Quick Read
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IonQ’s Q1 revenue surged 755% with $470M in remaining performance obligations, while D-Wave bookings jumped nearly 2,000% year over year.
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Jensen Huang pegged large-scale quantum commercialization at least 15 years out, yet all three stocks carry price-to-sales multiples above 100x.
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All three stocks shed 20% or more in June alone, making position sizing the critical risk management decision for aggressive investors eyeing August earnings.
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Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IonQ didn’t make the cut. Grab the names FREE today.
Quantum computing stocks are speculative, pre-profit bets, well outside core-portfolio territory, on a technology that even NVIDIA (NASDAQ:NVDA) CEO Jensen Huang once suggested is likely at least 15 years away from large-scale commercialization. All three names below routinely swing in double-digit percentages on no news and trade at extreme price-to-sales multiples that have been reported as high as ~109 for IonQ, ~836 for Rigetti, and ~791 for D-Wave by one source, with smaller but still extreme readings from others. Source variance is wide. Treat these as aggressive position-sized lottery tickets on a multi-year technology curve.
That said, the operating data underneath the hype has materially improved in 2026. Bookings, remaining performance obligations, and cash positions are stronger than at any prior point for the publicly traded quantum pure-plays. Here are three US-listed names worth a look in July for investors who can stomach the volatility.
IonQ (NYSE: IONQ)
IonQ (NYSE:IONQ) is the scale leader of the group, with a market cap of roughly $20.11 billion and the most aggressive revenue ramp. Q1 FY26 revenue hit $64.67 million, up 755% year over year, beating the midpoint of its own guidance by 30%. Management raised full-year guidance to $260 million to $270 million and pointed to organic growth above 100% YoY.
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The bull case rests on three things. First, remaining performance obligations exploded to $470 million, up 554% YoY, providing real revenue visibility. Second, IonQ booked its first 256-qubit Tempo system sale to the University of Cambridge, signaling a shift from R&D-grade testing to commercial-scale systems. Third, the balance sheet shows $493.54 million in cash, plus the pending SkyWater acquisition expected to close in Q2 or Q3 2026. CEO Niccolo de Masi called it “the biggest quarter in our company’s history”.
