Put “quantum” in front of almost anything and it tends to evoke a singular reaction: it must be highly technical, theoretical, or out of reach. But when it comes to “quantum computing” – especially the business of quantum computing – those instincts are misplaced. That is because the competitive dynamics driving this industry are, in many ways, deeply familiar. Quantum computing, like every major technological innovation that has come before it, presents new capabilities layered onto old economic realities. The shift from classical to quantum computing is no more mysterious from a competition standpoint than the move from the horse-and-buggy to the Model T. Though the technology changes, questions of competition – e.g., who controls access to key resources and sets standards, and how firms leverage early advantages – remain largely the same. Here, we explore how the antitrust laws might apply to the emerging industry of quantum computing. And while the science side of quantum computing is novel, certain core business risks associated with the industry are not. Even in its early, pre-commercial stage, familiar antitrust issues are already on the horizon. 1. The Quantum Stack: A New Architecture for Competition First, some basics. What is quantum computing? At their core, quantum computers differ from classical computers in how they process information. Traditional computers rely on bits: binary units that express either as 0 or 1. Quantum computers, however, run on qubits, which are not bound by the same binary constraints and can exist in multiple states simultaneously. This property enables quantum systems to simulate seemingly contradictory states in parallel, offering users the potential to solve certain, more complicated problems more efficiently than their classical counterparts. This technological advantage is not just theoretical. Cloud providers offer quantum as a service (QaaS), giving users access to the power that quantum