Key Highlights
- IONQ raises $1 billion, acquires Oxford Ionics, and achieves #AQ 64 milestone three months early.
- RGTI launches a 36-qubit system, enhances gate fidelity, and secures $5.7 million in new orders.
- QBTS advances with the roll-out of Advantage2, broadening its global partnerships.
In the third quarter of 2025, major players in quantum computing emphasized three main themes in their updates: flexibility and runway were key focuses. IONQ, Rigetti Computing, and D-Wave Quantum all engaged in significant stock issuances from June to July, aiming to bolster their cash reserves as research, development, and commercialization costs rise. These funding efforts sought to extend their operational capacity and reassure investors about their ongoing strategies.
On the tech side, there were notable advancements. Rigetti has made its 36-qubit multichip quantum computer generally available. IBM introduced Quantum System 2 to Japan’s RIKEN Research Center, marking its first installation outside the U.S. Xanadu announced new on-chip error-tolerant photonic qubits, indicating ongoing progress in scalable architectures.
Commercial partnerships also began to flourish. Quantinuum revealed a new alliance, while IBM focused on integrating quantum and classical systems. Such collaborations suggest a developing commercial layer where research institutions and companies will start refining early quantum applications in fields like materials science.
For investors, the state of quantum computing in mid-2025 appears to involve long-term capital commitments. What really defines meaningful progress seems to be steady advancements rather than quick gains. As Q3 earnings approach, all eyes are on companies such as IONQ, RGTI, and QBTS to see how their strategies translate into tangible market success.
Q3 Stock Overview: IONQ, RGTI, QBTS
Image source: Zacks Investment Research
IONQ: In the third quarter, IonQ is expected to sustain strong revenue growth, but with most of the focus on reinvestment over immediate profitability. They managed to raise $1 billion through an IPO in July, which will help finance their ambitious plans including the acquisition of Oxford Ionics and a forthcoming deal with Vector Atomic to enhance their quantum sensing capabilities. Additionally, they recently achieved a significant milestone with their Tempo system hitting #AQ 64 ahead of schedule.
The Zacks Consensus Estimate suggests IonQ will post a loss of 24 cents per share, unchanged from last year, while expecting revenue of $27.02 million, which would be a 117.9% increase from the previous year. The stock holds a Zacks Rank of #3 (Hold).
RGTI: RGTI projects moderate revenue growth in the near term despite higher investments and associated risks. Reporting just $1.8 million in revenue and a net loss of $39.7 million in their second quarter, they have fortified their finances with a $350 million equity raise, leaving them with $571.6 million in cash and zero debt. Recently, they confirmed $5.7 million in new purchase orders for two quantum systems. Rigetti has also launched its Cepheus-1-36Q system, boasting improved gate fidelity and reduced error rates. Consequently, third-quarter revenue is anticipated to grow modestly, driven by these new orders.
The Zacks Consensus Estimate for RGTI indicates a projected loss of 5 cents per share, representing a 37.5% improvement from last year, with revenue expected to be $2.39 million, marking a slight year-over-year rise of 0.4%. RGTI also holds a Zacks Rank of #3.
D-Wave: For D-Wave Quantum, the outlook appears strong as they aim to maintain momentum while leveraging a robust liquidity position for R&D and commercialization efforts. Following a solid second quarter, which saw a 42% revenue growth from the previous year and substantial cash increases, the firm is prepared for the latter half of 2025. Their recently launched Advantage2 quantum computer is a commercial-grade system that promises enhanced performance, and new collaborations with partners like Yonsei University and energy firms like E.ON and GE Vernova further underline their expanding market presence.
The Zacks Consensus Estimate for D-Wave predicts a loss of 7 cents per share, reflecting a 36.4% improvement from last year, with revenue projected at $3.12 million, showing a year-over-year increase of 66.8%. QBTS holds a Zacks Rank of #3. You can view the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
