IBM has made an announcement that it will spend more than $10 billion in the field of quantum computing during the next five years. This strategy will ensure IBM’s dominance in the dynamically developing market, helping achieve the company’s objective of developing the first scalable and fault-tolerant quantum computer by 2029. Funds will be used for research and development, manufacturing, mergers and acquisitions, ecosystem development, and infrastructure development. On the basis of its large quantum computing portfolio, IBM runs over 90 quantum computing systems around the world and is connected to over 340 organizations utilizing quantum computing technology.
Also Read: IBM and U.S. Commerce Department Launch America’s First Purpose-Built Quantum Foundry
The company also highlighted progress toward its IBM Quantum Starling and Blue Jay systems, which are expected to significantly expand computational capabilities. Commenting on the announcement, Arvind Krishna, Chairman & CEO, IBM, said, “The quantum era is no longer ahead of us, it has started. Our clients, partners and users around the world are tapping into IBM quantum computers to do work that was impossible a few years ago. The pace of discovery with quantum computers is accelerating rapidly and this investment powers our ability to deliver the next generation of quantum hardware, software, and manufacturing.”