IBM announced a $10 billion investment over five years to build a large-scale, fault-tolerant quantum computer by 2029. The machine, "IBM Quantum Starling," will feature 200 logical qubits, advancing the timeline for "Q-Day"—when quantum computers can break the cryptography securing assets like Bitcoin. The move comes amid U.S. government funding initiatives to secure leadership in the technology.
IBM Quantum Starling specifications
- ▪IBM plans to build a large-scale, fault-tolerant quantum computer named IBM Quantum Starling by 2029
- ▪The IBM Quantum Starling is designed to feature 200 logical, error-corrected qubits
- ▪The IBM Quantum Starling aims to execute 100 million quantum gates, enabling it to solve problems impossible for classical computers
IBM quantum computing investment
- ▪IBM currently operates over 90 quantum systems and has partnerships with 325 organizations, including Fortune 500 companies and government agencies
- ▪The $10 billion investment covers research, development, capital expenditures, manufacturing, partnerships, and potential acquisitions
- ▪IBM plans to invest over $10 billion in quantum computing over the next five years, as disclosed in an SEC 8-K filing
Quantum threat to cryptocurrency
- ▪The development of powerful quantum computers poses a threat to cryptocurrencies like Bitcoin and Ethereum, which rely on elliptic curve digital signature algorithms (ECDSA)
- ▪Estimates suggest thousands of logical qubits are needed to break 256-bit elliptic curve cryptography, more than the 200 planned for IBM Quantum Starling
- ▪A sufficiently powerful quantum computer could derive a wallet's private keys from its public keys, which are exposed after a transaction is sent
Post-quantum cryptography development
- ▪The National Institute of Standards and Technology (NIST) is working to standardize post-quantum cryptography (PQC) algorithms
- ▪Projects focused on quantum-resistant cryptographic solutions are gaining attention in response to the threat from quantum computers
US government quantum funding
- ▪A separate U.S. government proposal includes a $1 billion CHIPS incentive for quantum technologies, including an IBM-led quantum foundry
- ▪IBM will contribute $1 billion, intellectual property, assets, and workforce to the Anderon venture
- ▪The U.S. government decided to take $2 billion in equity stakes in nine quantum computing companies as part of a push to counter China
- ▪IBM is set to receive $1 billion of this funding for a new venture called Anderon, the first dedicated quantum chip manufacturing facility in the U.S.
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