The quantum computing industry gained significant momentum in 2025, with both private and public players accelerating hardware development and policy support. Companies like IonQ, D-Wave Quantum, and Rigetti made notable progress, while investors poured money into thematic vehicles. Large-cap technology companies like IBM, NVIDIA, and Alphabet also strengthened their quantum push.
Pure-plays like IonQ showed significant growth, achieving a world-record 99.99% two-qubit gate fidelity. However, they carry risks such as high cash burn, technical dependence on progress, and potential shareholder dilution. In contrast, big tech giants like IBM offer more stable returns, supported by diversified cash flows, deep R&D engines, and growing influence over the quantum-AI stack.
Investors can consider taking modest positions in pure-plays for asymmetric returns or lean towards big tech for risk-adjusted performance. The industry’s commercial potential is being validated, and hyperscalers view quantum as a strategic frontier.
Source: https://www.zacks.com/stock/news/2795044/pure-play-vs-big-tech-in-quantum-how-ibm-nvda-ionq-stand-at-25-end