Overview
- Since Q3 2024, pure‑play names IonQ, D‑Wave, and Rigetti have logged outsized gains, yet trade at extreme multiples of trailing sales with limited profits.
- D‑Wave’s rally featured high‑profile events, an Advantage system sale in May, and a cash balance that rose to $819 million by Q2 2025, with Q3 results due Nov. 6.
- Researchers at the Flatiron Institute and EPFL challenged D‑Wave’s ‘quantum supremacy’ claim tied to its Advantage2 annealer, underscoring ongoing technical disputes.
- IonQ was reported to have secured $2 billion in October 2025 from Heights Capital Management, expanding its resources as it grows cloud partnerships and revenue.
- Rigetti reported two Novera system sales totaling $5.7 million and showcased NVQLink integration with NVIDIA, while interest was buoyed by Alphabet’s Echoes research and public sector signals.