QBTS vs ARQQ: Which Quantum Stock Is Better?
D-Wave Quantum (Quantum Annealing) vs Arqit Quantum (Quantum Security) — live market, SEC financial and quantum-hardware data side by side.
QBTS is the larger company at $8.88B market cap, about 18× the size of ARQQ ($505.24M).
QBTS reports more revenue ($24.59M vs $530.0K for ARQQ, latest fiscal year).
On cash runway — the metric that decides who needs to raise money first — QBTS is stronger (72mo vs 15mo).
| Metric | QBTSD-Wave Quantum | ARQQArqit Quantum |
|---|
| Market |
| Price | $23.99 | $29.72 |
| Market Cap | $8.88B | $505.24M |
| 1Y Return | +61.9% | -14.3% |
| 52W High | $46.75 | $62.00 |
| 52W Low | $12.75 | $11.52 |
| Financials |
| Revenue (latest FY) | $24.59M | $530.0K |
| Revenue YoY | +178.5% | +80.9% |
| Net Income | $-355,062,000 | $-35,343,000 |
| Cash & Equivalents | $588.40M | $36.98M |
| Cash Runway | 72mo | 15mo |
| Risk |
| Going Concern Flag | No | No |
| ATM Offerings (dilution) | 121 | 26 |
| Daily Short Vol % | 59.3% | 65.3% |
| Beta (1Y vs SPY) | 1.19 | 1.34 |
| Government & Research |
| Federal Awards Total | $40.0K | $0 |
| Academic Citations | — | — |
| Patents | — | — |
| Quantum Technology |
| Physical Qubits | 4,400 | — |
| Qubit Modality | Physical Qubits (Quantum Annealing, Zephyr topology) | — |
| 2Q Gate Fidelity | — | — |
| Cloud Platforms | D-Wave Leap (Direct) | SKA-Platform (SaaS), SKA-PI (Private Instance) |
| Roadmap Target | Dual-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) | Global enterprise and telco rollout via SKA-CC for MSPs and sovereign private deployments |
| Company |
| Founded | 1999 | 2017 |
| Headquarters | Burnaby, BC, Canada | London, UK |
| Employees | — | — |
QBTS vs ARQQ FAQ
Is QBTS or ARQQ the bigger company?
QBTS is larger, with a market cap of $8.88B versus $505.24M for ARQQ.
Which has the longer cash runway, QBTS or ARQQ?
QBTS's cash runway is 72mo and ARQQ's is 15mo (current cash ÷ trailing-twelve-month operating burn; "CF+" means cash-flow positive).
What technology do QBTS and ARQQ use?
D-Wave Quantum (QBTS): Physical Qubits (Quantum Annealing, Zephyr topology). Arqit Quantum (ARQQ): Quantum Security. Qubit counts are not directly comparable across different modalities.
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