We’re optimistic that within five years we’ll see real-world applications’: Google thinks it’s on the cusp of delivering on its quantum computing dream – even if Jensen Huang isn't so sure

Nvidia CEO Jensen Huang might not be sold on the immediate potential of quantum computing, but industry giant Google appears to disagree.

The tech giant could be aiming to release commercial quantum computing applications within the next five years, according to reports from Reuters this week.

“We’re optimistic that within five years we’ll see real-world applications that are possible only on quantum computers,” Hartmut Neven, founder and lead of Google Quantum AI told the publication.

Neven’s optimistic outlook follows skeptical comments on the real-world applications of quantum computing by Nvidia co-founder and CEO Jensen Huang last month.

Interest in the potential of quantum technology has been building rapidly in recent years. In July 2024, analysis from Boston Consulting Group projected quantum computing will create anywhere between $450 billion and $850 billion in economic value by 2040.

But despite growing enterprise interest, the quantum computing space still remains in a nascent stage – a talking point which Huang was keen to emphasize, insisting that practical, real-world applications could still be decades away.

“So if you kind of said 15 years for very useful quantum computers, that’d probably be on the early side. If you said 30 is probably on the late side. But if you picked 20, I think a whole bunch of us would believe it,” he said, according to reporting from Axios.

Huang’s critical comments prompted shares in a host of popular quantum computing companies to nosedive. Shares in Quantum Computing Inc fell by 45%, for example, while IonQ experienced a 42% dip.

Notably, shares in Reigetti Computing plummeted 46%. The firm has reported significant growth over the last year, recording an 1,800% rise in stock prices.

Total losses on the back of Huang’s comments amounted to around $4 billion in market capitalization.

Quantum computing hype is building

Huang’s comments on the lack of real-world applications for quantum computing aren’t without merit. However, despite this enterprises still appear to be bullish on the potential of the technology - and this has been reflected in venture capital funding for organizations operating in the space.

Analysis from Crunchbase in November last year showed quantum computing startups had raised $1.5 billion in VC funding up until that point, with funding pledges spanning some 50 deals.

Notably, this marked a doubling of the $785 million raised in the year prior as well as the $963 million raised in 2022, which represented an all-time high.

Direct investment in quantum by enterprises is also building, research shows. A recent study from QuEra Computing found that global budgets for quantum applications are expected to rise by 20% in 2025 alone.

“The projected growth in both confidence and investment reflects a growing recognition of quantum computing’s potential to address complex challenges and drive innovation in key sectors,” the firm said.

Google has a track record with quantum gains

Google’s positive outlook on quantum computing appears to be firmly based around recent successes with the technology. In early December, the company announced it had made a major breakthrough with its new ‘Willow’ quantum chip, for example.

Using the chip, Google said it had successfully completed calculations that would previously have taken current-gen supercomputers 10 septillion years.

At the time, Google said the Willow success would pave the way to a “useful, large-scale quantum computer”, and CEO Sundar Pichai was highly vocal about the potential real-world applications on social media.

“We see Willow as an important step in our journey to build a useful quantum computer with practical applications in areas like drug discovery, fusion energy, battery design + more,” he said.