Walk past IBM’s office on London’s South Bank, and you can see a quantum computer right through the window. It is no longer a theoretical concept hidden in a dark lab; it is visible from the pavement.

The UN has officially designated 2025 as the International Year of Quantum Technology. But while fault-tolerant machines may still be years away, the race to build the software, security and infrastructure stack is already on.

In our latest report, "2025: The Year of Quantum", Notion Capital Operating Partner (and Arqit CEO) Andy Leaver cuts through the hype to identify where the real value is forming right now.

Inside the report, you’ll discover:

• The "Harvest Now, Decrypt Later" Threat: You don't need a quantum computer to be at risk. Attackers are stealing encrypted data today to unlock it later, making quantum-safe cybersecurity an urgent, immediate market.

• Europe’s Home-Field Advantage: This isn't just a US game. After the US and China, the UK and Germany tie for third place in highly cited quantum papers, and the UK has secured a 10-year funding settlement for the National Quantum Computing Centre.

• The $97bn Opportunity: The global market for quantum technology - spanning computing, communication and sensing - is projected to reach nearly $100bn by 2035.

• Notion’s Investment Thesis: We aren't trying to pick the single winning hardware architecture. We are betting on the "stack" - the orchestration layers, networking and middleware that will make quantum accessible to the enterprise.

The Verdict for 2025: The "Year of Quantum" won't be defined by one single breakthrough, but by "a thousand small ones" that finally allow us to build a commercial stack.

As Andy Leaver writes, "We’re early enough that the fundamentals are still being defined, but late enough that real companies are being built".

View and download the report 2025: The Year of Quantum here.

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