The second-quarter earnings season has given investors a clearer view of the commercial progress of the three leading U.S.-listed pure-play quantum computing companies, IonQ IONQ, D-Wave Quantum QBTS and Rigetti Computing RGTI. The macro backdrop remains a consideration for investors in early-stage quantum stocks. The Federal Reserve maintained its federal funds target range at 3.5%-3.75% in July, keeping the cost-of-capital environment relatively restrictive for companies that continue to report operating losses and invest heavily in commercialization.
Against this backdrop, IonQ stands out on revenue scale and contracted revenue visibility. Second-quarter revenues surged 287% year over year to $80.1 million and Remaining Performance Obligations (RPO) reached $485 million. D-Wave's first-half bookings surged 1,120% year over year, while production applications accounted for 37.3% of first-half QCaaS revenues. Rigetti, meanwhile, is advancing its 108-qubit roadmap while pursuing government-backed programs, including a potential Department of Commerce initiative.
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IonQ Leads on Growth and Revenue Visibility
IonQ reported second-quarter revenues of $80.1 million, up 287% year over year. Revenues exceeded the Zacks Consensus Estimate while earnings fell short. The company raised its 2026 revenue outlook to $280-$290 million. Second-quarter organic revenues rose 132%, while Remaining Performance Obligations (RPO) increased to $485 million from $470 million in the first quarter and $122 million a year earlier.
IonQ also received its first fully featured QPUs from SkyWater and remains on track to commission and deploy semiconductor-based systems in the first half of 2027. However, adjusted EBITDA loss was $120.3 million, underscoring the company's continued investment requirements.
While IonQ's second-quarter EPS fell short of the Zacks Consensus Estimate, the revenue beat, sharp organic growth, higher RPO and raised full-year revenue outlook point to continued underlying business momentum.
For the third quarter, this Zacks Rank #3 (Hold) stock is projected to report earnings growth of 94.9% on revenue growth of 81.1%.
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D-Wave Has the Strongest Production Evidence
D-Wave's second-quarter results were mixed. The company reported an adjusted loss of 10 cents per share, wider than the Zacks Consensus Estimate. Revenues of $3.08 million declined 0.6% year over year and missed the consensus mark.
However, its commercial indicators were stronger than the headline figure. First-half bookings reached $35.5 million, up 1,120%, including a $20 million system sale to Florida Atlantic University. RPO rose 668% year over year to $40.7 million, with 57% expected to convert to revenues within 12 months.
More importantly, D-Wave said more than 37% of first-half QCaaS revenues came from production applications, compared to 9.8% a year earlier. D-Wave cited AT&T, Optum and NTT DOCOMO among customers using its quantum-computing technology in production applications, supporting the company’s view that commercial use is moving beyond experimentation.
For the third quarter, this Zacks Rank #2 (Buy) stock is projected to report earnings growth of 82.9% on revenue growth of 5.6%.
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Rigetti Offers Technology and Funding Optionality
Rigetti generated $5.1 million of second-quarter revenues, up from $1.8 million a year ago, beating the Zacks Consensus Estimate. On-premises Novera QPU sales drove the revenue outperformance. The company ended the quarter with $541.3 million in cash, cash equivalents and available-for-sale investments.
Its key catalyst is technical rather than near-term revenues. Management targets roughly 1,000 qubits, 99.9% two-qubit fidelity and sub-40-nanosecond gate speeds in about three years. A proposed Department of Commerce agreement could provide up to $100 million over three years, although the letter of intent is not yet definitive. Rigetti also expanded its HPE/Pittsburgh Supercomputing Center collaboration.
However, the company reported an adjusted loss of 5 cents per share, missing the Zacks Consensus Estimate by 66.7%, as higher costs weighed on earnings.
For the full year, this Zacks Rank #3 stock is projected to report earnings growth of 71.9% on revenue growth of 246.4%.
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Which Quantum Stock Is the Best Buy?
While IonQ delivered the strongest revenue growth and Rigetti posted a top-line recovery, D-Wave appears to offer the most balanced investment case at current levels. The company's first-half bookings surged 1,120%, while RPO climbed 668%, indicating a growing pipeline of future revenues. In addition, production applications accounted for 37.3% of first-half QCaaS revenues, suggesting increasing commercial adoption of its technology.
D-Wave also stands to benefit from a supportive U.S. policy environment. The White House's June 2026 quantum initiative emphasizes commercialization, domestic quantum capabilities and broader deployment of quantum technologies, areas where D-Wave is already building traction.
Although execution risks remain, D-Wave's improving commercial indicators, growing backlog and a favorable Zacks Rank make it the most compelling quantum stock among the three for investors seeking exposure to the sector's next phase of commercialization.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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