Quantum computing stocks have stayed in the spotlight, and two names continue to lead investor interest: IonQ (IONQ) and D-Wave Quantum (QBTS). Both have seen sharp moves in recent weeks as investors look for early winners in this fast-moving space. Using the TipRanks Stock Comparison Tool, we looked at both stocks to see how they stack up in terms of performance, analyst sentiment, and growth potential. The technology is still in the early stage, but interest is building, and the key question now is which company appears closer to a true breakout from here.
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IonQ (NYSE:IONQ) Stock
IonQ stock is up about 10% so far in 2025, supported by its latest Q3 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.
IonQ also shared solid progress on the tech side. The company was picked for Stage B of DARPA’s Quantum Benchmarking Initiative, which is a key U.S. defense program that tracks real progress in quantum computing. This move supports IonQ’s place as one of the main players in the sector.
The company also hit a few important milestones. It reached a two-qubit gate fidelity of 99.99%, which experts see as a big step toward stable, large quantum systems. It also signed a new deal with Oak Ridge National Laboratory to work on quantum tools for energy research and future hybrid computing.
Following the Q3 earnings results, several analysts raised their price targets on the stock. Cantor Fitzgerald analyst Troy Jensen maintained a Buy rating and increased the target from $60 to $70. Jensen believes IonQ is still ahead in both hardware and cloud-based quantum services and expects stronger visibility into future demand. He sees the company gaining roughly 30% of the total market by 2035, backed by new government and enterprise projects.
D-Wave Quantum (NYSE:QBTS) Stock
D-Wave Quantum stock is up about 146% this year. The company 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.
Recently, D-Wave announced a few big wins. The company signed a €10 million deal in Italy to help build a new quantum hub backed by the government. The agreement gives access to half of the Advantage2 system, with an option to buy the full machine later. D-Wave was also named a winner in Fast Company’s 2025 Next Big Things in Tech Awards, which highlights rising tech leaders.
In the U.S., D-Wave reached a new multi-year deal with Davidson Technologies, which will make the Advantage2 system available for government projects and defense work.
After the results, Stifel Nicolaus analyst Ruben Roy lifted his price target on QBTS from $26 to $35 and kept a Buy rating. Roy noted that D-Wave’s tech is already showing real, measurable results, while many rivals are still in testing or early research. He believes this early traction in real-world use could help D-Wave stay ahead as the quantum market starts to scale.
Which Is the Best Quantum Computing Stock?
We used the TipRanks Stock Comparison Tool to see which of the two quantum stocks looks more appealing right now. Both IonQ and D-Wave have a Strong Buy rating from analysts, and both offer solid upside based on current targets. IonQ shows about 63% upside, while D-Wave comes in slightly higher at around 66%.
While IonQ looks slightly better positioned for now with stronger revenue, a larger market value, and steady tech progress, D-Wave offers more risk but also more potential upside, backed by sharp recent gains and fresh contracts. As the quantum space continues to grow, both stocks are worth watching to see which one takes the lead.
