Key Points
-
IonQ leverages trapped-ion technology and recently acquired its own semiconductor foundry to scale production.
-
D-Wave Quantum specializes in quantum annealing and serves a diverse roster of blue-chip enterprise customers.
-
Which quantum computing pioneer deserves a place in your long-term portfolio?
- 10 stocks we like better than IonQ ›
The quantum computing race is intensifying as companies transition from laboratory experiments to commercial applications. Choosing between IonQ (NYSE:IONQ) and D-Wave Quantum (NASDAQ:QBTS) requires you to decide which specialized hardware approach will win.
IonQ focuses on trapped-ion technology to build scalable quantum systems for enterprise use. D-Wave specializes in quantum annealing, a different method optimized for solving complex business calculations. Both companies are high-risk investments that aim to revolutionize computing as we know it today.
The case for IonQ
IonQ utilizes trapped-ion technology to develop quantum platforms for diverse fields like drug discovery and financial modeling. The company is a notable player among quantum computing stocks that focus on specialized hardware. It maintains commercial agreements with the likes of Amazon for its cloud-based offerings. Following its July 2026 acquisition of SkyWater Technology, the company now operates its own domestic foundry to serve a broader range of customers.
In its 2025 fiscal year (FY), revenue reached $130.0 million, representing a year-over-year increase of 201.9%. The company reported a net loss of $510.4 million for the same period. This resulted in a net margin of -392.6%, which measures the total loss generated for every dollar of revenue.
As of its December 2025 balance sheet, IonQ reported a debt-to-equity ratio of zero. This ratio shows total debt relative to shareholder equity, indicating the company has no traditional debt on its books. The current ratio of 15.5x is high, indicating the company has ample assets to cover short-term bills, though it generated a negative free cash flow of $299.6 million. Free cash flow is the cash a business generates after paying for its operations and equipment.
The case for D-Wave Quantum
D-Wave Quantum focuses on quantum annealing systems designed to solve complex optimization problems for more than 100 organizations. Its customer list includes global leaders such as Mastercard. The company recently expanded a partnership with AT&T in July 2026 to enhance network optimization through quantum-powered solutions. D-Wave also offers the Leap cloud service, providing users with access to its Advantage systems that feature over 5,000 qubits.
In FY 2025, revenue reached $24.6 million, an increase of 178.5% compared to the previous year. The company reported a net loss of $355.1 million during this period. Its net margin was -1,444.1%, indicating the size of the company’s loss relative to the revenue it generated.
As of its December 2025 balance sheet, D-Wave Quantum maintained a debt-to-equity ratio of 0.1x. This indicates that total debt is low compared to shareholder equity, providing a relatively clean capital structure. The current ratio of 42.4x reflects high liquidity for short-term obligations, even as the company reported a negative free cash flow of $75.8 million.
Risk profile comparison
IonQ faces significant hurdles related to the unproven scalability of its trapped-ion technology and a limited operating history of recurring losses. The company must also manage technological obsolescence risks and manufacturing challenges to reach a high-volume production scale. Additionally, the recent acquisition of SkyWater Technology introduces integration complexities that could impact financial results if the expected benefits are not realized.
D-Wave Quantum struggles with financial sustainability due to its history of net losses and a heavy reliance on external capital. The company competes against well-funded technology giants while trying to integrate its recent acquisition of Quantum Circuits. Furthermore, revenue generation relies heavily on third-party cloud infrastructure from providers like Amazon, meaning any service disruptions could materially harm its operating results.
Valuation comparison
IonQ appears cheaper based on its sales multiple, though neither company is currently profitable. The P/S ratio compares the company’s market value to its total revenue, helping you see how much investors pay for each dollar of sales. Neither business has a Forward P/E, which compares stock price to future earnings estimates, because they are still scaling operations toward profitability.
MetricIonQD-Wave QuantumForward P/En/an/aP/S ratio104.9×242.1x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Both IonQ and D-Wave Quantum are capturing customers, but growing operating losses as they attempt to gain market share in the nascent quantum computing field. IonQ generates far greater revenue, as illustrated by its first-quarter sales of $64.7 million, which represents impressive 755% year-over-year growth. D-Wave produced Q1 revenue of only $2.9 million, an 81% decline from 2025’s $15 million.
IonQ’s stronger sales suggest its ion-base quantum technology is attracting customers. That said, D-Wave is showing promise, as demonstrated by the addition of AT&T as one of its clients.
Moreover, D-Wave’s acquisition of Quantum Circuits is noteworthy because it expands its tech beyond quantum annealing into gate-model quantum computers, which extends its technological capabilities and opens an opportunity to gain more customers. Also, it was awarded $100 million by the U.S. government in May.
However, IonQ’s SkyWater Technology acquisition gives the company end-to-end quantum computer chip capabilities. It also boasts a comprehensive quantum solution set, which spans quantum networking and cybersecurity to quantum technology in space. This and its excellent sales growth point to IonQ as the better quantum computing stock to buy in 2026.
Should you buy stock in IonQ right now?
Before you buy stock in IonQ, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and IonQ wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $386,727!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,232,139!*
Now, it’s worth noting Stock Advisor’s total average return is 906% — a market-crushing outperformance compared to 208% for the S&P 500. Don’t miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of August 2, 2026.
Robert Izquierdo has positions in AT&T, Amazon, and IonQ. The Motley Fool has positions in and recommends Amazon, IonQ, and Mastercard. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
