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Quantum Computing Stocks · Tool Face-Off

IonQ vs D-Wave Quantum

Quick answer

IonQ bets on trapped-ion hardware with long-term gate-model upside; D-Wave is the revenue-generating veteran with real annealing customers today. Neither is for the faint-hearted.

IonQ
Trapped-ion qubits chasing quantum supremacy
3.2★
VS
Our pick
D-Wave Quantum
The OG quantum company actually selling things
3.3★
Ticker / Exchange
IONQ – NYSE
QBTS – NYSE
Qubit Technology
Trapped-ion (gate-model)
Quantum annealing
Qubit Count (latest system)
~36 algorithmic qubits (AQ)
5,000+ physical qubits (Advantage2)
Annual Revenue (recent FY)
~$37M (FY2024)
~$48M (FY2024)
Revenue Growth YoY
~95% YoY
~25% YoY
Net Loss (recent FY)
~$330M
~$160M
Market Cap (approx.)
$4–7B range
$1–3B range
Cloud Access
AWS, Azure, Google Cloud
Leap cloud (own platform) + AWS
Paying Enterprise Customers
Growing; mostly gov & defense
500+ enterprise & gov clients
Founded
2015
1999
Cash Runway
~$370M cash (late 2024)
~$175M cash (late 2024)
Profitability Timeline
Not guided; likely 2028+
Not guided; sooner burn rate

IonQ

Revenue Traction★★☆☆☆
Path to Profitability★★☆☆☆
Partnerships & Ecosystem★★★★☆
Valuation Reasonableness★★½☆☆
Technology Differentiation★★★★½
Hardware Roadmap Credibility★★★★☆

D-Wave Quantum

Revenue Traction★★★½☆
Path to Profitability★★½☆☆
Partnerships & Ecosystem★★★½☆
Valuation Reasonableness★★★☆☆
Technology Differentiation★★★½☆
Hardware Roadmap Credibility★★★½☆

Worth knowing

D-Wave's first commercial quantum computer was sold to Lockheed Martin in 2011 for ~$10M — before most people had even heard the word 'qubit.' It's basically the grandpa of quantum commerce.

If you want

You want the highest-upside, moonshot gate-model bet

IonQ's trapped-ion tech is scalable and error-friendly — if gate-model quantum wins, IonQ is a top contender.

→ Pick IonQ
If you want

You want a quantum stock with actual paying customers today

D-Wave has 500+ enterprise clients and 20+ years of operational history — as 'safe' as quantum gets.

→ Pick D-Wave Quantum
If you want

You prioritize cash runway and lower dilution risk

IonQ's ~$370M cash cushion gives it significantly more time to grow without desperate fundraising.

→ Pick IonQ
If you want

You believe optimization problems (logistics, finance) are quantum's near-term killer app

D-Wave's annealing architecture is purpose-built for exactly these problems and already deployed in production.

→ Pick D-Wave Quantum
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