D-Wave Quantum Inc.

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Somewhat Bullish +45

3 Quantum Computing Stocks to Buy in July

📉 All three quantum computing stocks (IonQ, Rigetti, D-Wave) shed between 20% and 25% in June alone.

💰 IonQ reported Q1 FY26 revenue of $64.67 million, a 755% year-over-year surge beating its own guidance.

📈 IonQ raised full-year revenue guidance to $260M-$270M with remaining performance obligations hitting $470 million.

💻 Rigetti Computing achieved general availability for its 108-qubit Cepheus-1 system with high gate fidelity.

🚀 Rigetti Q1 FY26 revenue nearly tripled to $4.40 million while maintaining a debt-free balance sheet.

🔥 D-Wave Quantum bookings exploded to $33.40 million in Q1 FY26, up nearly 2,000% year over year.

🏛️ D-Wave secured major deals including a $20 million system sale to Florida Atlantic University.

⚠️ IonQ carries a market cap of roughly $20.11 billion with significant cash burn and dilution risks.

🧬 Rigetti holds $569 million in cash and investments to fund its planned UK expansion project.

🔬 D-Wave maintains $588.4 million in cash while pursuing a Quantum Circuits acquisition for gate-model tech.

📉 IonQ reported an adjusted EBITDA loss of negative $330M to negative $310M for the full year.

📉 Rigetti's operating losses widened to $25.95 million in Q1 FY26 amid insider share sales.

📉 D-Wave saw adjusted EBITDA losses widen to negative $32.8 million and expenses rise 125% YoY.

🎯 IonQ successfully sold its first commercial-scale 256-qubit Tempo system to the University of Cambridge.

🔭 Rigetti's CEO described its Cepheus-1 system as one of the most powerful gate-based quantum computers globally.

🧩 D-Wave is the only company pursuing both annealing and gate-model quantum computing architectures.

📅 All three companies face upcoming Q2 earnings in early August to test booking durability.

🏦 IonQ has a pending SkyWater acquisition expected to close in Q2 or Q3 2026.

🌍 Rigetti plans a $100 million investment in the UK over three to four years for a 1,000+ qubit system.

🧠 D-Wave targets 100 logical qubits by 2032 and aims for an Advantage3 annealer with 100,000 qubits.

📊 The sector trades at extreme valuations, with IonQ at ~109x P/S and Rigetti at ~836x P/S per some sources.

Bullish Signals
  • IonQ reported Q1 FY26 revenue of $64.67 million, representing a massive 755% year-over-year increase.
  • IonQ raised its full-year revenue guidance to between $260 million and $270 million with organic growth projected above 100% YoY.
  • IonQ's remaining performance obligations surged to $470 million, providing strong visibility into future revenue streams.
  • IonQ booked its first sale of a commercial-scale 256-qubit Tempo system to the University of Cambridge.
  • Rigetti Computing nearly tripled Q1 FY26 revenue to $4.40 million following the general availability of its Cepheus-1 system.
  • Rigetti maintains a strong balance sheet with $569 million in cash and investments and no debt.
  • D-Wave Quantum saw bookings explode to $33.40 million in Q1 FY26, up nearly 2,000% year over year.
  • D-Wave secured significant new contracts including a $20 million system deal with Florida Atlantic University.
  • D-Wave's remaining performance obligations jumped to $42.40 million, up 563% year over year.
  • D-Wave holds $588.4 million in cash and is pursuing the Quantum Circuits acquisition to accelerate its gate-model roadmap.
Risk Factors
  • All three stocks shed between 20% and 25% in June, highlighting extreme volatility and sentiment shifts.
  • IonQ carries a significant operating cash burn of $151.02 million and faces real dilution risk.
  • IonQ guidance indicates an adjusted EBITDA loss of negative $330 million to negative $310 million for the full year.
  • Rigetti Computing's operating losses widened to $25.95 million in Q1 FY26, and insider selling activity has raised eyebrows.
  • D-Wave Quantum reported headline revenue down 81% YoY due to the mechanical timing of large discrete system sales.
  • D-Wave's adjusted EBITDA loss widened to negative $32.8 million from negative $6.1 million in the prior year.
  • The sector trades at extreme price-to-sales multiples, with IonQ at ~109x and Rigetti at ~836x per some sources.
  • Upcoming Q2 earnings in early August will be critical to test if booking momentum is durable or if the sector faces repricing.
Full Analysis
The article identifies three quantum computing stocks—IonQ, Rigetti Computing, and D-Wave Quantum—as potential aggressive investments for July, noting that all three shed over 20% in June. While industry leaders like Jensen Huang suggest large-scale commercialization is at least 15 years away, these companies are trading at extreme price-to-sales multiples, ranging from roughly 83x to nearly 800x. IonQ (NYSE:IONQ) leads the group with a market cap of approximately $20.11 billion and reported Q1 FY26 revenue of $64.67 million, a 755% year-over-year increase that beat guidance. The company raised its full-year revenue guidance to between $260 million and $270 million, driven by remaining performance obligations reaching $470 million and the sale of its first 256-qubit Tempo system. Rigetti Computing (NASDAQ:RGTI) focuses on superconducting architecture with a market cap of roughly $6.35 billion. Its Q1 FY26 revenue nearly tripled to $4.40 million following the general availability of its 108-qubit Cepheus-1 system. The company holds $569 million in cash and investments, funding a planned UK investment for a larger qubit system. D-Wave Quantum (NYSE:QBTS) is highlighted as a dual-modality player with exploding bookings that reached $33.40 million in Q1 FY26, up nearly 2,000% year over year. Despite headline revenue declining due to the timing of large system sales, the company has $588.4 million in cash and is pursuing a Quantum Circuits acquisition to accelerate its gate-model roadmap. All three companies remain speculative with significant operating losses and high stock-based compensation costs. The article emphasizes that position sizing is critical given recent volatility and warns investors to monitor upcoming Q2 earnings in early August for signs of durable momentum or sector repricing.