D-Wave or IonQ: Which Quantum Stock Will Outperform in 2025?

D-Wave Quantum and IonQ are two prominent pure-play quantum computing companies with different strategies and technologies. D-Wave focuses on quantum annealing and hybrid quantum-classical solutions, while IonQ builds gate-based, fault-tolerant quantum systems. Both companies have made significant progress in 2025, with D-Wave launching its production-ready Advantage2 system and IonQ acquiring strategic companies and forming partnerships. D-Wave's financial health is improving with expanding gross margins and a narrowing adjusted EBITDA loss.

In 2025, two prominent pure-play quantum computing companies, D-Wave Quantum (QBTS) and IonQ (IONQ), have emerged as key players in the quantum technology landscape, each with distinct strategies and technologies. D-Wave focuses on quantum annealing and hybrid quantum-classical solutions, while IonQ builds gate-based, fault-tolerant quantum systems. Both companies have made significant strides in 2025, with D-Wave launching its production-ready Advantage2 system and IonQ acquiring strategic companies and forming partnerships.

D-Wave Quantum: Near-Term Traction and Financial Health

D-Wave Quantum has been making rapid progress with its Advantage2 system, evolving from a prototype with 1,200+ qubits to a production-ready sixth-generation quantum annealer launched in May 2025. The full-scale Advantage2 now boasts over 4,400 qubits, 40% greater energy scale, 75% noise reduction, and 2x coherence, delivering unprecedented performance for real-world use cases in optimization, AI, and materials science [2].

In terms of financial health, D-Wave Quantum has shown significant improvement. In the first quarter of 2025, the company reported a GAAP gross profit of $13.9 million, a 710% increase from the previous year, and a non-GAAP gross profit of $14 million, a 680% increase. This resulted in a GAAP gross margin of 92.5% and a non-GAAP gross margin of 93.6%, up from 67.3% and 76.6% respectively. Additionally, the adjusted EBITDA loss narrowed by 15% year-over-year to $8.4 million [2].

IonQ: Long-Term Vision and Strategic Moves

IonQ, on the other hand, is building a vertically integrated quantum platform by acquiring Lightsynq, Capella Space, and Oxford Ionics, adding cutting-edge capabilities in photonic interconnects, quantum memory, satellite-based QKD, and ion-trap R&D. These moves position IonQ to build scalable systems with millions of qubits and enable a future quantum Internet [2].

IonQ also announced a $1 billion equity offering in the first quarter of 2025, boosting its pro-forma cash reserves to approximately $1.68 billion. The company reported revenues of $7.6 million in the first quarter of 2025, a solid year-over-year growth, and narrowed its net loss to $32.3 million from $39.6 million in the first quarter of 2024. Management is confident about delivering $37-41 million in full-year 2025 revenues, driven by increased demand for its high-performance systems like Forte and Tempo, and stronger enterprise engagements across AI, defense, and scientific research [2].

Which Stock to Bet on in 2025?

While both D-Wave Quantum and IonQ are pursuing distinct quantum strategies, D-Wave's strong near-term traction, margin gains, and stock growth give it an edge for 2025 returns. IonQ’s long-term vision remains compelling, but its slower revenue ramp-up and larger losses suggest a longer runway to commercialization. With both stocks carrying a Zacks Rank #3 (Hold), investors seeking nearer-term gains may find D-Wave better positioned for outperformance this year compared to IonQ [2].

References

[1] https://finance.yahoo.com/news/jim-cramer-says-want-own-145214748.html
[2] https://www.nasdaq.com/articles/d-wave-or-ionq-which-quantum-stock-has-more-upside-2025
[3] https://finance.yahoo.com/news/rgti-advance-toward-scalable-quantum-132300829.html