Quantum Computing Stocks Rally After IonQ Results
Quantum computing stocks rallied after IonQ reported $130 million in 2025 revenue and raised 2026 guidance, lifting sector buying.
KEY TAKEAWAYS
- IonQ reported FY2025 revenue of $130 million and raised 2026 revenue guidance to $225 million-$245 million.
- Q4 GAAP net income included a $950 million noncash warrant gain; adjusted EPS was a $0.20 loss.
- D-Wave's small revenue base and bookings decline tempered sector momentum and highlighted uneven provider progress.
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Quantum computing stocks rose after IonQ Inc. (IONQ) reported fourth-quarter and full-year 2025 results on Feb. 25, 2026, raised its 2026 revenue outlook, and disclosed a GAAP gain tied to warrant revaluation. Meanwhile, D-Wave posted a mixed quarter.
IonQ Earnings and Outlook
IonQ reported full-year 2025 revenue of $130 million, a 202% increase from 2024, with about 60% of sales from commercial customers, making it the first pure-play quantum company to exceed $100 million in annual revenue. The company recorded GAAP net income of $754 million in the fourth quarter, driven by a $950 million non-cash gain from changes in the fair value of warrant liabilities. On an adjusted basis, IonQ reported a loss per share of $0.20.
At year-end, IonQ held approximately $3.3 billion in liquidity, supported by a $2.0 billion equity offering in October 2025. The company is pursuing the acquisition of SkyWater Technology, a U.S.-based quantum chip foundry, pending regulatory approval. IonQ previously acquired Lightsynq, Capella, and Seed Integrations.
The company guided 2026 revenue to $225 million–$245 million and set first-quarter revenue at $48 million–$51 million. Research and development spending rose 123% year over year, while adjusted EBITDA for 2025 was a negative $187 million. IonQ noted that demand currently exceeds its supply.
On the technical front, IonQ’s Tempo system reached an algorithmic-quality (AQ) level of 64 ahead of schedule, and the company sold its first 100-qubit system to the Korea Institute of Science and Technology Information.
D-Wave Q4 Results and Sector Response
D-Wave reported fourth-quarter 2025 revenue of $2.8 million, a 19% increase year over year but below an estimate near $3.7 million. Bookings declined 27% to $13.4 million. The company narrowed its net loss to $42 million from $86 million a year earlier and posted an adjusted net loss of about $32 million, or $0.09 per share, compared with a $0.06 estimate.
Following IonQ’s report, other publicly traded quantum stocks including QBTS, QUBT, and RGTI traded higher over the next 72 hours as investors reassessed the sector. IonQ’s milestone in annual revenue and raised outlook shifted expectations despite D-Wave’s mixed results, which highlighted uneven progress among providers.
Rigetti is scheduled to report results on March 4, 2026, offering another data point on the industry’s momentum beyond IonQ’s recent gains.
