D-Wave Quantum (QBTS) and IonQ (IONQ) have both delivered exceptional stock performance in 2026, fueled by growing investor confidence in the commercialization of quantum technologies.
Between April and June, IonQ shares surged 91.7% while D-Wave gained 75.1%, with both stocks outperforming the broader market during the second quarter ending June 30, 2026.
The quarter was supported by favorable industry trends including rising enterprise investment in hybrid AI-quantum applications and increasing urgency around post-quantum cybersecurity.
U.S. government initiatives to accelerate domestic quantum computing capabilities also provided a meaningful tailwind for both pure-play quantum companies during the period.
With both companies expected to report second-quarter results in the first week of August, investors are now weighing which stock is better positioned heading into earnings season.
IonQ reported first-quarter revenues of $64.7 million, exceeding its own guidance by more than 30%, prompting management to raise its full-year 2026 revenue outlook to $260-$270 million from a prior range of $240-$260 million.
Remaining performance obligations expanded to $470 million, providing strong revenue visibility and reflecting a growing pipeline of contracted business heading into the second quarter.
IonQ delivered an adjusted EBITDA loss of $12.3 million in the first quarter and ended the period with approximately $697 million in cash, cash equivalents and investments, providing ample flexibility for acquisitions and expansion.
D-Wave reported first-quarter bookings of $33.4 million, while its remaining performance obligations more than tripled year over year, reflecting a rapidly expanding backlog of contracted business.
The company reported a gross margin of 92.5% in the first quarter and ended the period with a liquidity position of $588.4 million in cash and investments, supporting continued product development and growth initiatives.
D-Wave also reiterated expectations to deliver at least two Advantage2 quantum systems in 2026, with the acquisition of Quantum Circuits expected to drive synergies by integrating gate-model and annealing technologies.
The Zacks Consensus Estimate for IonQ calls for a loss of 29 cents per share for Q2, a significant improvement from a 70-cent loss reported in the year-ago quarter.
D-Wave is expected to report a loss of 8 cents per share for the second quarter, compared with a 55-cent loss a year earlier, reflecting meaningful progress toward profitability.
Consensus EPS estimates for both companies have remained unchanged over the past 60 days, indicating stable and consistent analyst expectations ahead of their respective earnings reports.
Analysts view D-Wave as better positioned than IonQ heading into the second-quarter earnings season, citing record bookings, a rapidly expanding sales pipeline and a solid liquidity position as key differentiators.
IonQ remains fundamentally strong with a compelling long-term story supported by its $470 million RPO, raised full-year guidance and continued multi-product customer adoption across its quantum solutions portfolio.
However, D-Wave’s stronger near-term commercial momentum and its Zacks Rank #2 (Buy) rating, compared with IonQ’s Zacks Rank #3 (Hold), make QBTS the more attractive pick ahead of the early August earnings reports.
