D-Wave Quantum Inc. Common StockQBTS
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Analyst says stock is overvalued with high price-to-sales ratio and early-stage business
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Quantum Computing▼ · 2 stocks
D-Wave Quantum Inc. Common Stock
NVIDIA CorporationNVDA
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IBM's Anderon Finalizes $1 Billion CHIPS Act Quantum Foundry Award
Anderon, an IBM subsidiary, finalized a $1 billion research-and-development award from the U.S. Department of Commerce on Wednesday under the 2022 CHIPS and Science Act. The funding will support Anderon's efforts to advance quantum wafer manufacturing at its facility in Albany, New York, where a 300-millimeter quantum wafer foundry serves customers across the quantum industry. IBM has put up $1 billion of its own money alongside the federal award, and production is underway with quantum wafers already in process. The Anderon award is part of a broader $2 billion package distributed across nine quantum computing companies under the CHIPS and Science Act, with GlobalFoundries in line for $375 million and D-Wave Quantum, Rigetti Computing, and Infleqtion each expected to receive $100 million; each of the nine firms will give the federal government a minority ownership stake in exchange for the funding. The finalization follows a letter of intent between IBM and the Commerce Department announced in May, and last week Rigetti Computing, D-Wave Quantum, and Quantinuum each finalized $100 million deals with the department. IBM stock fell 3.3% on Wednesday and has declined nearly 19% this year.
Rigetti Q2 Revenue Rises to $5.1 Million as Costs and Losses Widen
Rigetti Computing reported second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year earlier, driven mainly by sales of its 9-qubit Novera systems and related products. Customer concentration remains elevated, with one client contributing 64% of quarterly revenues and another accounting for 16%, while the company's $8.4 million C-DAC quantum system for India is expected to be recognized only after installation and acceptance testing in the fourth quarter of 2026. Operating expenses jumped 48% year over year to $30.3 million, including a 53% increase in research and development spending to $20.7 million, producing an operating loss of $28.1 million. Rigetti holds $541.3 million in liquidity, but management expects R&D investments and capital expenditures to remain elevated as it expands cryogenic infrastructure and fabrication capacity. Among peers, IonQ signed an $8.18 million commercial agreement with Congruity360 and launched its sixth-generation Superion 256 platform, while D-Wave Quantum finalized a definitive agreement with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding.
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IonQ CEO Predicts Q-Day by 2028 as Shares Fall 5.78%
IonQ chief executive Niccolo de Masi used the company's investor day to predict that Q-Day, the point at which today's encryption falls, will arrive in 2028, but the market response was muted as shares fell 5.78% to $38.13 and are now down 15.02% year to date. The company reported Q2 revenue of $80.05 million, up 286.8% year over year, yet GAAP operating expenses ran to $417.3 million, adjusted EBITDA was negative $120.3 million, and stock-based compensation alone was $141.8 million, undercutting de Masi's claim that IonQ's systems do not become a lot more expensive as they grow more powerful. IonQ closed its $1.8 billion acquisition of SkyWater, raised full-year 2026 revenue guidance to $280 million to $290 million, and grew remaining performance obligations 297% year over year, with cash of $1.24 billion at quarter end, though management declined to provide combined-company guidance. The 256-qubit system is scheduled to begin commissioning in the first half of 2027, and roughly 50% of Q2 revenue was international while 60% was commercial. Among peers, Rigetti Computing reported Q2 revenue of just $5.14 million and is down 31.2% year to date, while D-Wave Quantum posted $3.08 million in revenue and is down 34.53% year to date, against NVIDIA's $96.22 billion in Q2 revenue, up 105.8% year over year. Analysts carry an average price target of $67.68 on IonQ, which trades at a price-to-sales of roughly 65.