IBM (NYSE: IBM) announced plans to invest more than $10 billion in quantum computing over the next five years. The investment will cover research and development, capital expenditure, manufacturing scaling, ecosystem partnerships, and mergers and acquisitions.

The company stated the investment aims to accelerate its quantum roadmap toward delivering what it describes as the world's first large-scale, fault-tolerant quantum computer in 2029. IBM operates over 90 quantum systems globally through cloud and on-site deployments across locations including New York, Germany, Ohio, Japan, South Korea, and Spain.

"The quantum era is no longer ahead of us, it has started," said Arvind Krishna, Chairman and CEO of IBM. "The pace of discovery with quantum computers is accelerating rapidly and this investment powers our ability to deliver the next generation of quantum hardware, software, and manufacturing."

IBM reported signing more than $1.1 billion in contracts with clients since 2017 for quantum computing exploration and use. The company's quantum network includes more than 340 members from financial services, healthcare, materials science, academia and government sectors.

The company plans to launch Anderon, which it describes as the world's first pure-play quantum wafer foundry, with support from the United States Department of Commerce. IBM stated it will contribute $1 billion in cash to Anderon, along with intellectual property, assets, and workforce.

IBM's quantum software platform Qiskit is used by nearly 70 percent of quantum developers and has executed over 4 trillion quantum circuits on quantum computers, according to the company's press release.