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What long-term investors need to distinguish
Quantum computing’s technical promise and an investor’s potential return are separate questions. A working system, technical milestone, partnership or increase in revenue does not by itself prove that a company can build a durable business or that its stock is attractively priced. Investors need evidence not only of progress, but of a path from that progress to repeatable commercial sales, sustainable finances and returns that justify the share price.
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That distinction matters in a developing sector, where business outcomes remain uncertain and companies can differ substantially in technology, customers and financial condition. A long time horizon can give a business more time to develop, but it cannot guarantee that development succeeds or that shareholders benefit.
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Company filings and announcements offer dated snapshots, not forecasts. These FY2025 figures illustrate why revenue, losses and cash should be considered together. They are issuer-reported results for different companies, not a like-for-like measure of investment value.
#1 Best Overall
| Company | FY2025 revenue | FY2025 operating loss | FY2025 net loss | Cash, cash equivalents and investments |
|---|---|---|---|---|
| D-Wave Quantum Inc. | $24.6 million, reported by D-Wave Quantum Inc. for FY2025 | $100.4 million, reported by D-Wave Quantum Inc. for FY2025 | $355.1 million, reported by D-Wave Quantum Inc. for FY2025 | Not stated in the cited FY2025 figures (D-Wave Quantum Inc., 2025) |
| IonQ, Inc. | $130.0 million, reported by IonQ, Inc. for FY2025 | Not stated in the cited FY2025 figures (IonQ, Inc., 2026) | $510.4 million, reported by IonQ, Inc. for FY2025 | $3.3 billion as of December 31, 2025, reported by IonQ, Inc. in 2026 |
The reported cash figure is a balance at a particular date, not a measure of profitability or a promise of how long funds will last. To evaluate financial durability, investors also need to examine cash flows, spending, obligations and possible future financing. The listed results do not establish those items by themselves, and historical figures are not forecasts.
Questions to compare before investing
1. How much commercial traction is there?
Start with recognized revenue: money recorded from sales during the reporting period. Then ask what generated it and whether those sales are repeatable. A company may earn revenue from system sales, cloud access, professional services, research work or government contracts; those routes can have different economics and renewal prospects.
Keep bookings and backlog distinct from recognized revenue. They may indicate prospective demand or contracted work, but they are not the same as sales already recognized, cash collected or profit earned. D-Wave Quantum Inc.’s 2025 Form 10-K describes revenue routes including cloud quantum-computing-as-a-service through Leap, professional services and system sales. That mix is useful context when assessing its reported revenue, but it does not alone establish recurring demand or future profitability.
2. Can the company fund its plans?
Review operating and net losses, operating cash flow, cash and investments, debt and other obligations, and expected spending. Consider whether the company may need to raise equity or borrow; additional financing can affect existing shareholders, and its availability and terms are uncertain. Do not treat a large cash balance as a substitute for examining the rate at which the business uses cash and the resources needed to pursue its plans.
3. How concentrated are customers and contracts?
Check how many customers contribute to revenue, how much business depends on a few counterparties, and whether sales rely on public-sector procurement or contract renewals. Rigetti Computing’s FY2025 filing identifies customer concentration and reliance on public-sector contracts as risks. That makes customer mix and renewal exposure important questions for investors evaluating Rigetti, rather than details to infer from technology announcements alone.
4. Is technical progress translating into useful systems?
Compare the systems customers can access, the company’s architecture or modality, independently meaningful performance measures, scaling and error-correction progress, and delivery against earlier milestones. Match like measures where possible, and distinguish company disclosures from independent validation. A qubit count alone does not establish that one system is more commercially useful than another.
Rigetti’s FY2025 filing describes its 36-qubit Cepheus-1-36Q system and its performance characteristics. Those are company disclosures; the stated system specifications do not, by themselves, demonstrate commercial advantage or establish that the technology can scale economically.
5. What alternatives compete for customers and capital?
Competition includes other quantum architectures, large technology and cloud companies, research organizations, development-stage businesses and classical computing approaches. Rigetti’s filing describes competition across factors such as performance, usability, software, compatibility, price, partnerships and financial resources. A technical milestone has investment significance only in context: whether a company can offer something customers need, deliver it reliably and compete for resources and sales.
6. Does the share price leave room for the risks?
A promising business can still be an unattractive investment at an excessive price. Relate market value to current revenue, losses, financial resources, potential dilution and a range of possible commercial outcomes. The FY2025 figures above cannot answer that question on their own, and no current share prices or valuations are established here. Investors need current market data and their own assessment of what the company might reasonably achieve.
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Individual quantum-focused companies
Buying an individual company’s shares concentrates exposure in that issuer’s technology, execution, finances, customers and valuation. Examples in the public market include D-Wave Quantum (QBTS), Rigetti Computing (RGTI), Quantum Computing Inc. (QUBT) and IonQ (IONQ). The examples are not a complete list, and a ticker or exchange listing is not evidence of investment suitability. Quantum Computing Inc.’s 2025 Form 10-K identifies its Nasdaq-listed common stock under ticker QUBT; that establishes listing identity, not business quality.
Larger technology companies
Some larger technology companies invest in quantum computing alongside other businesses. That can make an investor’s exposure less dependent on quantum commercialization alone, but the quantum contribution may be small relative to the company’s overall business. The broader company’s financial performance and valuation remain central to the investment decision.
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A fund such as the Defiance Quantum ETF (QTUM) is another possible route. Kiplinger’s May 2026 coverage described it as offering quantum-related exposure and reported Rigetti and D-Wave among its holdings alongside larger companies. Holdings can change, so those reported holdings should not be treated as a current portfolio snapshot. Check the fund issuer’s latest materials for holdings, investment strategy, costs and liquidity. An ETF can reduce dependence on one issuer, but it does not remove market, sector or fund-specific risk.
Deciding whether the risk fits your portfolio
Suitability depends on circumstances that company announcements cannot answer for an individual investor. Before committing money, consider:
- Ability to absorb loss: Could you tolerate a substantial decline or the loss of the entire amount invested without jeopardizing essential goals?
- Time horizon and liquidity: When might you need the money, and could a long period of volatility or uncertain commercial progress conflict with that need?
- Portfolio concentration: Would this holding add a highly speculative exposure to a portfolio that is already concentrated in similar companies or sectors?
- Evidence and price: Have you reviewed recent filings, the quality of revenue, financial needs, execution evidence and the valuation you would be paying?
These checks do not predict which company will succeed. They help distinguish a speculative allocation that an investor can afford to bear from an investment that relies on a favorable outcome to meet an essential financial need. This is general information, not an individualized investment recommendation.
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