Nasdaq Examines the Rise of Quantum Computing, Innovation, and Investment
Quantum computing is rapidly developing from a specialized research field into an increasingly important technology sector attracting attention from companies, investors, governments, and financial markets.
The growth of the sector is being reflected in several areas at once. More quantum computing companies are entering public markets, private investment is accelerating, governments are increasing their commitments, and established technology companies are expanding their research and intellectual property activity in the field.
The growing significance of quantum technology is also being recognized by Nasdaq Global Indexes, which has added quantum computing as a dedicated sub-theme within the Nasdaq Global Artificial Intelligence and Big Data™ Index, or NYGBIG™.
The development reflects a broader shift in how emerging technologies are being identified and categorized by investors. As quantum computing moves closer to commercial applications, investors are increasingly examining the companies developing the underlying hardware, software, algorithms, and supporting infrastructure.
Quantum Computing Moves Toward Commercialization
Quantum computers are designed to approach certain computational problems differently from conventional computers. Rather than relying exclusively on traditional binary processing, quantum systems use quantum mechanical principles to perform certain calculations.
The potential applications are broad. They include molecular simulation for drug discovery, optimization problems in financial services, supply chain management, cybersecurity, and other areas where conventional computing can face significant computational challenges.
Ilaria Sangalli, Head of Index Insights for EMEA at Nasdaq, said quantum technology could help organizations address problems that are currently expensive, difficult, or impractical to solve using classical computing alone.
The commercial potential of the technology is contributing to growing interest from investors and corporations.
Research from McKinsey indicates that quantum computing could generate multi-billion-dollar enterprise value during the next decade. Its potential economic impact could reach approximately $2.7 trillion by 2035, while quantum computing companies generated slightly more than $1 billion in revenue during 2025.
These figures illustrate the distance the sector has already traveled from its earlier stage as primarily a research-driven technology.
Public Markets Become an Important Funding Channel
As quantum technologies require significant investment to move from research laboratories into commercially viable products, access to capital has become an important part of the sector’s development.
The trend is increasingly visible in public markets.
Fifteen Nasdaq-listed U.S. companies specializing in AI and quantum computing hardware and software have a combined market capitalization of approximately $3.78 trillion. About three-quarters of those companies have listed since 2020.
The group includes companies such as D-Wave Quantum, Quantinuum, and IQM Quantum Computers, reflecting the emergence of a newer generation of publicly accessible quantum technology businesses.
The pattern resembles previous investment cycles involving technologies such as artificial intelligence, cloud computing, and cybersecurity. As those technologies matured, investors increasingly began treating them as identifiable investment themes rather than simply components of broader technology businesses.
Quantum computing appears to be undergoing a similar process as its commercial applications become more visible.
Nasdaq Adds Quantum Computing to Its Innovation Index
Nasdaq Global Indexes has incorporated quantum computing as a dedicated sub-theme within NYGBIG, alongside areas including deep learning, cloud computing, and big data.
The move provides a framework for identifying companies participating in the development of quantum technologies and related innovations.
The NYGBIG methodology has historically used a forward-looking, patent-driven approach to identify businesses involved in emerging technology areas. Instead of relying solely on company descriptions or existing revenue classifications, the approach examines intellectual property activity to identify organizations actively developing relevant technologies.
This methodology is particularly relevant to emerging technologies such as quantum computing, where a company’s commercial revenue may not yet fully reflect its research and development efforts.
Patent activity can provide another indication of where companies are directing technological resources.
Patent Activity Highlights a Growing Ecosystem
Nasdaq’s research identified 1,181 companies with patent activity related to the sub-themes represented in NYGBIG.
Of those companies, 247 held patents connected to quantum computing.
Sangalli said the findings suggest that quantum computing is developing beyond a specialized research area into a distinct technology ecosystem.
The patent activity also highlights the geographic concentration of quantum innovation.
According to the Nasdaq analysis, U.S. companies account for approximately 58% of the quantum computing contribution score. The measure reflects each company’s share of recently approved patents compared with other companies active in the same technological field.
The figures point to the significant role of U.S.-based companies in the development of quantum computing technologies while also demonstrating that the ecosystem extends beyond a small group of dedicated quantum startups.
Established Technology Companies Join the Quantum Race
The quantum computing landscape is not limited to companies whose primary business is quantum technology.
Nasdaq’s research also identified traditional hardware companies with significant patent activity connected to quantum computing. These companies were consequently represented primarily within the quantum computing sub-theme.
The participation of established technology businesses is important because the development of quantum computing requires a broad technology ecosystem.
Quantum systems require specialized hardware, processors, control systems, software, algorithms, error-correction techniques, data infrastructure, and other supporting technologies.
Large technology companies can contribute substantial research and development resources, while specialized quantum companies can focus their efforts on specific components of the emerging ecosystem.
This combination could become increasingly important as the industry moves from research and experimentation toward commercial deployment.
Quantum Computing and AI Are Becoming Increasingly Connected
One of the most important characteristics of the emerging quantum ecosystem is its relationship with artificial intelligence.
Quantum computing and AI are separate technologies, but developments in one area could potentially support progress in the other.
Quantum systems may eventually accelerate certain optimization and simulation workloads that are relevant to AI and other computational applications. At the same time, AI techniques are being explored for areas of quantum computing such as algorithm development, system optimization, and error correction.
Sangalli said the two technologies could reinforce one another rather than develop independently.
This convergence is significant for investors because it makes it increasingly difficult to view quantum computing entirely in isolation from the broader AI technology ecosystem.
Companies working across AI, Nasdaq Examines the Rise of Quantum Computing, Innovation, and Investment cloud computing, advanced hardware, and data infrastructure may also have exposure to quantum technologies through research and development programs, intellectual property, partnerships, or investments.
Investment in Quantum Technology Accelerates
Private investment provides another indication of the sector’s growing importance.
According to McKinsey research, quantum technology startups attracted approximately $12.6 billion in venture and private funding during 2025. That represented more than six times the funding level recorded in 2024.
Approximately 90% of the 2025 funding was directed specifically toward quantum computing.
The increase suggests that investors are beginning to allocate significantly more capital to companies attempting to commercialize quantum technology.
However, the composition of quantum investment has also changed.
Government funding represented approximately one-third of total investment in 2024 but accounted for only about 3% in 2025, according to the research.
The change indicates a significant increase in private-sector participation as investors and companies become more engaged with the commercial potential of quantum technologies.
Governments View Quantum as Strategic Infrastructure
Governments remain important participants in the development of quantum computing.
The technology has implications extending beyond commercial applications. Quantum computing could affect areas such as cryptography, cybersecurity, scientific research, defense, and national security.
As a result, Nasdaq Examines the Rise of Quantum Computing, Innovation, and Investment governments are supporting quantum research and development while seeking to maintain technological capabilities in an increasingly competitive global environment.
The U.S. government announced approximately $2 billion in quantum commitments in May 2026 and has taken minority stakes in leading companies.
Government involvement provides additional capital for research and commercialization while also reflecting the strategic importance being placed on quantum technology.
The combination of government programs, corporate research, venture capital, and public-market investment is creating a broader financial ecosystem around quantum computing.
The Nasdaq Global AI and Big Data Index
The addition of quantum computing to NYGBIG builds on an index that has focused on identifying companies participating in major technological transformations.
Since its launch on November 12, 2018, NYGBIG has generated a total return of approximately 384%, equivalent to an annualized return of about 22.8%.
The index has also performed strongly during the recent AI-driven investment cycle. Since July 2023, NYGBIG has generated a total return of approximately 139%, equivalent to an annualized return of around 33%.
According to the provided Nasdaq analysis, that performance exceeded the Nasdaq-100®, broader U.S. equities, and several established AI benchmarks over the same period.
The historical performance provides context for Nasdaq’s approach to identifying emerging technology themes, although past index performance does not determine future results.
Patent-Based Analysis Provides an Early Signal
The use of patent data is particularly relevant for quantum computing because many companies in the sector are still developing technologies whose commercial revenue potential may take years to fully materialize.
Revenue-based classifications can sometimes overlook companies investing heavily in technologies that have not yet reached widespread commercialization.
Patent activity can provide an additional way to identify companies actively developing technologies.
Nasdaq’s analysis of quantum-related patents therefore offers a view of the ecosystem that extends beyond companies publicly describing themselves as quantum computing businesses.
It also captures the participation of established hardware companies and other technology organizations whose quantum research may represent only one part of their overall business.
Investors Could Gain Exposure Through Multiple Channels
As quantum computing develops, investors may gain exposure to the technology through different types of companies.
Pure-play quantum businesses represent one category. These companies are primarily focused on developing quantum processors, systems, software, algorithms, or related technologies.
A second category includes large technology companies that are investing in quantum research and development alongside established businesses in areas such as cloud computing, artificial intelligence, hardware, and software.
The third category includes companies that may benefit indirectly from quantum adoption through supporting infrastructure, cybersecurity, data management, and other technologies required to deploy quantum systems.
Sangalli expects interest in the sector to continue developing as additional commercial use cases emerge.
This could broaden investor attention beyond the companies most directly associated with quantum computing and toward a larger ecosystem of businesses contributing to the technology’s development.
From Research Theme to Investment Theme
Quantum computing remains an emerging technology, and its commercial development will depend on continued progress in hardware, software, algorithms, error correction, infrastructure, and practical applications.
However, the combination of rising private investment, increased public-market participation, growing patent activity, government support, and integration with AI indicates that the technology is becoming a more visible part of the global innovation landscape.
Nasdaq’s decision to establish quantum computing as a dedicated sub-theme within NYGBIG reflects this evolution.
The sector is increasingly moving from being viewed solely as a long-term scientific opportunity toward being analyzed as a developing technology ecosystem with identifiable companies, intellectual property, investment flows, and potential commercial applications.
As more quantum use cases emerge, the distinction between quantum computing and other major technology themes may also become less defined. Its connection with AI, cloud computing, advanced hardware, cybersecurity, and financial technology could create new opportunities for companies operating across multiple technology categories.
For investors and financial markets, the development of quantum computing therefore represents more than the emergence of another specialized technology. It is becoming part of a broader transformation in how technological innovation is funded, commercialized, measured, and incorporated into investment frameworks.
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