99 Q UA RT E R _ 0 2 _ 2 0 2 6 - - - - - Multiverse Computing to improve capital allocation by combining tensor networks (a mathematical tool to manipulate highly complex multivariable sys tems) with quantum methods. HSBC has partnered with IBM to demonstrate the world’s first-known quantum-enabled algorithmic trading platform. Meanwhile, chemical companies are using QC to perform molecular simulations that can model complex molecules and reactions more accu rately, speeding up the design of novel materials and high-performance catalysts. For instance, bp is working with ORCA Computing to apply hybrid quantum–classical machine learning to generative modeling of molecular conformations. For some sectors, such as manufacturing, public services, and insurance, QC may seem like a dis tant technology with few immediate applications relevant to their core operations. But neglecting to engage with QC at all today could be a mistake. That’s because even if a company does not deploy QC directly, it will likely still be affected by it—especially when it comes to cybersecurity. (The looming Q-Day, when QC breaks today’s encryption, will require com panies to rapidly shift to new forms of security.) EXHIBIT 2 Among commercial sectors, advanced industries, finance, and telecom are the most actively engaged in quantum-computing projects. Adoption of quantum computing across industries, by stage, number of companies (n = 400) Stage 1: Engagement and vigilance 1 Stage 2: Strategy 2 Stage 3: Proof of concept 3 N = Advanced industries4 34 24 27 85 Financial services 30 21 17 68 Telecommunications and technology 22 24 21 67 Education and research 5 3 7 37 47 Energy, chemicals, and materials 11 10 9 30 Government and public sector 3 10 16 29 Pharmaceuticals 13 3 10 26 Professional services 11 10 4 25 Consumer and retail 11 0 1 12 Logistics and infrastructure 5 3 3 11 Note: For details, see Exhibit 2, “Quantum’s bold promise: What business leaders need to know,” McKinsey, May 2026. Data are from market research, including press announcements, LinkedIn posts, publications, job listings from 400 global companies, and client interviews. 1. Defined as active monitoring, announced research activity, discovery, and participation in conferences and discussions. 2. Defined as structured initiatives, use case exploration and analysis, and pilot planning. 3. Defined as demonstrated pilots or running experiments, business building, talent buildups, and deployed systems. 4. Encompasses the following subsectors: aerospace and defense, automotive, and industrial manufacturing. 5. Includes only a subset of prominent organizations. Investors QC is a capital-intensive sector that will need bil lions of dollars in investment to scale. QC requires clean rooms, advanced manufacturing, and complex software. Investors span venture capital and private equity firms, corporations, and governments, each essential to the sector’s development. Both public and private investors will need to accelerate their activity to move QC into the mainstream. Global quantum investment is highly uneven. Europe and parts of Asia stand out for public