Welcome to another biweekly update on quantum computing. This edition looks at new hires across the field, fresh funding for key firms, and new progress in light-based chips and error control. Let’s go.
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Company Shifts and New Funding
We begin with a wave of key hires at firms that aim to shape the next phase of quantum work. IonQ (IONQ) set Chris Ballance as its new head of quantum work. The firm also formed IonQ Italia with Marco Pistoia as its chief and then named retired General Jay Raymond to its board to help with work tied to space and public groups. Meanwhile, Nvidia (NVDA) named Krysta Svore as its new head of applied quantum work. She spent years at Microsoft (MSFT) and will guide new work that blends quantum ideas with the firm’s chip stack.
QCI’s Mixed Q3
Next, Quantum Computing Inc. (QUBT) shared its third-quarter update. Revenue rose to $384000, up from $101000 one year ago. Costs reached $10.5 million. Net income totaled $2.4 million, primarily driven by gains on previously issued warrants and interest income. The firm said it ended the quarter with $352 million in cash and $461 million in investments and then raised $750 million after the quarter. The firm also stated it won its first sale for quantum security with a large U.S. bank and said its chip site in Tempe is now in small batch output.
Classiq’s Gets hte Big Tech’s Backing
Classiq also drew new capital, bringing its total past $200 million. The round drew in investors from Advanced Micro Devices (AMD) through AMD Ventures, Qualcomm Ventures from Qualcomm (QCOM), and IonQ. The firm plans to grow its software that helps users build circuits that run on various chip types.
New Chips and Fresh Research
We now turn to hardware news. China shared news of a new light-based chip built by CHIPX with Turing Quantum. The chip uses thin-film lithium niobate and holds more than one thousand parts on a six-inch wafer. The group said it can run design cycles in two weeks and plans to increase output to meet more use in data hubs and labs. Yet the true speed of the chip is still not clear in broad tasks.
IonQ Discovers a Simple Quantum Error-Correcting Codes
Lastly, new work from IonQ-led groups found that simple cyclic codes can reduce error rates with greater ease. The team said these codes keep clean layouts that suit many chip types. The work may help guide new systems that need strong error control for long spans.
We used TipRanks’ Comparison Tool to line up all the tickers mentioned in the piece alongside notable quantum stocks. It’s a quick way to see how they stack up and where the field could be heading.
