If everyone only invested in what they fully understood, I suspect quite a few stocks wouldn't exist today. We can probably put quantum computing stocks in that category. The quantum physics used by companies pioneering quantum computing can make your head spin.
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Fortunately for many investors, quantum computing stocks do exist. Two of them have been especially big winners -- D-Wave Quantum(NYSE: QBTS) and IonQ(NYSE: IONQ). D-Wave Quantum has delivered the more impressive performance over the last 12 months. Is it a better quantum computing stock than IonQ?
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The case for D-Wave Quantum
Despite the market turbulence experienced in 2025, D-Wave Quantum has generated a staggering return of nearly 1,200% over the last 12 months. Even with this tremendous gain, though, the company's market cap remains below $5 billion.
D-Wave's financial performance has been impressive, too. The company's revenue soared 509% year over year in the first quarter of 2025. Its cash position totaled $304.3 million at the end of Q1. D-Wave's management believes that's enough to fund operations until the company achieves profitability.
The huge stock gains and strong revenue growth are the result of increasing interest in D-Wave's technology. The company boasts the world's largest quantum computer. D-Wave recently introduced its most advanced system to date, its sixth-generation Advantage2 quantum computer. CEO Alan Baratz said this new system is "so powerful that it can solve hard problems outside the reach of one of the world's largest exascale GPU-based classical supercomputers."
D-Wave has completed more than 20 proof-of-concept engagements over the last 18 months. Its customer base includes Deloitte, Fort Otosan (a Turkey-based automaker owned by Ford and Koç Holding), Lockheed Martin, and Japan Tobacco).
The case for IonQ
IonQ hasn't delivered the kind of gains that D-Wave has over the last 12 months, but it's nonetheless been sizzling hot. The quantum computing pioneer's stock is up roughly 380%. Thanks to this great return, IonQ's market cap now tops $9 billion.
At first glance, you might wonder about IonQ's growth. The company's revenue dipped slightly year over year in Q1. However, IonQ's revenue has increased by a compound annual growth rate of 170% since 2021. The company expects that 2025 revenue will nearly double year over year based on the midpoint of its guidance range.
IonQ believes that its ion trap architecture gives it distinct competitive advantages. Its quantum computers can operate at room temperature instead of requiring cooling to zero degrees Kelvin. The company thinks its error correction process is superior to rivals. IonQ also maintains that its architecture is more modular and scalable than the competition.
All three of the largest cloud platforms offer IonQ's quantum hardware, a claim no other quantum computing company can make. IonQ has a growing customer base that includes big companies such as Ansys, AstraZeneca, and Toyota Tsusho.
Better quantum computing stock?
Both D-Wave Quantum and IonQ could have tremendous growth potential. Quantum computing could transform many areas, including drug discovery, logistics, and materials science. Consulting firm McKinsey & Co. estimates that quantum computing and networking could create up to $880 billion in economic value by 2040.
However, these two companies also face significant risks. Neither D-Wave nor IonQ is profitable yet. Although their respective technological approaches show promise, the competition is intense, with some rivals possessing much greater financial resources.
If I had to pick one of these quantum computing stocks right now, I'd go with IonQ. It's generating more revenue than D-Wave. Its intellectual property portfolio is larger, with 950 patents related to quantum computing and networking that should soon be under the company's control.
I also like IonQ's business development strategy. Recent acquisitions of ID Quantique and Lightsynq position IonQ well in the quantum networking space.
Investing in IonQ isn't for everyone because of the inherent risks with a small company in a fledgling market. However, I think aggressive investors could see market-beating returns from this stock over the long run.
Should you invest $1,000 in IonQ right now?
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Keith Speights has no position in any of the stocks mentioned. The Motley Fool recommends Ansys, AstraZeneca Plc, and Lockheed Martin. The Motley Fool has a disclosure policy.
