Quantum computing remains a high-risk, high-potential corner of the market, and two stocks continue to stand out: IonQ (IONQ) and D-Wave Quantum (QBTS). The stocks surged earlier in the year, but have now pulled back more than 25% in the past month as investors wait for clearer signs of commercial progress. The two companies also reported their third-quarter results earlier this month. With the technology still in its early stages and competition growing, the focus has shifted from hype to execution — and the key question now is which company is moving closer to real-world adoption and long-term revenue growth.
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In a new report, TipRanks’ AI Analyst Chip Motherwell (under the GPT-4o model) raised price targets for both stocks but stayed cautious, noting that while long-term potential is strong, both companies still face early-stage risks, limited commercial scale, and uncertain revenue visibility.
For context, TipRanks’ AI Stock Analysis delivers automated, data-driven evaluations of stocks based on key performance metrics, giving investors a clear and concise snapshot of a stock’s potential. Moreover, TipRanks’ A.I.-driven rating combines insights from multiple models, including OpenAI’s (PC:OPAIQ) GPT-4o and Google’s (GOOGL) Gemini, to offer investors a clearer view of a stock’s potential.
IonQ (NYSE:IONQ) Stock
IonQ recently reported its Q3 earnings results. Revenue came in at a record $39.87 million, up 222% from last year and well above the Street estimate of $26.99 million. The bottom line, however, showed a wider loss of $3.58 per share, compared to the expected loss of $0.44 and last year’s loss of $0.11, showing the business is still in heavy investment mode. Even so, the company raised its full-year revenue outlook to $106 million-$110 million, pointing to stronger demand and a healthier sales pipeline.
For IonQ, the AI analyst raised the price target to $47 from $40, while keeping the stock at a Hold. With only about 0.21% upside from current levels, the update reflects a neutral outlook rather than a bullish call.
The TipRanks A.I. Stock Analysis gives IonQ a Neutral score of 50/100, highlighting strong revenue growth, solid technical progress, and valuable partnerships as positives. However, the model also flags ongoing challenges, including weak profitability, high operating costs, and negative cash flow, all of which may limit the company’s ability to scale smoothly. Overall, the update indicates progress, but it also shows that IonQ still needs to address core financial risks before the stock can justify a more bullish view.
D-Wave Quantum (NYSE:QBTS) Stock
Also, D-Wave Quantum recently posted strong Q3 numbers, with revenue rising 100% from last year to $3.7 million, above the estimate of $3.03 million. The loss came in at $0.41 per share, which was wider than the expected loss of $0.07 and higher than last year’s loss of $0.11. The company did not share guidance for the next quarter or the full year, but interest in its platform continues to grow.
For D-Wave Quantum, the price target was also lifted, now set at $22.50, up from $20, but the rating remains a Hold as well. The target points to a modest 0.40% upside, suggesting analysts see potential, but still want to see clearer financial progress before turning more positive.
TipRanks A.I. gives QBTS a Neutral score of 46/100. The model highlights strong revenue growth, solid cash levels, and meaningful progress in quantum technology as positives. However, widening losses, rising operating costs, and ongoing cash flow issues remain major concerns. While D-Wave is showing technical progress and early customer traction, the data suggests the company still needs to improve its financial performance before analysts can take a more confident view.
Which Is the Best Quantum Computing Stock, according to Wall Street?
Using the TipRanks Stock Comparison Tool, both IonQ and D-Wave show strong upside potential. IonQ offers about 62% upside with a Moderate Buy rating, while D-Wave shows a higher 74% upside and a Strong Buy rating.
Both stocks have dropped sharply over the past month, but IonQ holds the larger market value and a more stable base, while D-Wave presents higher risk and higher potential reward as the quantum race continues.
