Is D-Wave Quantum a Better Quantum Computing Stock to Buy Than IonQ?

In This Article:

Key Points

  • D-Wave Quantum's share price and revenue have been growing rapidly.

  • IonQ's quantum computing architecture could give it several competitive advantages.

  • Both stocks could have tremendous growth potential, but one especially stands out.

  • 10 stocks we like better than IonQ ›

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.

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?

"Quantum Computing" displaying with digital images in the background.
Image source: Getty Images.

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.