TipRanks’ AI Says Skip QUBT — This Quantum Stock Is the Real Winner

We are used to writing that quantum computing sounds like a distant sci-fi concept, but the race to build ultra-powerful machines that can crack problems classical computers can’t is heating up and getting real and practical. In fact, we’re not far from the day quantum machines will become part of all key industries that affect our everyday lives. Of course, most people talk about Google’s (GOOG) Willow, or Microsoft’s (MSFT) Majorana 1. Still, the reality is that most quantum news and breakthroughs also come from a crop of small-cap quantum companies that are making gutsy moves in this high-stakes field, from cutting-edge partnerships to mind-bending chip innovations.

To see who’s leading the race, we ran four prominent small-cap players — IonQ (IONQ), D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and Quantum Computing Inc. (QUBT), through Spark, TipRanks’ AI analyst. Each company shows promise, but only one came out on top.

Here’s how the quantum quartet stacks up — and which stock might entangle the best future.

IonQ: The Strategic Heavyweight

IonQ is one of the most visible names in quantum, and it’s easy to see why. Backed by cloud giants like AWS (AMZN) and Microsoft, the company just posted strong revenue growth and locked in global partnerships with Toyota Tsusho (TYHOF) and EPB of Chattanooga. It’s also snapping up startups like Lightsynq and Capella to boost its quantum networking playbook.

However, it’s still early for excitement. Despite raking in over $373 million in fresh capital and stacking nearly $700 million in cash, IonQ is still losing money, with a net loss of $331.6 million last year and negative free cash flow.

Spark Score: 55, meaning Neutral, with momentum and partnerships on its side, but profitability still far off.

D-Wave Quantum: The Tech Qizard with Financial Hiccups

D-Wave is the only quantum company claiming quantum supremacy on a real-world problem, and it’s doing it with a 4,400+ qubit system. That’s serious hardware. It also scores revenue from customers like Ford Otosan (F) and is launching its next-gen Advantage2 system. It also posted a record revenue in Q1 and a whopping 121% revenue growth year-over-year.

Still, losses remain heavy. Bookings fell 64%, and the company posted a $143.9 million net loss last year. Spark sees the upside — but also the burn.

Spark Score: 55 — Neutral, acknowledging D-Wave’s leap in performance but highlighting serious financial strain.

Rigetti Computing: The Academic Favorite

Rigetti may not be quantum’s flashiest name, but it has a brainy edge. With partnerships with NVIDIA (NVDA) and the U.S. Air Force and participation in DARPA’s quantum benchmarking initiative, it’s punching above its weight. Its Ankaa-3 system recently showed a quantum advantage over classical benchmarks, which is a big win for its tech cred.

Financially, though, things are bumpy. Revenue is down, losses are high, and gross margins slipped from 49% to 30%. However, there’s an upside: A healthy $237.7 million cash and fresh investment from Quanta Computer.

Spark Score: 51 — Neutral, giving Rigetti points for tech, but docking for cash burn and weak revenue.

Quantum Computing Inc.: The Software-Centric Underdog

QUBT is betting on software. Its Qatalyst platform and brand-new quantum photonic chip foundry in Arizona are aimed at riding the wave of hardware advancement. And with recent contracts from NASA and an auto giant, it’s starting to show signs of traction.

But it’s also the most speculative pick of the bunch. Revenue is tiny (just $39K last quarter), and the company has a history of operating at a loss. While QUBT has $166 million in cash and no debt, it’s still early days.

Spark Score: 43 — Neutral, calling out its strong balance sheet, but also its big execution risk.

Final Verdict

Top Pick: IonQ

With cloud integrations, commercial customers, and a cash-rich balance sheet, IonQ emerges as the most balanced small-cap quantum stock today. It’s still far from breakeven, but Spark sees real traction — and a roadmap to future dominance.

Stock to Watch: D-Wave Quantum

D-Wave’s technical milestones are huge, and its Q1 performance shows it’s gaining ground. It could become a real contender if it can rein in cash burn and reignite bookings.

Caution Zone: QUBT

Interesting tech, impressive collaborations, but not enough revenue to justify the valuation. Spark sees potential, but also plenty of red flags.

Quantum computing’s future is full of promise and risk. Spark’s analysis shows IonQ may have the clearest path forward, but the sector as a whole is one to watch. Investors should brace for volatility, and maybe, just maybe, prepare for a quantum leap.