International Business Machines Corp.'s stock closed at a record high on Tuesday, extending its streak of gains to an eighth session after the company unveiled its plans for a new quantum computer.

The tech giant's shares ended up 1.5% on Tuesday, closing at $276.24 - enough for a fresh record close, according to Dow Jones Market Data. The stock is currently on its longest winning streak since December 2023, the data showed.

IBM $(IBM)$ announced a plan on Tuesday to build what it calls "the world's first large-scale, fault-tolerant quantum computer" by 2029, saying it will make way for practical and scalable quantum computing.

The quantum computer, named IBM Quantum Starling, will be built at the company's new IBM Quantum Data Center in Poughkeepsie, N.Y. Compared to quantum computers available today, the company said Starling will be able to perform 20,000 times more computations - or "the memory of more than a quindecillion of the world's most powerful supercomputers," according to IBM.

Starling is not the tech pioneer's first foray into quantum computing, as it already operates quantum computers around the world. Unlike classical computers, which use binary 1s and 0s, quantum computers use quantum bits, also known as qubits, which are usually electrons or photons. Connected together, qubits have far more processing power than classical bits because of superposition, which is the ability for qubits to be any possible combination of 0 and 1 at once. However, due to the fragile environment required for quantum computing, quantum computers often produce errors - even more so when qubits are added.

A large-scale, fault-tolerant quantum computer would need to scale to hundreds or thousands of logical qubits, or the computing units of an error-corrected quantum computer, according to IBM. Logical qubits are made up of "multiple physical qubits working together to store this information and monitor each other for errors," the comapny said. At that level, quantum computers would be capable of practical tasks such as developing new drugs and materials-science research.

According to IBM, Starling will have enough computational power to run "100 million quantum operations using 200 logical qubits," which would make it useful for solving these problems. Starling will be followed by IBM Quantum Blue Jay, which the company said will be able to handle 1 billion quantum operations with 2,000 logical qubits.

IBM also introduced two technical papers on Tuesday outlining its efforts to build its next quantum computers. Part of that work relies on quantum low-density parity check codes, also known as qLDPC codes, which "drastically reduces the number of physical qubits needed for error correction and cuts required overhead by approximately 90%" compared to error-correcting codes being used currently, it said.

"IBM is charting the next frontier in quantum computing," Arvind Krishna, the company's chief executive, said in a blog post. "Our expertise across mathematics, physics and engineering is paving the way for a large-scale, fault-tolerant quantum computer - one that will solve real-world challenges and unlock immense possibilities for business."