D-Wave Quantum vs. Quantum Computing Inc.: Which Player Has Better Quantum System Prospects?

Investment Comparison at a Glance

Two major contenders are reshaping the quantum computing landscape with fundamentally different technological approaches. D-Wave Quantum (NYSE: QBTS) builds quantum annealing systems with established market presence, while Quantum Computing Inc. (NASDAQ: QUBT) bets on photonic quantum technologies. The performance gap tells an interesting story: D-Wave’s shares have grown nearly 200% over the past year, whereas QCi experienced a 35% decline—a telling signal about current market sentiment toward these quantum computing solutions.

Market Performance and Valuation Reality

The divergence in stock performance reflects deeper concerns about valuation and execution. D-Wave currently commands a market capitalization of $10.7 billion, trading at 138 times its projected 2027 revenue. QCi’s $2.7 billion valuation appears cheaper on paper at 179 times forward revenue estimates, yet the multiple premium suggests investors remain skeptical about the company’s ability to deliver at scale.

Revenue comparisons reveal why: D-Wave generated $8.83 million in sales during 2024, compared to QCi’s mere $0.37 million. While both companies operate at a loss, D-Wave’s Leap cloud platform provides recurring revenue streams that QCi cannot yet match. Analyst projections anticipate explosive growth through 2027, with D-Wave potentially reaching $78.28 million in revenue while QCi could scale to $14.99 million—a gap that reflects timeline and execution risk differences.

Technology Approaches Define the Competition

D-Wave’s Proven Architecture

D-Wave’s quantum systems leverage superconducting flux qubits, accelerating electrons through superconducting loops to achieve multiple quantum states simultaneously. This technology powers quantum annealing services that help enterprises optimize complex workflows, supply chain logistics, and resource allocation. The company’s Advantage2 quantum system represents its latest advancement, running on 4,400 qubits and solving 3D lattice problems approximately 25,000 times faster than its predecessor while consuming less power.

Individual systems command premium pricing between $20 million and $40 million, generating variable revenue spikes. However, the steady income foundation comes from Leap platform subscriptions, which provide cloud-based access to quantum computing capabilities. The trade-off: these systems require cryogenic cooling infrastructure, making them physically large, expensive to maintain, and demanding in power consumption.

QCi’s Emergent Photonic Direction

QCi tackles quantum computing’s accessibility problem differently through photonic chips that utilize light particles rather than electrons. This approach offers compelling advantages—photonic systems operate at room temperature without expensive cryogenic requirements and can leverage existing semiconductor fabrication facilities for mass production.

However, the technology remains unproven at scale. QCi has shipped products to only a handful of research institutions and design firms since launching its foundry. Photonic quantum systems face inherent physics constraints: photons scatter and absorb as they pass through optical components, limiting their effectiveness in larger quantum architectures.

Revenue Trajectory and Growth Expectations

Historical financial data shows D-Wave’s established business foundation:

Forward estimates paint a different picture, with both companies expected to achieve significant acceleration:

These projections assume both companies execute flawlessly and overcome substantial manufacturing, technological, and commercial hurdles.

Investment Perspective: Risk and Opportunity

Neither company represents a conservative choice in today’s stretched valuation environment. Both trade at multiples that embed years of growth expectations, leaving little room for execution missteps. A market correction in speculative tech stocks could trigger significant declines for both quantum computing players.

If forced to select between the two, D-Wave Quantum holds the edge. The company operates with a more established business model, generates demonstrable revenue streams, and trades at a fractionally lower price-to-sales multiple than QCi. Its quantum system technology has proven applicability, and its Leap platform provides recurring revenue stability.

QCi’s photonic approach possesses transformative potential—lower operating costs and scalability could eventually upend the industry. Yet significant technical challenges remain unresolved, and the company needs years to demonstrate commercial viability comparable to D-Wave’s current position.

Final Verdict

The quantum computing sector remains deeply speculative, and both stocks carry substantial downside risk if market appetite for unprofitable growth stories diminishes. D-Wave’s more concrete business achievements, stronger revenue foundation, and less demanding valuation multiple make it the marginally safer choice between these two quantum computing specialists, though neither justifies aggressive accumulation in the current valuation environment.