Quantum Market Cap

IONQ vs QBTS: Which Quantum Stock Is Better?

IonQ (Trapped-Ion) vs D-Wave Quantum (Quantum Annealing) — live market, SEC financial and quantum-hardware data side by side.

IONQ is the larger company at $19.18B market cap, about 2.2× the size of QBTS ($8.88B).

IONQ reports more revenue ($130.02M vs $24.59M for QBTS, latest fiscal year).

On cash runway — the metric that decides who needs to raise money first — QBTS is stronger (72mo vs 61mo).

They take different technical paths: IONQ reports 100 qubits (#AQ (Algorithmic Qubits)), while QBTS reports 4,400 qubits (Physical Qubits (Quantum Annealing, Zephyr topology)) — raw counts are not directly comparable across modalities.

MetricIONQIonQQBTSD-Wave Quantum
Market
Price$51.40$23.99
Market Cap$19.18B$8.88B
1Y Return+28.2%+61.9%
52W High$84.64$46.75
52W Low$25.89$12.75
Financials
Revenue (latest FY)$130.02M$24.59M
Revenue YoY+201.9%+178.5%
Net Income$-510,378,000$-355,062,000
Cash & Equivalents$2.04B$588.40M
Cash Runway61mo72mo
Risk
Going Concern FlagNoNo
ATM Offerings (dilution)18121
Daily Short Vol %49.8%59.3%
Beta (1Y vs SPY)0.891.19
Government & Research
Federal Awards Total$302.98M$40.0K
Academic Citations38K—
Patents——
Quantum Technology
Physical Qubits1004,400
Qubit Modality#AQ (Algorithmic Qubits)Physical Qubits (Quantum Annealing, Zephyr topology)
2Q Gate Fidelity99.6%—
Cloud PlatformsAWS Braket, Azure Quantum, Google Cloud, IonQ Quantum CloudD-Wave Leap (Direct)
Roadmap Target#AQ 64 achieved Sept 2025 (Tempo); 256-qubit chip-based system shipments 2026; 800 logical qubits by 2027; fault-tolerant at scale 2028–2030Dual-platform: annealing utility today + gate-model roadmap (Feb 2026) — initial 17-qubit gate-model system 2026, 181 qubits 2028, 10 logical qubits 2030, 100 logical qubits 2032 via dual-rail qubits (Quantum Circuits acquisition)
Company
Founded20151999
HeadquartersCollege Park, MDBurnaby, BC, Canada
Employees——

IONQ vs QBTS FAQ

Is IONQ or QBTS the bigger company?

IONQ is larger, with a market cap of $19.18B versus $8.88B for QBTS.

Which has the longer cash runway, IONQ or QBTS?

IONQ's cash runway is 61mo and QBTS's is 72mo (current cash ÷ trailing-twelve-month operating burn; "CF+" means cash-flow positive).

What technology do IONQ and QBTS use?

IonQ (IONQ): #AQ (Algorithmic Qubits). D-Wave Quantum (QBTS): Physical Qubits (Quantum Annealing, Zephyr topology). Qubit counts are not directly comparable across different modalities.

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