Quantum computing stocks have struggled in early 2026 amid geopolitical tensions and a broader technology sell-off, with pure-play names like IonQ (IONQ Quick QuoteIONQ - Free Report) and D-Wave Quantum (QBTS Quick QuoteQBTS - Free Report) declining sharply year to date. While IONQ has declined 26.2% year to date, QBTS plunged 37.6%. In contrast, the S&P 500 index dipped 5% during this period.

However, 2026 could be a pivotal commercialization year for the industry as a whole.

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IonQ is targeting a major hardware milestone with a 256-qubit system expected in late 2026 and is pursuing vertical integration through its planned acquisition of SkyWater to accelerate manufacturing and fault-tolerant quantum development. Meanwhile, D-Wave is advancing a dual-platform strategy combining annealing systems for near-term commercial optimization problems with gate-model quantum systems following its Quantum Circuits acquisition, positioning the company for broader long-term applications.

Despite macro headwinds and ongoing industry skepticism about commercialization timelines, both companies are reporting growing bookings, enterprise deals and government partnerships, indicating that revenue growth and commercialization progress could drive stock performance once market sentiment toward emerging technologies improves.

IonQ vs. QBTS: What to Expect in 2026

Following their fourth-quarter 2025 results, both IonQ and D-Wave Quantum have laid out aggressive roadmaps for 2026, thus positioning the year as a transition from early commercialization toward scaled quantum adoption, despite macro volatility and tech sector weakness.

IonQ’s 2026 Roadmap: It is centered on scaling hardware, vertical integration and expanding its full-stack quantum platform. The company expects to launch an operational 256-qubit system in the fourth quarter of 2026, a key milestone toward fault-tolerant quantum computing and future large-scale systems.

IonQ is also pursuing vertical integration through its planned acquisition of SkyWater Technology, which will give it semiconductor manufacturing capabilities and accelerate its fault-tolerant quantum roadmap and chip scaling timeline. The transaction is expected to close in mid-2026 and is intended to position IonQ as a vertically integrated full-stack quantum platform company. The company guided 2026 revenues of around $225M–$245M, supported by commercial customers, government contracts and international expansion.

Sales and EPS Growth Rates (Y/Y %)

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D-Wave Quantum’s 2026 Strategy: This is focused on its dual-platform approach after completing the acquisition of Quantum Circuits in January 2026. This acquisition adds error-corrected gate-model quantum computing to D-Wave’s existing annealing systems, making it the only company pursuing both annealing and gate-model architectures commercially. The company plans to introduce initial gate-model systems in 2026 while continuing to sell annealing systems for optimization workloads and enterprise applications. Bookings momentum in early 2026 has been strong, including system sales and enterprise quantum computing service agreements, with revenues expected to ramp more in the second half of 2026 due to system installations and service contracts.

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Overall 2026 Outlook:IonQ is focusing on scaling and platform integration, while D-Wave is focusing on commercialization and dual-architecture expansion. Both companies expect stronger revenue growth in the second half of 2026, suggesting that execution milestones, bookings conversion and hardware launches will likely determine stock performance in the rest of the year.

Stumbling Blocks

Despite strong roadmaps, both IonQ and D-Wave Quantum face several stumbling blocks that could distort their 2026 growth trajectory. IonQ is making heavy R&D investments and pursuing large acquisitions like SkyWater Technology, which increases execution risk, integration challenges and continued EBITDA losses as the company scales hardware and manufacturing capabilities.

Meanwhile, D-Wave is transitioning into a dual-platform company after acquiring Quantum Circuits, which adds technological and integration risk while the company continues to report losses and depends on system sales with long revenue recognition cycles. Additionally, both companies face commercialization uncertainty, competition from large tech firms and macro-driven tech sector volatility that could impact funding, bookings and investor sentiment in 2026.

IONQ-QBTS Valuation

QBTS currently trades at a forward 12-month Price-to-Sales (P/S) of 111.6X compared with IONQ’s 45.6X.

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Our Take

Considering current fundamentals and execution visibility, investors may want to be more cautious with D-Wave Quantum compared to IonQ. While both companies have ambitious 2026 roadmaps, IonQ has clearer revenue guidance, a larger backlog and a more diversified quantum platform strategy spanning computing, networking, sensing and security.

D-Wave, on the other hand, still relies heavily on system sales and bookings conversion, which can create revenue volatility. With IonQ currently carrying a Zacks Rank #3 (Hold) and D-Wave holding a Zacks Rank #5 (Strong Sell), the risk-reward currently appears more favorable for holding or accumulating IonQ shares. Investors may consider booking profits or reducing exposure in D-Wave until its execution and revenue visibility improve later in 2026. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.