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Compare quantum-computing companies on three separate measures: recognized revenue, cash used in operations and liquidity, and orders or contracted work not yet recognized as revenue. Use matched reporting periods and each company’s own definitions. A larger revenue-growth rate, cash balance, bookings figure, or remaining performance obligation (RPO) does not by itself establish that one stock is a better investment.
Start with comparable periods and definitions
Build the comparison from primary company filings and results releases. Match the period and currency wherever possible, and record whether each figure covers a quarter, half-year, full year, or point-in-time balance. Keep recognized revenue, operating cash flow, cash and investments, bookings, and RPO in distinct columns: they measure different things.
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The available figures below are not a complete, same-period comparison of all three companies. IonQ and Rigetti reported Q2 2026 revenue, while the D-Wave revenue figure shown is for FY 2025. D-Wave’s Q2 2026 release provides bookings and RPO, but the figures here do not establish its Q2 revenue or cash-flow values. Do not rank the companies as though the table were a matched-period scorecard.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match| Company | Revenue | Cash, liquidity, or cash use | Orders or contracted work |
|---|---|---|---|
| IonQ | Q2 2026: $80.1 million; reported 287% year-over-year growth. Source: IonQ Q2 2026 results. | $3.0 billion in cash, cash equivalents and investments at June 30, 2026. Q2 adjusted EBITDA loss was $120.3 million; that non-GAAP figure is not operating cash flow. Source: IonQ Q2 2026 results. | Not established in the reviewed Q2 results release as a comparable current backlog or RPO figure. |
| Rigetti | Q2 2026: $5.138 million. Source: Rigetti Q2 2026 results. | $541.3 million in cash, cash equivalents and available-for-sale investments at June 30, 2026; $31.993 million of operating cash used in H1 2026. Source: Rigetti Q2 2026 results. | No comparable backlog or RPO figure was verified in the reviewed Q2 results release. |
| D-Wave | FY 2025: $24.6 million. Source: D-Wave FY 2025 results. | FY 2025 adjusted EBITDA loss: $71.8 million. This is a non-GAAP metric, not operating cash used; use a same-period cash-flow statement for cash-burn comparison. Source: D-Wave FY 2025 results. | H1 2026 bookings: $35.5 million; H1 2026 RPO: $40.7 million. Source: D-Wave Q2 2026 results. |
How to compare revenue
Use recognized sales, not orders
Revenue is the sales recognized during the reporting period under the company’s accounting policies. It is evidence of commercial activity, but it is not the same as bookings, signed contract value, cash collected, or future obligations. A high growth rate from a small base can still correspond to modest revenue in absolute dollars.
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For example, IonQ reported Q2 2026 revenue of $80.1 million and 287% year-over-year growth, while Rigetti reported $5.138 million for that same quarter. Those period-matched figures provide a useful snapshot, but they do not establish relative organic growth, comparable business mix, profitability, or valuation.
Check what the revenue includes
IonQ’s 2025 Form 10-K describes revenue from quantum-system design, development and sales, related support, quantum-computing-as-a-service access, consulting and other quantum services. It also describes satellite imagery and data revenue following the company’s business expansion. Therefore, consolidated IonQ revenue should not automatically be treated as quantum-computing revenue alone. Review segment disclosures and acquisitions, and separate acquired growth from organic growth where the company provides enough information. See IonQ’s 2025 Form 10-K.
Measure cash burn and liquidity separately
Use operating cash flow for cash consumed by operations
For a defined period, start with net cash used in operating activities on the cash-flow statement. Then examine capital expenditures and financing separately. State whether the number is quarterly, half-year, or trailing twelve months; those periods are not interchangeable.
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Rigetti used $31.993 million of operating cash in H1 2026. That is a six-month figure, so it should not be compared directly with another company’s quarterly use without adjusting the periods and explaining the calculation. The company reported $541.3 million in cash, cash equivalents and available-for-sale investments at June 30, 2026. Label that full liquidity grouping accurately rather than describing it as cash alone.
Do not substitute net loss or adjusted EBITDA for cash burn
Net loss is an accounting measure, not a synonym for cash used in operations. Non-cash charges, working-capital changes, stock compensation, or warrant-liability remeasurement can cause net income or loss to differ from operating cash flow. IonQ reported a $510.4 million net loss attributable to IonQ for FY 2025; that GAAP loss does not state its operating cash burn. D-Wave attributed much of the difference between its FY 2025 GAAP and adjusted losses to non-cash warrant-liability remeasurement, a company explanation rather than an independent cash-flow measure. See D-Wave’s FY 2025 results and IonQ’s 2025 Form 10-K.
Adjusted EBITDA is also not operating cash flow. IonQ’s Q2 2026 adjusted EBITDA loss of $120.3 million and D-Wave’s FY 2025 adjusted EBITDA loss of $71.8 million are non-GAAP measures from different reporting periods. Rigetti’s Q2 2026 results release cautions that its non-GAAP financial measures should not be considered a substitute for, or superior to, GAAP measures. Non-GAAP definitions can differ by issuer, so read each definition and reconciliation before using such figures in a comparison. See Rigetti’s Q2 2026 results.
Read the liquidity composition and spending needs
Companies may group cash, cash equivalents, and short- or long-term investments differently. IonQ reported $3.0 billion in cash, cash equivalents and investments at June 30, 2026. Its Q2 release also presented a distinct $2.0 billion pro-forma figure after subtracting cash consumed in the SkyWater acquisition. Do not present the pro-forma amount as the same reported balance; explain the acquisition adjustment whenever using it. See IonQ’s Q2 2026 results.
Cash needs also depend on the business. Rigetti’s Q1 2026 filing describes spending needs that include quantum-computing refrigerators, chip-fabrication capacity, research and development, and planned collaborations. A larger balance sheet can provide more flexibility, but it does not by itself show how long funds will last or whether future capital raises will be needed. See Rigetti’s SEC filings.
If estimating runway, define the cash-burn measure and period used, and state assumptions about spending. The estimate can change with fundraising, acquisitions, capital spending, and movements in marketable securities; it is not a company-reported fact unless the issuer explicitly reports it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Keep bookings, backlog, and RPO distinct
Record the issuer’s label and definition
Bookings are not automatically the same as backlog or RPO. D-Wave defines bookings as customer orders received that are expected to generate net revenues in the future. Its Q2 2026 release reported H1 bookings of $35.5 million and H1 RPO of $40.7 million. RPO is an accounting disclosure tied to unsatisfied or partially unsatisfied performance obligations. Neither figure is recognized revenue, and bookings should not be assumed to convert on a fixed schedule. See D-Wave’s FY 2025 results and D-Wave’s Q2 2026 results.
Track conversion, not just growth
For each disclosed measure, record its exact name, amount, reporting date, change from the comparable prior period if provided, delivery or cancellation terms if disclosed, and expected recognition period. Then compare it with revenue recognized in later reports. D-Wave’s H1 2026 bookings and RPO increased year over year, but those growth rates alone do not prove durable demand or predictable revenue.
Do not compare one company’s bookings with another’s RPO as though they were the same metric. If a company does not disclose a comparable figure in the materials you reviewed, write “not disclosed in the reviewed source,” not zero.
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Build a fair peer comparison
A useful comparison sheet separates the figures and preserves their context. Use GAAP figures as the common starting point, and do not force a ranking when periods or definitions differ.
- Revenue: recognized amount, matched-period growth, and revenue mix; identify acquisitions and segments where disclosed.
- Cash use: net cash used in operating activities for the same period, with capital expenditures shown separately.
- Liquidity: the issuer’s exact grouping of cash and investments, as of the balance-sheet date.
- Demand visibility: bookings, backlog, or RPO under the issuer’s own label and definition, plus conversion history.
- Loss measures: GAAP loss and any adjusted measure, with its definition and reconciliation.
- Financing and execution: share issuance and dilution risk, customer concentration, contract timing, and acquired versus organic sales.
When a period-matched value is missing, leave the comparison incomplete rather than inferring it from a headline or mixing an annual figure with a quarterly one. The figures presented here do not establish a current, comparable dataset for every publicly traded company with quantum-computing exposure, including Quantum Computing Inc. They also do not support a valuation comparison without verified current share prices and share counts.
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