IonQ (NASDAQ: IONQ) and D-Wave Quantum (NYSE: QBTS) have staged a remarkable recovery since April 1, with IONQ surging 128.9% and QBTS rallying 103.1%, both far outpacing the S&P 500’s 14.4% gain.
The sharp rebound has been driven by improving investor confidence around accelerating commercial traction, rising bookings, expanding quantum AI and optimization use cases, and strong technology road maps from both companies.
With quantum stocks back in favor, investors are now weighing whether momentum can extend through June or whether it is time to lock in profits.
In the first quarter, IonQ recorded revenue growth of 755% year over year and raised its full-year revenue guidance to $260-$270 million, up from its previous outlook of $225-$245 million.
The company also expanded its remaining performance obligations to $470 million, while registering strong demand for its Tempo systems and early traction for its upcoming 256-qubit platform.
IonQ’s SkyWater Technology acquisition, completed in May and aimed at scaling manufacturing capabilities, added further momentum alongside major partnerships and expanding global deployments.
Despite the impressive growth metrics, IonQ remains unprofitable, spending aggressively on research and development while facing execution risks tied to scaling fault-tolerant quantum systems and converting backlog into consistent revenue.
D-Wave reported bookings growth of nearly 2,000% year over year in the first quarter, while its remaining performance obligations surged 563%, reflecting rapidly expanding enterprise demand for annealing quantum systems.
The company’s acquisition of Quantum Circuits expanded D-Wave into gate-model quantum computing alongside its established annealing business, broadening its addressable market and lifting investor sentiment.
D-Wave also raised expectations for two to three system sales annually, up from its earlier outlook of one system sale per year, though revenue recognition timing for large deals could create ongoing quarterly volatility.
On the estimates front, IONQ is expected to record earnings growth of 42.9% and revenue growth of 101.9% in 2026, while QBTS is projected to deliver earnings growth of 72.1% on revenue growth of 63.3%.
Analyst price targets currently favor QBTS, with 13 analysts setting an average target of $36.38, representing a 30.77% premium to the last closing price of $27.82.
By comparison, 11 analysts covering IONQ have set an average price target of $69.95, implying a more modest upside of 9.92% from its last closing price.
QBTS currently carries a Zacks Rank of 3 (Hold), supported by bookings growth, rising enterprise adoption and stronger short-term analyst price targets heading into June.
IonQ currently holds a Zacks Rank of 4 (Sell), with its massive rally, elevated valuation and ongoing execution risks seen as factors that could limit additional upside in the near term.
Analysts suggest investors may consider retaining QBTS shares for now while booking some profits in IONQ following its sharp run-up since April.
