IonQ Quadrupled Revenue; D-Wave, Rigetti and QCi Did Not

IonQ's third-quarter 2026 revenue more than quadrupled year over year to $174 million, and no other public quantum computing firm came close. D-Wave, Rigetti Computing and Quantum Computing Inc. (QCi) all reported results in the following days that underscored a widening commercial gap. The quantum sector's problem is no longer physics. It is arithmetic.

The earnings cluster arrived in early November 2026, after IonQ posted its strong quarter, raised full-year guidance and continued accumulating contracts and cash reserves. The three smaller companies faced a market already skeptical of long commercialization timelines, slow or reversing revenue growth, and the persistent risk of share dilution.

How far behind is D-Wave?

D-Wave Quantum (NASDAQ: QBTS) restarted growth in Q3 after a flat second quarter. Revenue rose 21% year over year, led by its professional services segment. In absolute terms, that amounted to $4.5 million — next to IonQ's $174 million, which included $83.5 million from SkyWater foundry services. IonQ holds the larger market capitalization, but the discrepancy has grown hard to ignore.

Bookings told a similar story. Quarterly bookings fell 19% year over year to $1.9 million, even though bookings for the first nine months of 2026 rose 611%. Meanwhile, GAAP operating expenses climbed 84% year over year, and adjusted EBITDA losses widened 83% to nearly $38 million.

The professional services business that drives adoption carries lower margins, so its growth compressed D-Wave's gross margins as well. The company holds ample cash but has funded itself through dilutive measures. Investors have largely voted with their feet: QBTS shares are down roughly 60% year to date.

Can QCi's record revenue be trusted?

QCi (NASDAQ: QUBT), less than half D-Wave's market cap and about a tenth of IonQ's, delivered the quarter that on paper looked best. Revenue hit a record $9.5 million, up from $0.4 million a year earlier and nearly $2 million above estimates. Acquired businesses accounted for much of the increase.

The caveats are structural. Backlog reached $39 million, small but growing, and both backlog and realized revenue remain lumpy. A single strong quarter guarantees nothing about the next one. QCi does hold $1.3 billion in cash, cash equivalents and investments — enough to fund at least another year of operations — but its path to profitability could be long and expensive. Wall Street's consensus rating on QUBT is Hold.

What went wrong at Rigetti?

Rigetti Computing (NASDAQ: RGTI) may have disappointed most of all. Revenue fell more than 25% year over year to $1.4 million, the lowest of the four companies, extinguishing whatever growth momentum investors had hoped for. Operating expenses climbed to $34 million, and operating losses widened beyond $33 million. That trajectory looks difficult to sustain.

There is a technological bright spot. Rigetti's Cepheus-1-108Q processor is hitting meaningful milestones and positions the company for larger achievements over the coming two years. The market has not waited: RGTI shares remain down more than 45% year to date.

Where does this leave quantum investing?

The pattern across the four reports is consistent. One company converted technology into sharply rising revenue; three combined shrinking or volatile sales with mounting costs. D-Wave carries a Moderate Buy consensus with a $31.00 price target, Rigetti a Hold at $24.00, QCi a Hold at $18.67, and IonQ a Moderate Buy at $60.23 with a 128.88 P/E ratio.

Analysts remain cautious on the smaller names despite QCi's cash reserves and record quarter, citing viability and growth concerns across the group. Until bookings convert into recurring revenue at scale, IonQ's bar will stay out of reach — and the sector's share prices will keep pricing in that distance.