By Opeyemi Babalola
Publication Date: 2026-06-01 18:42:00
A Foundry That Changes the Supply Chain
The 2029 Target Is More Specific Than It Sounds
Government Backing Reshapes the Competitive Landscape
However, the market’s enthusiasm requires context. As of May 22, 2026, IonQ, Rigetti, and D-Wave carried price-to-sales ratios of 109, 836, and 791, respectively. At those multiples, the market is already pricing in outcomes that remain years away. Meanwhile, IBM’s share price rose 3% on May 28, a comparatively muted reaction that reflects its diversified revenue base and the market’s familiarity with its quantum narrative.
Where the Real Investor Risk Sits
IBM’s $10 billion will flow across research and development, capital expenditure, manufacturing expansion, ecosystem partnerships, and mergers and acquisitions. That breadth introduces execution risk. Anderon’s launch remains subject to the finalization of definitive agreements between IBM and the Department of Commerce under the current letter of intent. The CHIPS grant is still a proposed…
