It doesn’t quite have the buzz of artificial intelligence, but quantum computing is having a moment of its own.

Some of the most powerful institutions in the world, including Google
, Microsoft, Amazon, IBM

and the U.S. government, are spending many millions of dollars in a race to develop and build the first practical quantum computer.

Startups focused on quantum technology attracted about $2 billion last year, according to a McKinsey & Co. report, as investors pile into an industry that could have nearly $100 billion in revenue within a decade.

There isn’t much business today, though. In total, quantum computing companies generated under $750 million in revenue in 2024, according to the same report.

But more and more, we’re hearing about a big breakthrough.

In the past year, Microsoft unveiled its first quantum chip, Google executives said the technology may only be five years away, Amazon showcased its error-correcting quantum processor and IBM outlined its plan to build a meaningful quantum computer by 2029.

Joining them are scores of smaller companies and universities working on the underlying mathematics, software or potential business model. Some of the companies are even publicly traded, and can see their stocks soar or collapse based on a kernel of news.

In January, Nvidia

CEO Jensen Huang sent quantum computing stocks reeling when he said 15 years was “on the early side” in considering how long it would be before quantum computing would be useful. He said at the time that 20 years was a time frame that “a whole bunch of us would believe.”

Two months later, he walked back the comments, but also expressed surprise that they moved markets, or that there were even markets to be moved.

“How could a quantum computer company be public?” Huang said in March.