IonQ (IONQ) vs. D-Wave Quantum (QBTS): Which Quantum Computing Stock Looks Stronger After Earnings?

Quantum computing stocks IonQ IONQ +21.70% ▲ and D-Wave Quantum QBTS +2.49% ▲ reported quarterly results this week, but the market reaction was very different. IonQ shares jumped after a strong Q4 revenue beat and upbeat guidance, while D-Wave struggled after reporting weaker-than-expected Q4 results.

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The contrast shows a shift in what investors are looking for. Instead of focusing only on long-term technology potential, investors now want evidence of real revenue and early commercial use.

Quarterly Highlights

IonQ Stock

IonQ delivered a strong quarter and exceeded expectations by a wide margin. The company reported Q4 revenue of $61.9 million, far above estimates of about $40 million. Its adjusted loss was also smaller than expected.

Guidance was the bigger driver. IonQ forecast first-quarter revenue of $48 million to $51 million and full-year revenue of $225 million to $245 million, both ahead of Wall Street projections. The company also reported full-year 2025 revenue of about $130 million, becoming the first publicly traded quantum computing company to surpass $100 million in annual sales.

The results suggested customers are beginning to use quantum computing services in real workloads rather than only experimental testing.

D-Wave Quantum Stock

D-Wave reported a weaker quarter. The company posted Q4 revenue of $2.75 million, below estimates of $3.75 million, and a larger-than-expected loss.

The stock had initially risen in sympathy after IonQ’s results but pulled back once D-Wave released its own earnings. Despite the weak quarter, the company announced several developments, including a system sale, defense-related partnerships, and a multi-year quantum computing service agreement with a large corporate customer.

Roth Capital analyst Sujeeva De Silva kept a Buy rating on the stock but lowered the price target, pointing to higher operating expenses after D-Wave’s January 2026 agreement to acquire Quantum Circuits, a developer of gate-model quantum hardware. The deal is meant to broaden D-Wave’s technology beyond its current annealing systems, though it will raise costs in the near term.

Which Quantum Computing Stock Looks Stronger?

Both companies are early-stage and still unprofitable, but the latest results explain the different market reaction. IonQ’s earnings showed clearer revenue growth and reduced uncertainty for investors. D-Wave, meanwhile, highlighted future potential, yet its current revenue remains limited.

According to the TipRanks Stock Comparison Tool, analysts still rate QBTS a Strong Buy with an average price target of about $41.82, implying significant upside. Meanwhile IonQ carries a Moderate Buy consensus with an average price target near $63.82, implying roughly 56% upside from current levels.

In short, analysts see more valuation upside in D-Wave, but investors are currently favoring IonQ’s stronger near-term business momentum.

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