2024: small totals, a much wider supply chain

One large round, five structural ones

Quantinuum's Series B is the obvious number on this page. The other five rows are the interesting ones. Riverlane raised for error-correction software, Q.ANT for an analog photonic approach, planqc for neutral atoms, Nord Quantique for bosonic error suppression and SpinQ for desktop NMR instruments. These companies do not compete on the same axis, and adding their amounts together should not be read as a sector-wide budget. It is a list of separate bets on different layers of the stack.

That is why we publish the technology field on every row. A reader who filters by quantum computing and sees all five will draw a very different conclusion from one who reads each row alongside its sub-technology. Our ranking is a funding table, not a technology maturity index, and 2024 makes the difference unusually visible.

The round that openly mixes equity and grants

planqc's 2024 announcement bundles a Series A with grant funding in one figure. We keep it as a single reported number because that is what the source published, and we mark the mixed instrument rather than inventing an equity-only split. This one row is the clearest worked example of a rule that applies across the whole site: we do not reverse-engineer a headline into components the source did not disclose.

Readers who want a private-capital-only comparison should exclude it, and the government capital tracker exists precisely so that decision is possible. Silently deleting the row instead would make the European total lower and the site less auditable.

Why the total went down

A fall in disclosed cash from 2023 to 2024 does not mean the sector contracted. Both years are small samples dominated by whether one or two large rounds happened to be announced. China's state-capital entry in 2023 alone is large enough to reverse the direction of the comparison. We therefore refuse to print a year-on-year growth percentage anywhere on this page: with this sample size it would be a measurement artefact presented as a trend.

What the year does support is a qualitative claim about breadth. More distinct technology categories appear as financeable standalone businesses than in any earlier year of the ledger, and the geographic spread widens beyond the US, Europe and China into Canada.

Every 2024 financing in the current ledger

Computed on this build: 6 published financings dated 2024, 6 with a disclosed cash amount and 0 with none. Disclosed cash across those rows totals about $591M. The largest single row is Quantinuum at $300M; 1 row is classified as policy instruments and 0 as public-market instruments. Programmes and letters of intent contribute zero to this sum.

The practical takeaway

If 2023 built the middle of the table, 2024 built its columns. The following year brings very large numbers back, but they arrive through public-market instruments that this year's rows barely hint at. Read the 2025 review next, and the instrument breakdown before comparing totals.