The quantum computing industry is in its early stages, but is seen as having vast potential.
Courtesy Honeywell
Quantum computing can change the world, eventually.
But for now the industry is small, and companies are working on developing the hardware, software and applications needed to grow their business. Quantum firms are also putting in place the leadership teams required to turn science fiction into commercial enterprises.
Tuesday, one quantum computing leader hired a new chief: Quantinuum has named Raj Hazra as its new CEO. He is succeeding Ilyas Khan in the role.
Quantinuum is the quantum computing business of
Honeywell International
(ticker: HON) and Cambridge Quantum Computing. The pair merged their fledgling quantum businesses into a stand-alone company in 2021, marrying
Honeywell
‘s hardware expertise with Cambridge’s software and algorithms.
Honeywell believes Quantinuum is the world’s largest quantum computing firm.
It was a little like forming the
Apple
(AAPL) of the quantum world, in the sense that
Apple
is one company that does its own software and hardware. Quantum computing, of course, is a far smaller business than traditional computing. Sales for the company aren’t readily available and probably are measured in the millions, not billions.
Quantinuum employs about 480 people worldwide, including 350 scientists.
Hazra has a Ph.D. and a master of science in computer science, plus more than 30 years of experience in supercomputing, quantum computing, and other technical roles.
“Raj is uniquely qualified for this role, having proven his technical abilities in advanced technologies and supercomputing in both small and large organizations,” said Khan, the former chief. “His vision and leadership skills are exactly what we need to continue to accelerate our impact in the quantum computing sector, as well as society as a whole.”
Khan will remain as part of the leadership team and will focus on product development and innovation as the chief product officer.
Potential products for the company, as well as the industry in general, include applications for more robust internet security, more accurate climate modeling, and more rapid pharmaceutical drug development. as well as many other things scientists haven’t even dreamed up yet.
Honeywell stock was down 1.6% in midday trading. The
S&P 500
and
Dow Jones Industrial Average
are off 0.7% and 0.8%, respectively.
Shares of other quantum startups were down as well, reacting more to Tuesday’s inflation reading than industry-specific developments.
Rigetti Computing
(RGTI) share were off 2.4%.
D-Wave Quantum
(QBTS) and
IonQ
(IONQ) had fallen about 12% and 2.3%, respectively.
Together, stock in those three quantum startups is valued at about $1.2 billion. IonQ stock is worth about $1 billion.
Wall Street project IonQ sales will hit $100 million by 2025.
Write to Al Root at allen.root@dowjones.com
Credit: marketwatch.com