Morgan Stanley projects that the quantum computing market could grow from approximately $10 billion in 2030 to over $100 billion by 2040, contingent on the successful commercial adoption of fault-tolerant machines. The bank has upgraded Quantinuum to an overweight rating from equal-weight, setting a price target of $62, which suggests an 88% upside from its recent closing price.
Analyst Joseph Moore emphasized that Quantinuum excels in technology and execution, being the most advanced among its peers, yet it currently trades at the lowest revenue multiple in the sector. Despite the promising outlook, Moore cautioned that the varying hardware approaches complicate direct comparisons among companies, and current revenue figures are insufficient to gauge future success.
He anticipates that Quantinuum's revenue will increase significantly, reaching $2 billion by 2030, up from an estimated $270 million in 2028. The year 2027 is highlighted as pivotal for the industry, with Quantinuum's next-generation Sol system expected to be a key hardware milestone