Interest in quantum computing stocks is heating up, particularly for IonQ (IONQ) and D-Wave Quantum (QBTS). In the past few weeks, both companies have made significant moves as investors search for promising prospects in this rapidly evolving industry. Using the TipRanks Stock Comparison Tool, we examined both stocks to gauge their business performance, analyst sentiment, and potential for growth. While the technology is still developing, the pressing question is which companies are edging closer to a significant breakthrough.
IONQ (NYSE:IONQ) Stock
IonQ’s stock has climbed about 10% in 2025, driven by impressive third-quarter results. Revenue hit an all-time high of $39.87 million, marking a 222% year-over-year increase and surpassing expectations of $26.99 million. However, the company reported a loss of $3.58 per share, which was wider than anticipated losses of $0.44 and last year’s loss of $0.11, indicating ongoing heavy investments. Still, IonQ raised its full-year revenue forecast to between $106 million and $110 million, reflecting increasing demand and a promising sales pipeline.
Technologically, IonQ made notable strides as well. The firm has been selected for Stage B of DARPA’s Quantum Benchmarking Initiative—a key U.S. defense program focused on real-world advancements in quantum computing—solidifying its status as a frontrunner in the sector.
Additionally, the company achieved significant milestones, such as reaching a gate fidelity of 99.99% for two qubits, which is seen as a pivotal step toward stable large-scale quantum systems. IonQ also inked a new agreement with Oak Ridge National Laboratory to collaborate on quantum tools for energy research and future hybrid computing.
In light of these results, several analysts have updated their price targets for IonQ. Cantor Fitzgerald’s Troy Jensen maintained a Buy rating while increasing his target from $60 to $70. He believes IonQ is ahead in hardware and cloud-based quantum services and expects it to capture around 30% of the market by 2035, bolstered by new government and corporate initiatives.
D-Wave Quantum (NYSE:QBTS) Stock
D-Wave Quantum shares have surged approximately 146% since the start of the year. The company reported strong third-quarter performance with a 100% year-over-year revenue increase, now at $3.7 million, exceeding expectations of $3.03 million. The loss was $0.41 per share, which was larger than the predicted $0.07 and last year’s loss of $0.11. Although D-Wave did not offer guidance for the upcoming quarter or the full year, interest in its platform continues to rise.
Recently, D-Wave secured significant contracts, including a €10 million deal in Italy to assist with a new government-backed quantum hub, which grants access to part of the Advantage2 system with an option to acquire a full machine later. Additionally, D-Wave received recognition from Fast Company as one of 2025’s Next Big Things in Tech, highlighting its status as an emerging technology leader.
In the U.S., D-Wave formed a multi-year partnership with Davidson Technologies, allowing the use of its Advantage2 system for government and defense-related projects.
After these developments, Stifel Nicolaus analyst Ruben Roy raised his price target for QBTS from $26 to $35 while keeping a “buy” rating. He noted that many competitors are still in testing phases, while D-Wave’s technology is already delivering tangible results. He thinks this early success could provide D-Wave a competitive advantage as the quantum market grows.
Which Quantum Computing Stocks Are the Best?
Using the TipRanks stock comparison tool, we found both IonQ and D-Wave receive “Strong Buy” ratings from analysts, suggesting solid upside potential based on current price targets. IonQ shows a projected increase of around 63%, whereas D-Wave is slightly higher at about 66%.
IonQ seems to be in a better position currently due to its rising revenue, expanding market footprint, and consistent technological advancements. On the other hand, D-Wave poses more risk but also has notable upside potential, particularly evidenced by its recent earnings boost and new contracts. As the quantum landscape continues to evolve, keeping a close eye on these stocks could be worthwhile.
