Despite ongoing skepticism about the commercial readiness of quantum computing, investor confidence in the sector continues to accelerate. Experts widely agree that quantum computers will not replace traditional supercomputers by 2026, nor are they expected to reach full industrial scale anytime soon. However, this reality has not slowed funding momentum. Instead, venture capital interest is growing, highlighted by Quantonation Ventures closing its second fund at €220 million (approximately $260 million) — more than double the size of its first fund launched in 2018.

Concerns that excessive hype and limited tangible breakthroughs would trigger a “quantum winter” have so far failed to materialize. While predictions that quantum computing could one day break modern encryption lack a clear timeline, governments and major technology firms continue investing heavily in the race for quantum advantage. Since Quantonation’s inception, the sector has matured with measurable technological progress and rising early-stage demand from academic and industrial laboratories. According to Quantonation partner Will Zeng, this evolution has shifted the nature of available investment opportunities, expanding beyond pure hardware development to include “picks and shovels” companies — startups building the essential tools and infrastructure supporting the broader quantum ecosystem.

An example is Dutch startup Qblox, which developed quantum control hardware and software before securing Series A backing co-led by Quantonation. The growth of such specialized support companies reflects the strengthening quantum ecosystem and explains why investors are doubling down on dedicated quantum funds, including newcomers like QDNL and 55 North. While venture capitalists acknowledge that early-stage quantum investing remains technically complex and market pathways are still emerging, capital inflows suggest that confidence in the long-term promise of quantum technology remains strong — even if widespread industrial adoption is still years away.