Quantum-computing stocks are not a single type of investment: companies differ in their technology, commercial progress, financial needs, and the evidence they report. Before buying, compare verified customer revenue and cash needs with dated technical milestones, read the latest SEC filings, and treat forecasts and company-reported performance claims cautiously. The figures below are historical disclosures, not a current valuation or a recommendation to buy or sell.
What “quantum-computing stock” does—and does not—tell you
The label describes a company’s connection to quantum computing, not a shared business model or level of maturity. A company may report technical milestones, offer customer access, recognize revenue, or still be working toward systems that can scale. Those are different kinds of evidence, and one does not automatically establish the next.
Assess each company on its own disclosures. A prototype or system specification is not the same as sustained customer use; customer access is not necessarily production deployment; and revenue growth does not establish that a business is profitable or that its technology has a durable advantage.
The filings cited here are company disclosures, not independent verification of the companies’ claims. They do not establish a sector-wide success rate or a neutral timetable for when fault-tolerant quantum computers will become commercially viable.
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What the cited companies have reported
This is a snapshot of specific disclosures, not a complete list of publicly traded companies or a ranking. Reporting periods differ, so the figures are not directly interchangeable.
| Company | Disclosed evidence | How to read it |
|---|---|---|
| D-Wave Quantum Inc. | D-Wave’s 2025 annual report, published in 2026, reports fiscal 2025 revenue of $24.6 million, up 179% year over year, and cash and marketable securities of $884.5 million at December 31, 2025. 2025 annual report | These are company-reported historical figures. Annual revenue growth does not guarantee future growth, and a year-end cash balance is not by itself a measure of current cash runway. Treat claims about leadership or commercial significance in the report as company assertions. |
| IonQ, Inc. | IonQ’s August 2026 prospectus supplement reports a 2025 net loss attributable to IonQ of $510.4 million. Its 2025 Form 10-K, filed in 2026, describes the company as early-stage and says it had not produced a scalable quantum computer as of that filing. August 2026 prospectus supplement; 2025 Form 10-K | The annual loss is for fiscal 2025, not a current quarterly run rate. The company’s own filing identifies scaling, market uncertainty, and continuing losses as risks. |
| Rigetti Computing, Inc. | Rigetti’s June 2026 Form 10-Q reports a deployed 108-qubit system, 99.1% median two-qubit gate fidelity, approximately 60-nanosecond gate speed, and 99.9% median single-gate fidelity. The two fidelity figures are based on internal testing. June 2026 Form 10-Q | These are company-reported specifications, not proof of commercial advantage or fault tolerance. The filing also discusses a limited operating history and past changes to roadmaps or milestones. |
| Quantum Computing Inc. | Its June 2026 SEC filing reports operating losses of $632.2 million for the six months ended June 30, 2026, and $199.3 million for the year ended December 31, 2025. June 2026 SEC filing | These amounts cover different periods and are operating losses, not net losses. The filing describes the investment as highly speculative and ties commercialization to developing and producing systems at scale and, longer term, to scalable fault-tolerant systems. |
Listings can change. D-Wave’s June 2026 filing says it transferred its listing from the NYSE to Nasdaq in July 2026 and retained the ticker QBTS. D-Wave June 2026 filing IonQ was identified as NYSE: IONQ in its August 2026 prospectus supplement. Verify every ticker and exchange against current information before placing an order; the filings cited here do not establish a current comparative valuation.
How to judge technical claims
A reported qubit count is only one part of a technical picture. It does not, on its own, show that a system can perform useful calculations reliably, outperform classical alternatives on a relevant workload, or correct errors at a scale that supports fault-tolerant computation.
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For each announced milestone, look for the date, the company’s definition of the metric, the system and conditions measured, and whether the result was internally tested or independently reproduced. A reported fidelity percentage, for example, should be read with its test method and system context—not treated as a general measure of commercial readiness.
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Separate customer activity from durable commercial traction
Revenue is an important business measure, but it is only one piece of the evidence. Read the filing to understand what generated the revenue, whether customers paid for access or services, whether contracts recur, and whether sales depend on a small number of customers. A press release about a partnership, pilot, booking, or backlog is not automatically recognized revenue or proof of repeat demand.
Compare reported customer activity with financial statements. Ask whether revenue is growing alongside evidence of repeat business and whether the company’s spending needs leave a plausible path to sustaining its operations. The D-Wave revenue figure in the table is reported for fiscal 2025; it should not be read as a forecast or as evidence by itself that the business is profitable.
Assess financial endurance and possible dilution
Read the latest balance sheet and cash-flow statement alongside the income statement. Losses show that reported expenses exceeded revenue for a period, but they do not reveal how long available funds may last without examining operating cash use, commitments, financing, and the company’s plans.
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Keep accounting measures distinct. Net loss attributable to a company, net loss, and operating loss are not interchangeable, and figures for a full year cannot be treated as quarterly run rates. Use the period and accounting label stated in the filing.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Read risk disclosures as part of the investment case
These businesses face more than ordinary product-launch risk: technical scaling may prove difficult, roadmaps may change, expected demand may not develop, and competition can limit the value of a product even if it works. A company’s own risk disclosures deserve attention alongside its milestones and forecasts.
IonQ’s 2025 Form 10-K states: “We have not produced a scalable quantum computer and face significant barriers in our attempts to produce quantum computers.” The filing also describes a limited operating history, continued losses, and uncertainty in market estimates and forecasts. IonQ 2025 Form 10-K
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Company outlooks and market-size estimates are assumptions, not guaranteed outcomes. Compare prior guidance with what was later reported, note changes to milestones or technology roadmaps, and consider what would happen to the investment case if a milestone slipped or a forecast market developed more slowly than management expects.
A practical checklist before you buy
- Read current filings. Find the latest 10-K and 10-Q through the SEC, then review risk factors, management’s discussion, financial statements, share count, equity compensation, and financing plans.
- Trace technical milestones. Match each important claim to a dated filing or technical release. Identify the metric, testing conditions, and whether it is internally tested, independently verified, a prototype result, or customer use.
- Classify commercial claims. Distinguish bookings, backlog, pilots, cloud access, paid customer work, production deployments, and recognized revenue. Look for repeat business and customer concentration.
- Check the funding picture. Compare losses and operating cash use with cash, marketable securities, debt, commitments, and potential capital needs. Consider whether new share issuance could dilute existing holders.
- Review execution history. Compare past milestones and forecasts with reported results. Note changed assumptions, delayed roadmaps, and revised market expectations.
- Verify market data before acting. Confirm the ticker, exchange, current share count, price, market capitalization, and enterprise value using up-to-date sources. Those values change, and the historical filings cited above do not provide a current comparative valuation or support a “best value” ranking.
This framework can help organize research, but it is not individualized financial, tax, or legal advice. Quantum-computing companies can be speculative investments, and investors should be prepared for the possibility of losing some or all of their investment.
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