibility of a quantum-resistant communication network for the U.S. Department of the Air Force (DAF). This initiative aims to enhance cybersecurity by employing advanced quantum cryptography techniques, including post-quantum cryptography (PQC), Quantum Key Distribution (QKD), and Quantum Random Number Generators (QRNG). The funding will support the development of a long-range communications network designed to prevent unauthorized data interception, thus ensuring the highest level of security against emerging quantum threats. Terra Quantum's approach combines these technologies to provide robust protection against "hack-now, [...]

A question we often hear at GQI is “When will we start witnessing quantum advantage where users are regularly relying on quantum technology for commercial use?” The answer to that question relies on two factors. The first is how quickly will the quantum hardware improve? The second is how will quantum algorithms get smarter and more efficient? When those two meet, we will start seeing end users run quantum computing for production applications. A Plethora of QRE Approaches The good news is that we are starting to see more detailed roadmaps from the quantum providers that give us an idea of [...]