IonQ (IONQ 3.47%) and D-Wave Quantum (QBTS 5.55%) are both early movers in the quantum computing market. However, both stocks have declined by more than 20% this year as investors pivoted toward more conservative investments. Which of these quantum stocks has a better shot at bouncing back in 2026 and beyond?
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The differences between IonQ and D-Wave
Quantum computers can perform specific tasks faster than classical computers, but they're larger, more expensive, consume more power, and produce a higher error rate.
IonQ wants to shrink those systems and improve their accuracy by using tiny lasers to trap ions in a quantum state. Those trapped ion systems don't need to be cryogenically refrigerated like traditional electron-based systems, which accelerate electrons through superconducting loops.
IonQ produces four systems: its older Aria system, its flagship Forte system, its data center-oriented Forte Enterprise system, and its upcoming Tempo system. It also provides its quantum computing power as a cloud-based service. IonQ's systems can be used across a wide range of industries and achieve higher accuracy (gate fidelity) than most electron systems. Much of its recent growth has been driven by large government contracts.
NYSE: IONQ
Key Data Points
D-Wave's electron-driven systems, which require refrigeration, are only used for quantum annealing services, which identify processes that consume the least power. By having D-Wave analyze their workflows, supply chains, and logistics networks, large organizations can identify the processes that consume the least computing power as the most efficient ones.
D-Wave designs its own quantum processing units (QPUs) and quantum systems. It also provides remote access to those systems through its cloud-based Leap platform. Its newest Advantage 2 quantum systems can solve certain problems 25,000 times faster than its first-gen Advantage system while consuming less power. D-Wave initially attracted a lot of attention from enterprise customers, but it's also been gaining more government contracts.
NYSE: QBTS
Key Data Points
Which stock looks more reasonably valued?
From 2025 to 2027, analysts expect IonQ's revenue to nearly triple from $109 million to $317 million. They expect D-Wave's revenue to more than triple from $26 million to $81 million. Neither company is expected to break even anytime soon.
With a market cap of $11.8 billion, IonQ is already valued at 37 times its 2027 sales. D-Wave, which is valued at $7.2 billion, trades at 89 times its 2027 sales.
Both of these stocks are highly speculative. But if I had to pick one over the other, I'd stick with IonQ because it serves a broader market, its trapped-ion technology is focused on miniaturization, accuracy, and lower costs; and its stock looks cheaper relative to its 2027 sales.
