IBM

International Business Machines Corp

research_scan theme='quantum-computing'; value_chain_position='picks-and-shovels'; Only mature-cap incumbent running a publicly-committed logical-qubit roadmap (Loon 2025 -> Kookaburra 2026 -> Cockatoo 2027 -> Starling 2029 -> Blue Jay 2033) using bivariate-bicycle qLDPC codes; hyperscaler quantum cloud channel (IBM Quantum) alongside AWS/Azure/GCP. Quantum sits inside IBM's aggregate revenue rather than dominating it — a lower-risk exposure to the theme than the pure-plays. IBM Quantum blog primary source returned 403 this scan; roadmap milestones inferring on prior published cadence.