IONQ stock (NYSE: IONQ) delivered revenue growth of 755% year over year in the first quarter, driven by strong demand for its quantum computing systems and expanding commercial traction across its broader quantum platform.
The company’s performance was supported by increasing global sales of quantum computing systems, rising high-margin cloud utilization, and growing application-layer partnerships with enterprise customers.
Building on this momentum, IonQ raised its full-year revenue guidance to $260-$270 million, up from its previous forecast of $225-$245 million.
The company expects organic revenue growth of more than 100% year over year for the full year, while remaining performance obligations have risen to $470 million, highlighting strong future demand.
Despite rapid growth, IonQ remains unprofitable as it continues to invest heavily in research and development, while execution challenges persist around scaling fault-tolerant quantum systems.
The company also faces the ongoing challenge of converting its growing backlog into sustainable, recurring revenues, a key concern for investors watching the stock’s trajectory.
D-Wave Quantum (NYSE: QBTS) reported bookings growth of nearly 1,994% year over year in the first quarter, while remaining performance obligations surged 563% in the same period.
D-Wave Quantum is the only quantum computing company developing both annealing and gate-model systems, positioning it to serve a broader segment of the quantum computing market than single-architecture rivals.
Several Forbes Global 2000 companies rely on D-Wave Quantum’s technology to solve complex operational challenges, and its dual-rail gate-model technology combines superconducting speed, high-performance fidelity, and a scalable architecture.
Still, D-Wave Quantum faces risks including revenue volatility tied to large system deals, elevated operating expenses, and execution challenges associated with scaling both annealing and gate-model platforms simultaneously.
Quantum Computing, also known as QCi (NASDAQ: QUBT), reported revenues of $3.70 million in the first quarter of 2026, up sharply from $39,000 a year earlier, driven mainly by its acquisitions of LSI and NuCrypt.
Excluding the LSI and NuCrypt contributions, QCi revenues increased to $204,000, primarily driven by deliveries of foundry orders and work on a research and development subcontract for NASA.
IonQ currently trades at a forward 12-month Price-to-Sales ratio of 76.51X, compared with the industry median of 4.16X, reflecting a significant valuation premium relative to sector peers.
Over the past year, IONQ shares have gained 37.5%, lagging the industry’s 250.4% growth and outpacing the S&P 500 composite’s 31.8% gain over the same period.
In the past 30 days, the loss per share estimate for IonQ for 2026 has moved to $1.02, and the stock currently carries a Zacks Rank of 4, indicating a Sell rating.
