Barclays_Quantum_Computing_The_race_is_on

Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA.This is a Special Report that is not an equity or a debt research report under U.S. FINRA Rules2241-2242.(i) This author is a debt research analyst in the Fixed Income, Currencies and CommoditiesResearch department and is neither an equity research analyst nor subject to all of theindependence and disclosure standards applicable to analysts who produce debt researchreports under U.S. FINRA Rule 2242.FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 65.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 65.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 66.Thematic InvestingQuantum Computing: The race isonRecent breakthroughs in error rates, scalability and classicalintegration signal that the next five years could redefine theboundaries of computational power, as quantum computingapproaches a pivotal inflection-point. We identify 45 publicand >80 private players across the full value chain. ListenThe race for quantum advantage and fault-tolerant quantum computing is accelerating. In thenext 12-24 months we expect to see demonstration of quantum superiority over classicalsystems on useful problems. By 2029/2030, the industry's ability to progress on chip scalability,algorithm development and quantum-classical integration will dictate commerciality timelinesSpecial Report18 November 2025SIGNATUREThematic InvestingLaia Marin i Sola, CFA+ 44 (0)20 3134 2531laia.marin@barclays.comBarclays, UKSiddharth Gupta+91 22 6175 2540siddharth.gupta1@barclays.comBarclays, UKHiral Patel+44 (0)20 3134 1618hiral.patel@barclays.comBarclays, UKKatherine Ogundiya+44 (0)20 3134 1391katherine.a.ogundiya@barclays.comBarclays, UKAmy Lian+44 (0)20 3134 0179amy.lian@barclays.comBarclays, UKWilliam Thompson+1 212 526 8641william.s.thompson@barclays.comBCI, USHannah Greenberg+1 212 526 2457hannah.greenberg@barclays.comBCI, USEuropean Technology HardwareRohan Bahl+44 (0)20 7116 9488rohan.bahl@barclays.comBarclays, UKSimon Coles, CFA+44 (0)20 3555 4519simon.coles@barclays.comBarclays, UKCompleted: 18-Nov-25, 14:45 GMT Released: 18-Nov-25, 16:45 GMTRestricted - Externalof useful systems, in our view. For investors, this momentum matters: we introduce ourQuantum Modalities Benchmarking model to compare performance of current quantumprocessing units (QPUs). We also identify 45 listed and >80 private players across thequantum computing supply chain, map revenue exposure and assess technological risk.18 November 20252Barclays | Thematic Invest