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QBTS vs BTQ: Which Quantum Stock Is Better?

D-Wave Quantum (Quantum Annealing) vs BTQ Technologies (Quantum Security) — live market, SEC financial and quantum-hardware data side by side.

Direct verdict: QBTS vs BTQ

QBTS leads this data snapshot on 4 of the five headline market, financial, runway, return and dilution measures with comparable data. The better investment still depends on valuation, technology execution and risk tolerance.

QBTS is the larger company at $4.34B market cap, about 15× the size of BTQ ($289.11M).

QBTS reports more revenue ($24.59M vs $230.19K for BTQ, latest fiscal year).

On cash runway — the metric that decides who needs to raise money first — QBTS is stronger (59mo vs 5mo).

They take different technical paths: QBTS reports 5,627 qubits (Physical Qubits (Quantum Annealing, Pegasus topology)), while BTQ reports its qubit count (Software-Defined (Neutral-Atom Emulation & Control)) — raw counts are not directly comparable across modalities.

QBTS vs BTQ Performance (% return, all start at 0%)
4/295/286/297/298/279/28-40%+0%+40%+80%+120%
BTQ-18.5%QBTS-33.8%
MetricQBTSD-Wave QuantumBTQBTQ Technologies
Market
Price$11.66$2.00
Market Cap$4.34B$289.11M
1Y Return-64.3%-78.0%
52W High$37.62$10.20
52W Low$11.35$2.09
Financials
Revenue (latest FY)$24.59M$230.19K
Revenue YoY+178.5%-52.7%
Net Income-$355.06M-$17.95M
Cash & Equivalents$546.24M$6.89M
Cash Runway59mo5mo
Risk
Going Concern FlagNo⚠ YES
ATM Offerings (dilution)1211
Daily Short Vol %49.9%46.1%
Beta (1Y vs SPY)1.681.90
Government & Research
Federal Awards Total$40.00K—
Academic Citations——
Patents——
Quantum Technology
Physical Qubits5,627—
Qubit ModalityPhysical Qubits (Quantum Annealing, Pegasus topology)Software-Defined (Neutral-Atom Emulation & Control)
2Q Gate Fidelity——
Cloud PlatformsD-Wave Leap (Annealing + select gate-model simulator beta)MIMIQ (cloud and on-premises), SDT QuREKA, aQCess digital twin
Roadmap TargetDual-platform: annealing utility today + gate-model roadmap — gate-model simulator beta launched October 2026; initial 17-qubit gate-model system targeted for 2026; 49 qubits in 2027; 181 qubits in 2028; 10 logical qubits in 2030; 100 logical qubits executing 1M+ operations by 2032 via dual-rail qubitsDeploy QSSN across Kaia under the three-year commercial agreement; deploy the aQCess digital twin as the 400+ qubit platform comes online; QLU v1 targeted for mid-2027; expand MIMIQ/QLU integrations across neutral-atom hardware
Company
Founded19992021
HeadquartersBurnaby, BC, CanadaVancouver, BC, Canada
Employees382—
Company DNA0–100 rank vs all tracked stocks · missing data = 0
MomentumScaleRevenueRunwayGov $Research

Momentum = 1Y return · Scale = market cap · Runway capped at 36mo · Gov $ = federal awards · Research = citations + patents. Dollar axes use log scale.

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QBTS vs BTQ FAQ

Is QBTS or BTQ the bigger company?

QBTS is larger, with a market cap of $4.34B versus $289.11M for BTQ.

Which has the longer cash runway, QBTS or BTQ?

QBTS's cash runway is 59mo and BTQ's is 5mo (current cash ÷ trailing-twelve-month operating burn; "CF+" means cash-flow positive).

What technology do QBTS and BTQ use?

D-Wave Quantum (QBTS): Physical Qubits (Quantum Annealing, Pegasus topology). BTQ Technologies (BTQ): Software-Defined (Neutral-Atom Emulation & Control). Qubit counts are not directly comparable across different modalities.

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