We will never have a proper quantum computer. There is no error correction code with fault-tolerance thresholds low enough for any real system without incurring an exponential overhead in ancilla qubits. Magic state distillation is not just expensive, it is fundamentally prohibitive of universal FT computation. There is something deeply rooted in nature that prevents the existence of a coherent macroscopic quantum system unless one uses exponential amount of classical control.

A theorist is going to prove this in the next 30 years and the entire field of quantum computing will crumble. However, other fields of quantum information science will remain active, mainly those related to optics (metrology, communication). Because of this, Xanadu and PsiQuantum will cling desperately to the hope that their devices can circumvent the no-FT theorem.