Quantum computing stocks and what they sell
A quantum computing company can improve its hardware, sign a system sale, and report the resulting revenue in three different quarters. When you compare quantum computing stocks, record which of those events happened and what you would look for next.
By BeliefState · Reviewed
Compare the systems and their customers
Start with the system a company offers and the terms on which customers get access. An installed system, a cloud service, and a research contract can generate revenue on different schedules.
Scroll across to see every column.
| Business role | Company examples | What to check |
|---|---|---|
| Trapped-ion systems | IonQ (IONQ) | Review hardware and service disclosures within IonQ Platform and track the separately reported foundry business. The platform segment also contains activities beyond quantum computing. |
| Superconducting systems | Rigetti (RGTI) | Rigetti reported deployment of a 108-qubit system in its August 2026 filing. Check who ran the tests, the reported error or fidelity measure, and whether the milestone came with a customer deployment. |
| Quantum annealing | D-Wave (QBTS) | D-Wave sells annealing systems and offers access to its machines. Distinguish a system booking from reported revenue and check the stated schedule for each sale. |
| Neutral-atom systems | Infleqtion (INFQ) | Infleqtion reported a signed agreement to deploy a system at the Illinois Quantum & Microelectronics Park, with delivery planned for 2027. Track the delivery separately from the announcement. |
Separate bookings from sales and read the revenue mix
In its August 2026 results, D-Wave reported $35.5 million of bookings and $5.9 million of revenue for the first six months of the year. The bookings included a $20 million system sale to Florida Atlantic University that D-Wave said it expected to recognize as revenue in subsequent quarters.
IonQ reported $173.8 million in third quarter 2026 revenue. Its quarterly filing showed $90.3 million from external customers in IonQ Platform and $83.5 million in external sales from SkyWater Foundry Services. Track each segment before using the total to estimate how much customers spent on quantum computers.
Look through a quantum computing ETF to its holdings
Defiance’s QTUM tracks an index that includes quantum computing and machine learning. The sponsor’s November 3, 2026 holdings example included IonQ, Rigetti, and D-Wave alongside companies such as Microsoft and ASML. Check the dated holdings and weights to see how much exposure comes from each business.
Choose a company and write down the next milestone you can verify, whether it is a hardware test, a delivery, or a reported sale. Search BeliefState by ticker to see whether there are published investor views you can compare against that milestone.