Pure-Play vs Big Tech in Quantum: How IBM, NVDA, IONQ Stand at ’25 End

In 2025, the quantum-computing industry gained serious momentum. Private and public players accelerated both hardware development and policy support. Companies like IonQ IONQ, D-Wave Quantum QBTS and Rigetti pushed forward with more reliable qubits, stronger cloud offerings and growing commercial traction, while investor interest surged. On the policy front, the Trump administration moved aggressively to cement quantum as a national priority; reports in September indicated that the White House was preparing executive actions to drive federal adoption of quantum information science and mandate post-quantum cryptography across agencies.

At the same time, capital flowed into thematic vehicles. The Defiance Quantum Computing ETF QTUM, which holds a diversified basket of pure-play quantum companies, crossed the $2 billion assets under management (AUM) mark in 2025 and has delivered roughly 25% year-to-date returns, underlining how strongly investors are embracing this long-horizon,…