D-Wave Quantum Inc.

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Bullish +65

3 Quantum Computing Stocks to Buy in July

📈 IonQ reported Q1 FY26 revenue of $64.67 million, a 755% year-over-year increase that beat guidance by 30%.

💰 IonQ's remaining performance obligations jumped to $470 million, providing significant future revenue visibility.

🤝 IonQ secured its first commercial sale of a 256-qubit Tempo system to the University of Cambridge.

💵 Rigetti Computing holds $569 million in cash and investments with zero debt on its balance sheet.

⚡ Rigetti's Cepheus-1-108Q system achieved general availability with 99.8% two-qubit gate fidelity.

📊 D-Wave Quantum bookings exploded to $33.40 million, representing a nearly 2,000% year-over-year surge.

🏛️ D-Wave signed a $20 million deal with Florida Atlantic University and a $10 million Fortune 100 QCaaS agreement.

🚀 D-Wave aims to reach 100 logical qubits by 2032 following the Quantum Circuits acquisition.

📉 All three quantum stocks shed between 20% and 25% in June, highlighting high volatility.

⚠️ IonQ faces dilution risk with Q1 stock-based compensation of $128.52 million and operating cash burn of $151.02 million.

📉 Rigetti's insider selling activity includes CTO David Rivas disposing of 499,328 shares in late May.

📉 D-Wave reported a GAAP operating expense increase of 125% year-over-year despite lower headline revenue.

Bullish Signals
  • IonQ achieved a massive 755% year-over-year revenue growth to $64.67 million in Q1 FY26, significantly exceeding analyst expectations.
  • IonQ's remaining performance obligations surged to $470 million, up 554% YoY, indicating strong future revenue visibility.
  • IonQ successfully sold its first commercial 256-qubit Tempo system to the University of Cambridge, marking a shift to commercial-scale systems.
  • Rigetti Computing's Cepheus-1-108Q system reached general availability with high fidelity metrics across major cloud platforms like Amazon Braket and Microsoft Azure.
  • Rigetti maintains a strong balance sheet with $569 million in cash and investments and no debt, funding future expansion plans.
  • D-Wave Quantum bookings skyrocketed nearly 2,000% year-over-year to $33.40 million, driven by major institutional contracts.
  • D-Wave holds a robust $588.4 million cash position, providing ample liquidity for its dual-modality roadmap and acquisitions.
  • IonQ raised its full-year revenue guidance to $260-$270 million with management projecting organic growth above 100% YoY.
Risk Factors
  • All three quantum computing stocks experienced significant price declines in June, with IonQ down 25%, Rigetti down 24%, and D-Wave down 21%.
  • IonQ carries substantial dilution risk with Q1 stock-based compensation of $128.52 million and an operating cash burn of $151.02 million.
  • Rigetti Computing faces valuation concerns as its revenue remains tiny relative to its market cap, while insider selling activity raises eyebrows.
  • D-Wave Quantum reported headline revenue down 81% year-over-year due to the mechanical timing of a large prior system sale, though this is not a fundamental decline.
  • The sector trades at extreme price-to-sales multiples, with IonQ at ~109x and D-Wave at ~791x according to some sources, suggesting high valuation risk.
Full Analysis
The article identifies three quantum computing stocks—IonQ (IONQ), Rigetti Computing (RGTI), and D-Wave Quantum (QBTS)—as potential aggressive investments for July, noting their recent double-digit percentage declines in June. While acknowledging Jensen Huang's prediction that large-scale commercialization is 15 years away, the piece highlights that operating data has materially improved in 2026, with stronger bookings, remaining performance obligations, and cash positions compared to prior periods. IonQ leads the group with a market cap of roughly $20.11 billion, reporting Q1 FY26 revenue of $64.67 million (up 755% YoY) and raising full-year guidance to $260-$270 million. Key bullish factors include remaining performance obligations exploding to $470 million, the sale of its first 256-qubit Tempo system to the University of Cambridge, and a cash balance of $493.54 million pending the SkyWater acquisition. Rigetti Computing focuses on technology purity with its 108-qubit Cepheus-1-108Q system now generally available across major cloud platforms. The company reported Q1 FY26 revenue nearly tripling to $4.40 million, holds $569 million in cash with no debt, and plans a $100 million UK investment for a 1,000+ qubit system, though it faces risks from tiny revenue relative to valuation and insider share sales. D-Wave Quantum is characterized as a dual-modality wildcard pursuing both annealing and gate-model computing. Its bookings surged nearly 2,000% YoY to $33.40 million in Q1 FY26, driven by significant university and Fortune 100 deals. Despite headline revenue declining 81% due to the timing of a prior system sale, the company holds $588.4 million in cash and aims for 100 logical qubits by 2032 via its Quantum Circuits acquisition.