Worried quantum is shifting from lab hype to real business risk and opportunity? Read this and you’ll know what changed, when, who’s involved, key numbers, and the near‐term outlook. In November 2025 IQM unveiled Halocene (Nov 13) — an on‐prem QEC platform with 150 physical qubits and a 99.7% two‐qubit fidelity target, slated commercial by end‐2026; IBM revealed Nighthawk (Nov 2025) with 120 qubits, 218 tunable couplers, a move to 300 mm wafers to double R&D speed and 10× chip complexity, plus qLDPC decoding in <480 ns; Quantinuum launched Helios (Nov 5–6) — 98 fully connected qubits, 99.9975% single‐qubit fidelity, 48 logical qubits at 2:1 encoding and NVIDIA GB200 integration for 2026 deployment in Singapore; Microsoft committed DKK 1bn to topological qubit manufacturing in Lyngby. Impact: faster path to fault‐tolerant quantum for AI, finance, biotech, security and infrastructure. Near term: commercial systems and regional deployments in 2026; watch gate fidelity, logical‐qubit ratios and sub‐microsecond decoding.