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With the power to disrupt traditional computing paradigms, quantum computing has become a focal point of both industrial transformation and investor enthusiasm.¹ Its capacity to execute complex calculations at unmatched speeds unlocks a myriad of possibilities. To track this evolving space of quantum technologies, S&P Dow Jones Indices (S&P DJI) launched the S&P Kensho Global Quantum Computing Technologies Index, which measures the performance of global companies producing proof-of-concept or commercialized quantum computing technologies, as well as producers of the sub-components that are vital to the development and operation of quantum computers.

From Bits to Qubits: The Growth of Quantum Computing

Quantum computing is a transformative technology that uses quantum physics to address complex problems. Unlike classical bits that represent 0 or 1, quantum bits (qubits) leverage superposition to represent both simultaneously. When entangled, qubits enable quantum computers to tackle complex calculations beyond classical reach.

Currently, quantum solutions are best suited for specific problem types, and while the broader impact is still on the horizon, key technical challenges are being actively explored.²

Prominent areas where quantum computing applications are being actively researched and deployed include cybersecurity, supply chain optimization and drug discovery.³, ⁴

The global quantum computing industry is experiencing rapid growth, with its market value estimated to be at USD 1.79 billion as of January 2025, with a projected CAGR of 31.64%, potentially reaching USD 7.08 billion by 2030.⁵ Investments from both government and private sectors are surging, with billions of dollars dedicated to research and development.⁶

S&P Kensho Global Quantum Computing Technologies Index

The S&P Kensho Global Quantum Computing Technologies Index tracks companies producing quantum computing technologies as well as producers of the sub-components and materials that are applicable to the development and operation of quantum computers. The index includes companies from across the value chain of developing and deploying quantum computing technologies (see Exhibit 1).

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• Quantum Hardware: This encompasses quantum computers and the materials and equipment they rely on, such as quantum chips, processors, circuits, sensors, networks, superconducting technology and quantum bits. Notable companies include IonQ, specializing in quantum computer development, and Lam Research, which manufactures semiconductor processing equipment.
• Software and Systems: This includes operating systems, quantum algorithms, programming languages and systems that facilitate quantum simulations and calculations. D-Wave Quantum is a key player, providing quantum computing systems, software and services globally.
• Quantum-Computing-as-a-Service (QCaaS): Rigetti Computing exemplifies this area by offering quantum processing units (QPUs) and systems through cloud-based QCaaS products.
• Sub-Components and Materials: This category includes quantum cryptography, simulators, emulators and cryogenic infrastructure essential for quantum chip development. Honeywell stands out for its automation and control technologies that support cryogenic applications.

The index utilizes Kensho’s natural language processing (NLP)-based platform, along with S&P Global’s extensive company documents dataset to tag companies relevant to the evolving field of quantum computing.

Index Composition and Performance

The S&P Kensho Global Quantum Computing Technologies Index currently consists of 23 constituents, with a significant 80% weight attributed to U.S.-domiciled companies (see Exhibit 2).

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Based on back-tested data, the S&P Kensho Global Quantum Computing Technologies Index has outperformed the S&P 500^® by an annualized return of 21.68% over the past three years, albeit with increased volatility (see Exhibit 3). This performance has come with asset growth, with nearly USD 2 billion in assets under management (AUM) in exchange-traded funds (ETFs) tracking the Quantum Computing theme.⁷

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Conclusion

As a benchmark for this rapidly advancing quantum computing field, the S&P Kensho Global Quantum Computing Technologies Index tracks the progress of a transformative technology that has the potential to reshape multiple areas of the economy.

¹   Separating the wheat from the chaff: Quantum technology in an era of hype

²   Quantum Computing: Applications and Challenges

³   What is Quantum Security and how does it Work?

⁴   The Quantum Supply Chain: Mapping the Market and Key Players

⁵   Quantum Computing Market Outlook 2025-2030, with Profiles

⁶   Benchmarking Quantum Technology Performance: Governments, Industry, Academia and their Role in Shaping our Technological Future

⁷ Source: S&P Dow Jones Indices and Morningstar as of July 11, 2025.

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