Overview
- Jefferies began coverage of D-Wave Quantum and IonQ with buy ratings and assigned a hold rating to Rigetti Computing.
- IonQ reported $39.9 million in quarterly revenue, topping a $27 million estimate, and lifted its 2025 sales outlook to $106–110 million.
- Recent results highlight ongoing losses despite growth: D-Wave logged $3.7 million in Q3 revenue with a $140 million net loss, IonQ recorded $39.9 million with a $1.1 billion loss, and Rigetti posted $1.9 million with a $201 million loss.
- Analysts noted an emerging supply chain for cryogenics, lasers and optics, and control electronics backed by government funding and major tech companies such as Google and IBM.
- Jefferies’ view sits within a wide range of forecasts, from Yole’s $17.4 billion projection by 2035 to BCG’s up to $170 billion and McKinsey’s $198 billion by 2040.