Overview

• B. Riley’s Craig Ellis lifted IonQ’s 12-month target to $100 and D-Wave’s to $33, reiterating Buy ratings following the Quantum World Congress.
• IonQ disclosed an AFRL-supported prototype that converts visible photons to telecom wavelengths and reported a record #AQ64 algorithmic qubit score.
• Quantum shares swung this week, with D-Wave falling about 5.4% intraday on Thursday before trading more than 3% higher on Friday.
• D-Wave’s Advantage2 system, launched in May with more than 4,400 qubits, remains a key driver of investor interest in its annealing approach.
• Commentators warn that IonQ and D-Wave remain deeply unprofitable, even as 2030 market projections vary widely from roughly $4 billion to about $20 billion.