Between December 2024 and September 2026 quantum computing crossed the line that matters: error correction, proved possible on paper in 1996, was shown to work on a Google chip, then on neutral atoms, then reportedly in China, and IBM, Quantinuum, Microsoft and Google have each named 2029 for a fault-tolerant machine. In the same twenty months the listed quantum universe went from four companies to ten, the three original pure plays raised $4.5 billion, IBM committed $10 billion and the United States government became a shareholder — while the nine listed companies that publish revenue reported $284 million of it between them, most of it from governments. This is a full institutional-grade industry report on quantum computing, built from SEC filings, peer-reviewed papers, company roadmaps and government releases into nine structured chapters and 48 charts, current through the June 2026 quarter and the announcements of mid-September 2026.
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