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IONQ vs. QUBT: Which Quantum Computing Stock Led in Q2 Earnings?
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Key Takeaways
IONQ posted $80.1M in Q2 revenues, up 287%, while QUBT rose to $5.6M from $61,000.
QUBT's Fab 2, NeuraWave, Dirac-3 and $42.5M backlog broaden its commercial opportunity.
Analyst targets imply 125.18% upside for QUBT versus 67.54% for IONQ, favoring QUBT.
After a volatile stretch for quantum stocks, second-quarter 2026 results from IonQ (IONQ - Free Report) and Quantum Computing Inc. (QUBT - Free Report) or QCi, both offer long-term opportunity. IonQ clearly delivered the larger headline numbers. Revenues reached $80.1 million, up 287% year over year, while management raised 2026 revenue guidance to $280 million-$290 million.
Yet QUBT may have delivered the more intriguing strategic quarter. Revenues jumped to $5.6 million from just $61,000 a year earlier. QCi also added Fab 2 through NHanced, prepared NeuraWave for deployment and installed Dirac-3 at a global consulting firm. The company ended June with $1.3 billion in cash, equivalents and investments. Its backlog was $42.5 million.
Image Source: Zacks Investment Research
Over the past 30 days, IONQ shares have gained 24.9%, compared with 12.1% for QUBT. Investors are still giving greater weight to IONQ’s stronger revenue growth and near-term commercialization progress. However, QUBT’s latest quarter points to a broader strategy, spanning photonics, chip manufacturing and quantum computing. While these businesses are still at different stages of commercialization, they give QUBT multiple potential sources of future revenues.
Let's get into more detail.
QUBT: Investment Case
QUBT’s second-quarter revenues jumped to $5.6 million from $61,000 a year earlier and $3.7 million in the first quarter. Cash, cash equivalents and investments were $1.3 billion. The company also completed its NHanced Semiconductors acquisition, launching Fab 2 and expanding advanced packaging and U.S.-based semiconductor manufacturing. Commercial validation is emerging through the deployment of its Dirac-3 optimization machine, NeuraWave’s commercial readiness and a Planck Dynamics agreement that could support deployments of up to 100 systems with potential value exceeding $10 million, subject to milestones.
Headwinds for QUBT
The biggest concern is that QUBT remains at a very early revenue scale relative to its ambitious technology portfolio. Despite the revenue surge, second-quarter operating expenses more than doubled to $21.8 million, including $7.3 million of acquisition-related costs. The company also spent approximately $180 million on its three 2026 acquisitions, reducing cash and investments from roughly $1.5 billion at year-end 2025. With a $42.5 million backlog, investors still need evidence that acquisitions, manufacturing expansion and photonics products can translate into sustained, scalable revenues rather than primarily increasing costs and complexity.
IonQ: Investment Case
IonQ enters the second half of 2026 with a substantially larger and faster-growing commercial revenue base than QUBT. Second-quarter revenues surged 287% year over year to $80.1 million, while organic revenue growth reached 132%. Commercial customers accounted for about 60% of revenues, international revenue for about 50% and multi-product revenue for about 25%. RPO increased 297% year over year and IonQ raised 2026 revenue guidance to $280-$290 million, excluding SkyWater. Its acquisition of SkyWater also creates a vertically integrated U.S. quantum platform, while recent DARPA, NRO, Sandia and Canadian initiatives broaden its exposure to government, defense, networking and sensing markets.
Headwinds for IONQ
IonQ’s growth remains expensive. Second-quarter adjusted EBITDA loss was $120.3 million, while GAAP net loss reached $1.87 billion, largely driven by a noncash warrant mark-to-market impact. SkyWater-related spending also increased near-term costs. Excluding SkyWater spending, adjusted EBITDA loss would have been $95.6 million. More importantly, the $1.8-billion SkyWater acquisition raises execution and integration demands even as IonQ accelerates its hardware roadmap.
2026 Estimates: IONQ Vs. QUBT
For the full year, the Zacks Consensus Estimate for IONQ’s bottom line is pegged at a loss of $1.19 per share, implying a 34.6% improvement over the 2025 reported figure.
Image Source: Zacks Investment Research
In contrast, the Zacks Consensus Estimate for QUBT’S 2026 bottom line is pegged at a loss of 18 cents per share, implying a 63.6% widening over the 2025 reported loss.
Image Source: Zacks Investment Research
Technical Analysis: IONQ Vs. QUBT
As of Aug. 21, both stocks remained near their 50- and 200-day SMAs. IonQ traded slightly above its 50-day SMA and essentially at its 200-day SMA, signaling a relatively balanced trend after its recent recovery.
Image Source: Zacks Investment Research
QUBT, on Aug, 21, was also just above its 50-day SMA but remained below its 200-day SMA, indicating weaker longer-term momentum.
Image Source: Zacks Investment Research
Bullish Price Target for QUBT over IONQ
Based on short-term price targets offered by 12 analysts, the average price target for IonQ represents an increase of 67.54% from the last closing price of $41.53.
Image Source: Zacks Investment Research
Based on short-term price targets offered by six analysts, the average price target for QUBT represents an increase of 125.18% from the last closing price of $8.14.
Image Source: Zacks Investment Research
Final Take: IONQ or QUBT?
Despite IONQ’s stronger revenue growth and commercialization progress, QUBT’s substantially higher 125.18% price-target upside makes it more attractive at present. This view also aligns with its Zacks Rank #3 (Hold), versus IONQ’s Zacks Rank #4 (Sell). Investors may consider booking profits in IONQ after its strong recent run, particularly given its elevated valuation, significant losses and integration risks following the SkyWater deal. Meanwhile, QUBT’s strategic expansion, strong liquidity and higher upside support a hold stance while investors await further execution. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
View the Zacks #1 Rank List
Image: Bigstock
IONQ vs. QUBT: Which Quantum Computing Stock Led in Q2 Earnings?
Key Takeaways
After a volatile stretch for quantum stocks, second-quarter 2026 results from IonQ (IONQ - Free Report) and Quantum Computing Inc. (QUBT - Free Report) or QCi, both offer long-term opportunity. IonQ clearly delivered the larger headline numbers. Revenues reached $80.1 million, up 287% year over year, while management raised 2026 revenue guidance to $280 million-$290 million.
Yet QUBT may have delivered the more intriguing strategic quarter. Revenues jumped to $5.6 million from just $61,000 a year earlier. QCi also added Fab 2 through NHanced, prepared NeuraWave for deployment and installed Dirac-3 at a global consulting firm. The company ended June with $1.3 billion in cash, equivalents and investments. Its backlog was $42.5 million.
Image Source: Zacks Investment Research
Over the past 30 days, IONQ shares have gained 24.9%, compared with 12.1% for QUBT. Investors are still giving greater weight to IONQ’s stronger revenue growth and near-term commercialization progress. However, QUBT’s latest quarter points to a broader strategy, spanning photonics, chip manufacturing and quantum computing. While these businesses are still at different stages of commercialization, they give QUBT multiple potential sources of future revenues.
Let's get into more detail.
QUBT: Investment Case
QUBT’s second-quarter revenues jumped to $5.6 million from $61,000 a year earlier and $3.7 million in the first quarter. Cash, cash equivalents and investments were $1.3 billion. The company also completed its NHanced Semiconductors acquisition, launching Fab 2 and expanding advanced packaging and U.S.-based semiconductor manufacturing. Commercial validation is emerging through the deployment of its Dirac-3 optimization machine, NeuraWave’s commercial readiness and a Planck Dynamics agreement that could support deployments of up to 100 systems with potential value exceeding $10 million, subject to milestones.
Headwinds for QUBT
The biggest concern is that QUBT remains at a very early revenue scale relative to its ambitious technology portfolio. Despite the revenue surge, second-quarter operating expenses more than doubled to $21.8 million, including $7.3 million of acquisition-related costs. The company also spent approximately $180 million on its three 2026 acquisitions, reducing cash and investments from roughly $1.5 billion at year-end 2025. With a $42.5 million backlog, investors still need evidence that acquisitions, manufacturing expansion and photonics products can translate into sustained, scalable revenues rather than primarily increasing costs and complexity.
IonQ: Investment Case
IonQ enters the second half of 2026 with a substantially larger and faster-growing commercial revenue base than QUBT. Second-quarter revenues surged 287% year over year to $80.1 million, while organic revenue growth reached 132%. Commercial customers accounted for about 60% of revenues, international revenue for about 50% and multi-product revenue for about 25%. RPO increased 297% year over year and IonQ raised 2026 revenue guidance to $280-$290 million, excluding SkyWater. Its acquisition of SkyWater also creates a vertically integrated U.S. quantum platform, while recent DARPA, NRO, Sandia and Canadian initiatives broaden its exposure to government, defense, networking and sensing markets.
Headwinds for IONQ
IonQ’s growth remains expensive. Second-quarter adjusted EBITDA loss was $120.3 million, while GAAP net loss reached $1.87 billion, largely driven by a noncash warrant mark-to-market impact. SkyWater-related spending also increased near-term costs. Excluding SkyWater spending, adjusted EBITDA loss would have been $95.6 million. More importantly, the $1.8-billion SkyWater acquisition raises execution and integration demands even as IonQ accelerates its hardware roadmap.
2026 Estimates: IONQ Vs. QUBT
For the full year, the Zacks Consensus Estimate for IONQ’s bottom line is pegged at a loss of $1.19 per share, implying a 34.6% improvement over the 2025 reported figure.
Image Source: Zacks Investment Research
In contrast, the Zacks Consensus Estimate for QUBT’S 2026 bottom line is pegged at a loss of 18 cents per share, implying a 63.6% widening over the 2025 reported loss.
Image Source: Zacks Investment Research
Technical Analysis: IONQ Vs. QUBT
As of Aug. 21, both stocks remained near their 50- and 200-day SMAs. IonQ traded slightly above its 50-day SMA and essentially at its 200-day SMA, signaling a relatively balanced trend after its recent recovery.
Image Source: Zacks Investment Research
QUBT, on Aug, 21, was also just above its 50-day SMA but remained below its 200-day SMA, indicating weaker longer-term momentum.
Image Source: Zacks Investment Research
Bullish Price Target for QUBT over IONQ
Based on short-term price targets offered by 12 analysts, the average price target for IonQ represents an increase of 67.54% from the last closing price of $41.53.
Image Source: Zacks Investment Research
Based on short-term price targets offered by six analysts, the average price target for QUBT represents an increase of 125.18% from the last closing price of $8.14.
Image Source: Zacks Investment Research
Final Take: IONQ or QUBT?
Despite IONQ’s stronger revenue growth and commercialization progress, QUBT’s substantially higher 125.18% price-target upside makes it more attractive at present. This view also aligns with its Zacks Rank #3 (Hold), versus IONQ’s Zacks Rank #4 (Sell). Investors may consider booking profits in IONQ after its strong recent run, particularly given its elevated valuation, significant losses and integration risks following the SkyWater deal. Meanwhile, QUBT’s strategic expansion, strong liquidity and higher upside support a hold stance while investors await further execution. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.