Quantum. North America and Europe.
Quantum has stopped being a physics problem. It is a systems-engineering problem.
Quantum has crossed from physics problem to systems-engineering problem. In 2024, both Google's surface code (Willow, 105 qubits, below-threshold) and IBM's qLDPC bivariate bicycle code (Nature) demonstrated that error correction works. Scaling is now bottlenecked by classical decoding, cryogenic wiring, and modular interconnects — not by qubit count or coherence.
The error-correction orthodoxy broke; the field gained optionality. Surface codes need ~1,500–2,000 physical qubits per logical qubit. IBM's qLDPC code achieves the same with 144. Quantinuum's Helios (Nov 2025) reached a 2:1 physical-to-logical ratio with trapped ions. Neutral atoms achieved 96 logical qubits with erasure-biased errors. The architecture race is now multi-track.
Capital made its statement in 2025 — at scale and from new buyers. PsiQuantum: $1B Series E at $7B valuation. Quantinuum: $600M at $10B pre-money. IQM: $320M Series B unicorn. Infleqtion: SPAC IPO at $1.8B. NVIDIA invested in PsiQuantum and Quantinuum within one week. Jensen Huang publicly called quantum at an inflection point — reversing his earlier skepticism.
The argument continues across 2 further sections of the paper.
The depth behind the thesis.
The page above is the argument. The paper is the evidence behind it: named transactions, sector-specific data, the regulatory references in full, and the closing position with its implications for capital allocation.
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