The quantum computing sector faced a major litmus test this week as two of its most prominent players, IonQ and D-Wave, opened their books for the final quarter of 2025.
In an industry often criticised for being “all promise and no profit,” investors were looking for concrete signs of commercial scaling.
While both companies have made significant technical strides, the financial results revealed a widening gap in execution.
IonQ emerged as the definitive victor of the earnings cycle, delivering a “beat and raise” quarter that sent the market into a frenzy, while D-Wave struggled to reconcile its ambitious roadmap with trailing revenue targets.
Here’s why investors are running into IonQ stock
The primary reason IonQ stock outperformed its peer this quarter boils down to raw expectations.
IonQ didn’t just meet analyst targets; it shattered them.
Reporting a staggering $61.9 million in Q4 revenue – a 429% year-on-year increase – the company blew past the Wall Street consensus of roughly $40.4 million.
This explosive growth was paired with a narrower-than-expected loss, proving that their trapped-ion architecture is finding real-world buyers.
Conversely, QBTS shares remain more muted after D-Wave reported Q4 revenue of just $2.75 million.
Not only was this figure dwarfed by IonQ’s scale, but it also missed the $3.72 million forecast by a significant margin, signalling D-Wave’s commercialisation efforts are hitting more friction than anticipated.
IONQ shares are benefitting from momentum and scaling
While both companies are chasing the “quantum advantage,” IONQ shares are currently benefiting from a much more aggressive scaling narrative.
This quarter, IonQ became the first pure-play quantum computing stock to surpass $100 million in annual GAAP revenue, ending 2025 at a historic $130 million.
This milestone is a psychological “green flag” for institutional investors who previously viewed the sector as purely speculative.
In contrast, while D-Wave also saw its full-year revenue grow, the firm remains in a much smaller weight class, reporting only $24.6 million for the year.
D-Wave stock’s reliance on “quantum annealing” – a more niche application for optimisation – is currently being overshadowed by IonQ’s broader “gate-model” appeal, which promises a wider range of computational breakthroughs.
Strategic moves and vertical integration favour IonQ
Perhaps the most decisive factor for IonQ stock was the bold strategic shift into manufacturing.
In Q4, IonQ announced an $1.8 billion acquisition of semiconductor foundry SkyWater Technology.
By bringing chip fabrication in-house, IONQ is attempting to become the “Intel of Quantum,” securing its supply chain and significantly reducing costs for its upcoming “Tempo” systems.
While D-Wave also made a recent acquisition of “Quantum Circuits” to bolster its gate-model research, it was interpreted as a defensive move only to catch up with competitors.
Meanwhile, IonQ’s massive liquidity position – boasting over $3.3 billion in cash and investments – dwarfs the $884 million held by D-Wave, giving IONQ shares a much higher level of safety and fuel for future expansion.
In short, while D-Wave remains a pioneer with a strong bookings pipeline, IonQ’s combination of massive revenue beats, high-level vertical integration, and a fortress-like balance sheet makes it the clear winner of the Q4 earnings season.
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