As quantum computing leaders IonQ (IONQ) and D-Wave Quantum (QBTS) prepare for their May 2026 earnings, investors are weighing which stock is the better pick. According to TipRanks’ Stock Comparison Tool, both companies hold a Strong Buy consensus from Wall Street analysts. While IonQ has a much larger market cap of $16.94 billion, D-Wave offers a larger gap between its current price and analyst targets, with a forecasted upside of about 80% compared to 34% for IonQ.
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New trading tool for QBTS bullsThis suggests that analysts believe D-Wave is currently undervalued and has the most to gain if its May 12 earnings report shows progress. Meanwhile, IonQ reports results this week on May 6.
Using TipRanks’ Stock Comparison tool, we stacked QBTS against IONQ across several key metrics—including analyst consensus, sales forecasts, and upcoming earnings dates—to help investors see which quantum stock looks more attractive as we head into May earnings.
Let’s dig deeper.
What Analysts Expect from IONQ’s Q1 Earnings
IonQ shares are up about 3% this year. Wall Street expects the company to report a loss of $0.48 per share for the first quarter, compared to a loss of $0.14 in the year-ago quarter. Revenue is projected to rise 73% to $49.73 million.
While the company is still working toward profitability, it has reached several significant milestones in early 2026. In January, IonQ announced it would acquire SkyWater Technology (SKYT) for $1.8 billion to build its own quantum chips and secure its supply chain. More recently, the company launched a 100-mile quantum-safe network in Florida designed to help protect sensitive data using advanced physics-based security methods.
For the upcoming report, the main focus will be whether IonQ hits its first-quarter revenue target of $48 million to $51 million. Investors will also look for updates on its $370 million backlog of orders and the rollout of its next-generation Tempo systems.
Is IONQ a Good Stock to Buy?
On the Street, IonQ Inc. has a Strong Buy consensus, based on 12 analysts’ ratings. The average IONQ stock price target is $61.82, implying a 33.81% upside from the current price.
What to Expect from QBTS’s Q1 Earnings
D-Wave Quantum shares have rebounded recently, rising about 7% over the past five trading days. However, the stock remains down about 22% year-to-date. Wall Street expects the company to report a loss of $0.08 per share for the first quarter versus a loss of $0.02 in the year-ago quarter. Revenue is projected to be approximately $4.2 million, reflecting a significant jump in commercial momentum compared to the previous quarter.
While QBTS continues to work on reducing losses, it has made a few key moves in early 2026. The company plans to relocate its headquarters to Boca Raton, Florida, which will also serve as an R&D hub. In addition, D-Wave Systems is expanding into defense, working with Anduril Industries to develop quantum applications, while its recent acquisition of Quantum Circuits aims to support future system development.
For the upcoming report, investors will focus on whether D-Wave can convert its record $32.8 million in recent bookings into recognized revenue. The market will also look for updates on the commercial momentum of the Advantage2 system and any progress toward its first Investor Day scheduled for June.
Is QBTS Stock a Good Buy Now?
On the Street, QBTS has a Strong Buy consensus, based on 13 analysts’ ratings. The average QBTS stock price target is $36.91, implying an 80.13% upside from the current price.
Conclusion
QBTS appears to offer greater upside, making it attractive for investors willing to take on more risk ahead of earnings. Meanwhile, IONQ looks like the more established player, with stronger revenue growth and scale, but relatively lower upside potential.