Quantum Architectures and the Financial Logic of Scale

Quantum computing should not be treated as a single financial category. Each architecture carries a different industrial logic, cost structure, infrastructure burden and route to commercial value. Superconducting systems depend heavily on cryogenics, microwave control, packaging and quantum-grade fabrication. Trapped ions shift the burden toward lasers, optics, vacuum systems and modular networking. Neutral atoms rely on high-powered optical systems, array control and hybrid simulation pathways. Photonics depends on integrated photonics, detectors, ultra-low-loss packaging and fibre networking. Silicon spin is tied to semiconductor manufacturing, cryo-CMOS and process variability. Annealing is distinct again, with a narrower but nearer-term exposure to optimisation and hybrid-HPC use cases. Treating these models as interchangeable obscures the real sources of capital intensity, regulatory exposure, supply-chain risk and commercial timing.