Quantum targets $2.7 trillion

A quantum computer for Madrid’s industrial test bench

The quantum race is becoming local. Telefónica and IQM Quantum Computers have announced a partnership to deploy the first quantum computer in the Community of Madrid, with the system to be installed at Universidad Politécnica de Madrid before the end of 2026 [1]. The machine will be an IQM Spark, a superconducting quantum computer described as an all-in-one platform for research, education and early-stage development rather than a production-scale system [2].

That distinction matters. The Madrid installation is not being pitched as an immediate replacement for classical high-performance computing, nor as a magic engine that will suddenly optimize every supply chain, simulate every molecule or crack every industrial problem. It is more practical than that: a regional access point to real quantum hardware for universities, hospitals, research centers and startups that need to move beyond simulators and remote experimentation [1].

Telefónica and IQM say the system will allow users to develop and test quantum algorithms while building the technical experience required for future use cases [2]. In other words, Madrid’s first quantum computer is a capability-building asset. Its value lies in the number of engineers, researchers and companies that can learn how to frame problems for quantum systems before the hardware reaches broader commercial maturity.

The installation will also extend an existing Telefónica-IQM footprint in Spain. The Madrid system is described as the third quantum computer deployed in Spain through the collaboration, following two systems provided to the Galician Supercomputing Centre, CESGA [1]. That creates a small but meaningful national pattern: instead of centralizing quantum access in one remote institution, Spain is beginning to distribute hands-on capability across regional innovation hubs.

Why Telefónica is in the room

Telefónica’s role is not incidental. The company frames the project as part of a wider quantum strategy that includes networks, encryption and protection of critical data in sensitive sectors such as healthcare and security [1]. The operator also says it is the first in Spain to offer data-center communications protected with new post-quantum cryptography standards [1].

That context explains why a telecom operator would care about a quantum computer located inside a university. Quantum computing threatens today’s public-key encryption over the long term, but it also creates demand for new secure communications architectures, managed services and expertise. For Telefónica, the business opportunity may be less the box itself than the ecosystem around it: connectivity, cybersecurity, cloud integration, training and sector-specific experimentation.

Cinco Días reported that the initiative is designed to provide direct hardware access to universities, research centers, hospitals and startups for algorithm testing and commercial-use exploration [3]. The paper also noted that IQM, founded in Espoo, Finland, in 2018, specializes in full-stack superconducting quantum computers and has deployed integrated systems in Europe, Asia and North America [3].

There are still open questions. Spanish outlet Merca2 pointed out that the investment figure has not been disclosed and that the parties have not yet detailed how machine time will be allocated [7]. Those details will shape whether the system becomes a widely used regional platform or a prestige asset with limited industrial spillover.

New York wants to be “where quantum is made, connected and put to work”

Madrid’s announcement lands in the same 72-hour window as another signal from across the Atlantic: New York is trying to define itself as a U.S. quantum hub. Governor Kathy Hochul announced a state-commissioned study of New York’s quantum technology landscape, saying it ranks second nationally in quantum-related businesses, research groups and patents [4].

The study, commissioned by Empire State Development’s NYSTAR division and prepared by The Quantum Insider, identifies 134 operating quantum entities, 219 research groups and 734 quantum patent families connected to New York [5]. It argues that the state is one of only two U.S. states with capabilities across the full quantum value chain, from research and manufacturing to commercial applications [5].

The numbers are important because they shift the discussion from scientific reputation to industrial organization. Quantum is not only about qubits; it is also about fabs, cryogenics, optics, photonics, software, test capacity, customers and workforce pipelines. New York’s study explicitly links the state’s quantum prospects to its semiconductor base, optics and photonics clusters, research universities, national labs and enterprise demand in sectors such as finance, healthcare and advanced manufacturing [5].

New York has committed $360 million to two quantum-specific initiatives: $300 million for a Quantum Research and Innovation Hub at Stony Brook and $60 million for up to four regional quantum technology commercialization hubs [5]. The study estimates that this $360 million commitment could support $2.3 billion to $5.0 billion in gross output, $1.4 billion to $3.3 billion in value added and 7,200 to 10,100 job-years in New York through 2036 [5].

The phrase that stands out in the study is strategic: New York wants to be the state where quantum is “made, connected and put to work” [5]. That is a useful contrast with Madrid. Madrid is buying hands-on access to a first regional machine. New York is trying to coordinate a statewide industrial map. Both approaches reflect the same reality: the quantum economy will be won not only by scientific breakthroughs, but by the places that can connect infrastructure, talent and users early.

The $2.7 trillion prize, and the caveat

The headline number comes from McKinsey’s latest quantum analysis as reported by Mint and ANI: quantum computing could generate between $1.3 trillion and $2.7 trillion in economic value worldwide by 2035 [6]. The same report says more than 300 organizations globally are already working with quantum technology providers, a sign that the field is moving from experimental projects toward commercial engagement [6].

McKinsey’s estimate should be read carefully. The $2.7 trillion figure is potential economic value, not guaranteed revenue for quantum vendors. It includes value unlocked in industries where quantum methods could improve simulation, optimization, security or complex modeling. The reported near-term vendor market is much smaller: McKinsey estimates the global market for quantum computing hardware, software and services could reach $60 billion to $100 billion by 2035 [6].

That gap between economic value and vendor market size explains why governments and companies are moving now despite immature hardware. If the biggest gains accrue to pharmaceuticals, chemicals, finance, logistics, materials and cybersecurity, then early access to talent and partnerships becomes a strategic asset. McKinsey’s report says equity investment in quantum technology rose from $2.5 billion in 2024 to $13.3 billion in 2025, while combined revenue of quantum computing companies crossed $1 billion in 2025 and could reach as much as $4.4 billion by 2028 [6].

The report also names constraints: manufacturing limits, shortages of specialized talent and uncertainty over which quantum computing architecture will scale most effectively [6]. That is why the Madrid machine is significant even if it is not a full commercial breakthrough. The bottleneck is not only qubit count; it is the scarcity of people and organizations that know how to use quantum hardware productively.

From portals to platforms

The quantum sector still has not found its portal to Arrakis. The spice is not flowing yet. But the direction of travel is clearer: regions are building platforms, not waiting for a single universal machine to arrive fully formed.

Madrid’s IQM Spark gives local researchers and companies a physical point of contact with quantum computing [1]. New York’s study turns scattered assets into a policy map, with hubs, funding and industrial coordination as the next test [5]. McKinsey’s $2.7 trillion ceiling gives executives and governments a reason to act before the commercial winners are obvious [6].

The risk is hype. The opportunity is preparation. Quantum’s next phase will reward places that can convert early infrastructure into use cases, use cases into skills and skills into durable ecosystems. Madrid has taken a first hardware step. New York is trying to choreograph a statewide strategy. Between the two, the market’s message is the same: quantum advantage may still be ahead, but the competition to own the path toward it has already begun.

Sources from the last 72 hours

1. [1]Telefónica e IQM dotarán a la Comunidad de Madrid de su primer ordenador cuántico para impulsar el desarrollo de casos de uso en las industrias de la regiónOct 23, 2026, 12:00 AM
2. [2]Telefónica and IQM to Provide the Community of Madrid With Its First Quantum Computer to Drive the Development of Industry Use Cases Across the RegionOct 23, 2026, 12:00 AM
3. [3]Telefónica e IQM instalarán el primer ordenador cuántico de MadridOct 23, 2026, 9:53 AM
4. [4]Governor Hochul Announces New Study Highlighting New York’s Position as a National Leader in Quantum TechnologyOct 23, 2026, 10:55 PM
5. [5]Quantum computing could generate up to USD 2.7 trillion in economic value by 2035: McKinseyOct 23, 2026, 7:50 AM
6. [6]Madrid estrena ordenador cuántico: Telefónica e IQM eligen la PolitécnicaOct 24, 2026, 12:31 AM
7. [7]Quantum Technology Landscape Study, New York State - October 2026Oct 23, 2026, 10:55 PM

AI-generated article based on recent web research, then preserved as a dated editorial snapshot.