Investor excitement over quantum computing companies reached a fever pitch last October with rumors the Trump administration was contemplating an investment in some of them, including IonQ (IONQ 1.69%). The rumors proved false, and in 2026, the fervor had cooled off, with shares in these businesses dropping substantially.
For example, IonQ saw its stock skyrocket to a 52-week high of $84.64 in October. But in 2026, shares are down 24% through the week ending Feb. 13.
IonQ's rival in the space, IBM (IBM 0.89%), also saw its stock price fall in 2026, dropping 11% through Feb. 13. As a result, these two quantum computing companies have become compelling investment choices for the year. Here's why investing in them makes sense.
Image source: Getty Images.
IonQ's robust quantum platform
What makes IonQ an attractive quantum computing investment is its comprehensive technology. The company is acquiring SkyWater Technology, a semiconductor foundry that will give IonQ end-to-end ownership over the quantum computer chip production process.
SkyWater is one of the latest in an acquisition spree, as IonQ collected quantum companies to round out its platform. These include Capella Space, a business focused on satellite quantum tech, as well as Skyloom and Qubitekk, which are working on quantum computer networks.
IonQ has applied its technology in projects such as last year's deployment of the first dedicated citywide quantum network in Geneva, Switzerland. Its rapidly rising revenue is a testament to the efficacy of its tech.
In the third quarter, the company produced sales of $39.9 million, a 222% year-over-year increase. It forecast 2025 revenue to come in between $106 million and $110 million, more than double the $43.1 million generated in 2024.
IonQ's downside is that it's not profitable. The company suffered a Q3 operating loss of $168.8 million, a significant jump up from 2024's $53.1 million loss.
However, its balance sheet is solid. As of Nov. 5, IonQ had no debt and boasted pro forma cash, cash equivalents, and investments of $3.5 billion after executing equity offerings.
NYSE: IONQ
Key Data Points
IBM's key quantum milestones
IBM has worked on quantum computing technology for years. Now, Big Blue is poised to deliver a key industry milestone by the end of 2026: quantum advantage. This is the point where a quantum computer can solve real-world problems more accurately, cheaply, or efficiently than conventional computers.
The company also aims to deliver a fault-tolerant quantum computer by 2029. Such a machine can complete calculations with high accuracy by fixing errors in real time. The achievement would be a major step toward quantum computer adoption, since it overcomes the high error rates seen in these devices today.
NYSE: IBM
Key Data Points
Moreover, IBM is a profitable business generating plenty of free cash flow (FCF). In 2025, sales grew 8% year over year to $67.5 billion, leading to net income of $10.6 billion, up from $6 billion in 2024.
IBM's 2025 FCF was $14.7 billion compared to $12.7 billion in 2024. This FCF growth funds its robust dividend, yielding 2.6%.
With its share price decline, IBM stock sports an attractive valuation. Its price-to-earnings ratio of about 24 is near its low for the past year.
Data by YCharts.
This suggests it's a good time to pick up IBM shares ahead of its key quantum computing milestones.
