$2B to $10B: Why Quantum Suddenly Matters

In this episode of BASELINE, Ian Smith sits down with Kirill Pyshkin, investor and physicist, to unpack what’s actually happening inside the quantum market.Investment has jumped from around $2 billion to over $10 billion in a year. Large institutions like HSBC and Moderna are already reporting real-world results. So why does it still feel like a science project?This conversation breaks down what changed in 2025 and why it matters, where quantum is already being used today, why one breakthrough can shift an entire industry, the real risks around encryption and security, how investors separate signal from hype, and what happens next as quantum moves from research to deployment.