[2025 Retrospective] Who are the 'winners' in quantum computing investment? Deciphering the survival race between the IonQ powerhouse and three challengers through financial results and technical strategies

2025 was a watershed year for the quantum computing industry, marking the transition from the long-standing phase of 'Proof of Concept' to a brutal phase of 'Commercial Selection.' While the market until 2024 was dominated by expectations for pure technical metrics such as qubit count and gate fidelity, the start of 2025 saw investor focus shift rapidly toward colder, more realistic metrics—namely, the combination of 'Capital Power' and 'Real Demand.'