Best Quantum Computing Stock to Buy Right Now: IonQ vs D-Wave

Quantum computing has shifted from a niche research topic to a serious focus for investors because major gains have emerged in 2025. For example, D-Wave Quantum recently secured a €10 million contract with Swiss Quantum Technology, a deal that helped its stock rise over 4 percent intraday. That kind of revenue recognition helps show some real customer traction in a field often defined by long development cycles. 

Meanwhile, the broader photonic and quantum technology market is forecast to grow significantly: the global photonic integrated circuit market is projected to expand from $17.4 billion in 2025 to $66 billion by 2032. 

These developments matter because quantum computing is expected to tackle problems that classical computers struggle with, such as complex optimization, cryptography, and advanced simulations. The companies that make the right technological bets and secure early deals may capture outsized returns. 

That said, many quantum names remain speculative, so careful selection is necessary. Quantum computing stocks are set to take off in 2025 offers useful background on which firms are positioning themselves strongly. 

What makes a “good” quantum computing stock today

Evaluating quantum computing equities requires a hybrid of metrics seen in growth tech plus those unique to deep tech. First, revenue momentum or meaningful contracts are vital. A company that can sign customers or license its tech stands ahead of one that only publishes research. D-Wave’s recent contract with Swiss Quantum is one such signal. 

Second, cash reserves and capital-raising capability are essential. Deep tech firms often burn cash heavily as they scale hardware and R&D. A healthy balance sheet helps a company survive downturns. For instance, D-Wave is reported to hold around $800 million in cash and equivalents. 

Third, the hardware or architectural approach must differentiate a firm. Some companies adopt trapped-ion technology, superconducting circuits, annealing, photonics, or hybrid schemes. The more robust their roadmap (for error correction, coherence, scaling), the better the potential. 

Fourth, strategic partnerships and ecosystem integration are important. Ties to government labs, cloud providers, and established tech firms offer distribution channels and credibility.

Fifth, valuation multiples (such as price-to-sales) must be judged cautiously, it is common for quantum stocks to trade on speculation rather than fundamentals. Many firms remain unprofitable, so investors must balance upside potential with downside risk. TECHi comparative article IonQ vs Rigetti Stock discusses how two pure-play firms differ in strategies and risk profiles.

Finally, exposure via diversified tech firms offers a lower-risk path. Companies like IBM are already generating cash and deploy quantum efforts as part of a broader portfolio. IBM’s positioning as a quantum leader shows how legacy firms are leveraging scale and stability to participate in quantum.

A “good” quantum stock thus balances technical promise, financial stability, real customer traction, and strategic partnerships, while still offering potential upside for breakthroughs.

IONQ: one of the best picks right now

One compelling candidate in the quantum space is IonQ (ticker: IONQ). IonQ’s approach is based on trapped-ion qubits, which operate at or near room temperature. This avoids the extreme cooling requirements of superconducting architectures, potentially lowering complexity and cost. IonQ also holds some world records for quantum gate fidelity, a key metric in quantum performance. 

IonQ offers its systems across major cloud platforms. This quantum computing-as-a-service model allows users to run algorithms without owning hardware. That gives IonQ access to multiple customer bases and reduces infrastructure risk. In its recent reports, IonQ has demonstrated meaningful revenue growth (though it remains unprofitable).

Comparatively, D-Wave, another pure-play firm, focuses on quantum annealing rather than a universal gate model. D-Wave’s annealing systems excel in optimization problems (scheduling, resource allocation). It recently inked the Swiss deal supporting deployment of its Advantage2 system in Europe. D-Wave’s stock has surged dramatically in 2025, making it one of the best performing names in the sector. 

However, D-Wave’s commercial model is more concentrated around direct system sales and cloud access via its Leap platform, which can lead to lumpier revenues. In contrast, IonQ’s broader cloud reach and diversified customer access may help smooth revenue over time.

Given its differentiated technical approach, cloud distribution, demonstrable gains, and potential upside if trapped-ion scales faster, IonQ emerges as a strong candidate for investors willing to accept high risk for possible high reward. Nonetheless, it remains speculative, so investors should weigh size and timing of exposure carefully.

Risks & caveats

Investing in quantum computing stocks comes with substantial risk. First, the technology remains immature. Qubits are fragile and prone to errors and noise, and fully fault-tolerant systems are still theoretical. According to one analysis, many quantum firms face high technical uncertainty and must contend with long timelines before reaching commercial viability. 

Second, most pure-play quantum companies are not profitable. They tend to burn cash heavily to support R&D, capital expenditures, and scaling efforts. Some reports warn that losses remain persistent across the sector despite revenue gains. 

Third, valuation and dilution risks are real. Because many quantum stocks carry speculative valuations, a capital raise or dilution event can sharply reduce returns. In one recent case, Quantum Computing Inc. saw its stock drop after announcing a large private share offering.

Fourth, competitive or regulatory disruption could undermine a firm’s position. Large technology companies like IBM, Alphabet, or Microsoft may pursue quantum aggressively and absorb or outpace smaller players.

Given these risks, quantum stocks should be regarded as speculative, high-volatility plays. A prudent strategy is to limit exposure to a small percentage of a diversified portfolio, perhaps 0.5 % to 2 %. Some exposure can also come through larger tech firms with quantum programs, which carry lower downside. Over time, allocate gradually, set stop limits, and reassess as technical or commercial milestones develop.

Conclusion

Quantum computing remains at an inflection point. The candidate spotlighted earlier shows promise, but it faces steep challenges along the path to commercial scale. For the next 3 to 5 years, breakthroughs in error correction, qubit stability, and real customer deployments will be critical.

If such advances succeed, early investors in well-chosen quantum firms may gain outsized returns. But until then, volatility and technical uncertainty remain high. Keeping exposure modest, monitoring quarterly results, and staying alert to contract announcements will help investors navigate this frontier.