4 types of quantum computing companies
Top 3 quantum computing listed companies
The first type is pure quantum computing listed companies. There are currently three major companies in the United States, and the company’s business is 100% concentrated in the field of quantum computing. Representatives of this type of company are IonQ (ticker: IONQ), D-Wave (tickere: QBTS), Rigetti (ticker: RGTI), etc.
Diversified large technology groups
Including IBM, Intel, Microsoft, Amazon, Google, Nvidia and other super-large diversified technology group listed companies. The main businesses of these super-large diversified technology groups are well known to everyone, and their respective fields and degrees of involvement in quantum computing vary.
But one thing is certain-these super-large diversified technology groups with the most influence, the deepest pockets, and the most resources in the world today all recognize the importance and future of quantum computing. No one wants to miss this trend, and they are afraid that they will fall behind in the field of quantum computing. Therefore, they have invested considerable resources in this field and continued to develop, and have also announced results to varying degrees.
Unlisted quantum computing companies
Among pure quantum computing companies, there are many companies that have not yet been listed, but the more famous and currently active companies include:
- Xanadu Quantum Technologies
- PsiQuantum
- Quantinuum, formed by the merger of Cambridge Quantum and Honeywell Quantum Solutions
- Alpine Quantum Technologies
Quantum computing companies in other countries
This post will only discuss quantum computing companies in the United States, and will not discuss quantum computing companies in other countries. However, this does not mean that quantum computing in countries other than the United States is lagging behind. For example, China has made great progress in quantum computing and has long been regarded as the United States’ biggest competitor in the field of quantum computing.
Of course, China also has many listed and unlisted quantum computing companies, some of which have announced impressive industry-leading achievements. You can click my previous post of “Quantum computing current progress and related stocks“
Technologies pros and cons
IonQ
IonQ uses trapped-ion technology, which can reduce the width of the quantum processing unit (QPU) from several feet to several inches. This miniaturization process may pave the way for the development of cheaper and more powerful quantum computing systems in the future. IonQ sells three types of quantum computing systems: the top-level Aria quantum system, the business-oriented Forte system, and the locally deployed Forte Enterprise system. It also provides customers with its quantum computing capabilities in the form of cloud services.
Although critics attack IonQ’s poor computing speed, IonQ’s products can be used at room temperature and are considered to be the most stable quantum computing technology that can be widely used in practice, which is its biggest advantage.
For Ionq in detail, please see my post of “IonQ, the most competitive advantages, most valuable and first public pure-play quantum computing company“
D-Wave
D-Wave is recognized as the world’s first commercial quantum computer supplier for its computing speed. D-Wave pioneered quantum annealing technology, a near-term optimization-first method specifically designed to solve complex optimization problems and has been used in practical applications.
Advantage2 is D-Wave’s sixth-generation annealing quantum computer, equipped with more than 4,400 qubits, 20-way qubit connection capability, and improved energy scale and noise suppression.
For D-Wave in detail, please see my post of “D-Wave, world’s first commercial quantum computer supplier“
Rigetti
Rigetti uses superconductor technology, which cannot operate at normal room temperature. The company focuses on gate-based quantum systems and emphasizes modular superconducting qubit architectures for general quantum computing.
Note: For superconductor technology, you can click on my previous post of “Why are superconductors important? current progress and related companies“
Rigetti’s latest product is the Ankaa-3 system that can run 84 qubits, with a dual-qubit fidelity of up to 99.5%. Its modular architecture enables future chip interconnection, and its AI-assisted calibration and proprietary ABAA manufacturing process are designed to reduce errors and expand the number of qubits. Rigetti plans to launch a 108-qubit system by the end of 2025 and is focused on long-term applications in machine learning, optimization, and materials science.
Biz operation and strategies
Strategies are very different
The three companies have very different technology bets, business models, and expansion roadmaps. Investors should judge for themselves which stock is more in line with the future development direction of quantum computing from the perspectives of technology, business strategy, and long-term growth prospects.
Reliance on government orders has solidified Rigetti’s position as a trusted partner in the government’s early quantum research and development. However, government projects usually have long procurement cycles and may not develop into high-profit regular contracts. So far, there is little evidence that Rigetti has been substantially adopted by the private sector.
Partners
IonQ has better commercialization capabilities and business models. IonQ provides quantum computing services on Amazon’s AWS, Google’s GCP, and Microsoft’s Azure, three major cloud computing platforms, allowing researchers to perform quantum computing processing. The future development of quantum computing may lead to smarter AI models.
IonQ has also formed an alliance with AstraZeneca to enhance the drug development process. IonQ’s tight integration with AWS, Azure and Google Cloud further consolidates its position in commercial applications in various fields such as automotive, aerospace, chemicals and finance.
Rigetti controls everything from chip manufacturing to cloud access; that is, everything itself. It designs and manufactures quantum processors (QPUs) in-house and allows developers to write their own quantum algorithms on its Forest cloud platform.
Customers
In May 2025, IonQ announced a quantum network contract with the US Applied Research Laboratory for Intelligence and Security (ARLIS) and two contracts with the US Air Force Research Laboratory (AFRL) to deploy a quantum network system at the AFRL base in Rome, New York. Recently, IonQ signed a $22 million agreement with EPB, a leading energy and communications company in Chattanooga, Tennessee, to establish the first quantum computing and network center in the United States. In July 2025, Ionq announced three additional customers, including Ansys, AstraZeneca, and Toyota Tsusho.
IONQ has received strong support from the US government, including a $13.4 million contract with the US Air Force Research Laboratory (AFRL) to develop advanced ion trap quantum systems, and research collaborations under the US Department of Energy (DOE) project. At the same time, IONQ has also made significant progress in the private sector, turning early pilot programs with Hyundai, Airbus, and Fidelity into active corporate collaborations.
D-Wave already has major customers such as Volkswagen, Mastercard, and Lockheed Martin, Ford Otosan, and Japan Tobacco in the manufacturing sector. NASA and Google have also been customers, which shows D-Wave’s “business first” philosophy. Although its quantum annealing model is not universal, it currently provides tangible value, making its business model more application-oriented and enterprise-centric than Rigetti’s research-driven path.
D-Wave works with organizations such as the Canadian Space Agency and the U.S. Defense Agency through its quantum annealing platform, while also opening a clear path for enterprise applications. The company has launched active pilot programs for customers such as SavantX and Volkswagen in logistics optimization, materials science, and labor scheduling. D-Wave’s focus on hybrid quantum classical solutions enables it to create near-term value in both the government and commercial sectors and gives it greater revenue flexibility than Rigetti currently does.
Rigetti relies heavily on U.S. government contracts. For example, the U.S. Air Force Research Laboratory (AFRL), the U.S. Defense Advanced Research Projects Agency (DARPA), and the U.S. Department of Energy (DoE) Center for Superconducting Quantum Materials and Systems.
Operating performance
Revenue sources
Rigetti’s revenue is mainly generated through its Quantum Cloud Service (QCS) platform. D-Wave’s revenue sources are more diversified, including quantum application consulting, enterprise contracts, and platform subscriptions. IONQ dedicated quantum computing hardware, service contracts, and cloud access each account for 50% of total revenue.
Annual revenue
Performance in 2023
IonQ’s revenue in 2023 was $22 million, while its original target was $34 million.
D-Wave’s total revenue for the full year of fiscal 2023 was $8.8 million, up 22% from 2022.
Rigetti’s revenue in 2023 was only $12 million, far from its original target of $34 million. In terms of business execution, it is indeed poor.
Performance in 2024
IonQ reported full-year revenue of $43.1 million as of December 31, 2024, almost doubling the $22 million in 2023 and increasing 95% year-over-year.
D-Wave’s total revenue for the full year of fiscal 2024 is $8.8 million, which is basically the same as $8.8 million in 2023.
Rigetti reported total revenue of $10.8 million for the full fiscal year ending December 31, 2024, a 10% year-on-year decrease from approximately $12 million in 2023.
Investment Risks
Technology is still in early stage
Quantum computing is a new technology that is highly anticipated, not yet mature, and is still far from being widely used in commercial applications. Investors should not put too much expectation on it.
This can be seen from the fact that the technologies used by the three largest quantum computing listed companies on the market are completely different, with very small revenues, huge losses for many years, and small market capitalizations. Stock prices fluctuate violently; you can see how risky it is to invest in them.
Profit is far away
It is expected that in the foreseeable future, unless there are unexpected or special circumstances, the three major quantum computing listed companies will remain in a loss-making state.
Financing may dilute shareholders’ equity
Since the three major quantum computing listed companies are still in the very early stages of startups, they will inevitably need to continue to borrow money, raise funds, or issue new shares to raise operating funds to survive.
IonQ and Rigetti may also continue to dilute their own shares to raise cash and pay equity incentive expenses. Since the SPAC merger, IonQ’s share count has increased by 10%, while Rigetti’s share count has increased by 69% since its listing.
On July 7 2025, IonQ announced the pricing of a $1 billion equity offering at $55.49 a share, representing a 25% premium to latest closing price. The $978.5 million of net proceeds from the offering will bring IonQ’s pro-forma cash to roughly $1.68 billion and drive the company’s growth to commercialization.
Capital market performance
| Company name | Ticker | Stock price | Market Cap (US$ billion) | Stock performance in past one year | Stock performance in past five year | 2024 revenue (US$ million) and growth rate | 2024 net income (US$ million) and growth rate |
| D-Wave | QBTS | 14.18 | 46.28 | 1013.53% | 36.37% | 8.8(+0%) | (142.9)(-65.02%) |
| Ionq | IONQ | 41.81 | 118.69 | 367.15% | 279.75% | 43.1(+95.9%) | (331.6)(-110.2%) |
| Rigetti | RGTI | 12.18 | 39.31 | 923.53% | 22.91% | 10.8(-10%) | (201)(-167.64%) |
| S&P 500 | 6259.75 | 52,703 | 11.16% | 94.12% | 17,310,000(+6.25%) | 1,962,000(+11.71%) |
Numbers are as of 7/11/2025
I am the author of the original text, the essence of this story was originally featured on Smart Magazine, Issue of August 2025
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