Revenues for Quantum Appear
IonQ & D-Wave Reports
For those following the quantum industry from the end user side, we’ve been waiting for quantum vendors to commercialize their solutions in practical offerings. “From the lab to commercialization” has been a refrain heard around the world in 2026, and at least two of the biggest industry participants have announced record revenues. For the naysayers, this development may be surprising. For the optimists, this development is simply the next stage of quantum’s evolution.
Image source: Brian Lenahan/ChatGPT; logos courtesy of IonQ and D-Wave
Revenue Reports
Let’s look into the numbers:
This past week (ending February 27, 2026), IonQ and D-Wave Systems, two of the major publicly traded quantum computing companies released their Q4 2025 and full-year 2025 financial results respectively, including milestone revenue announcements:
IonQ (IONQ):
IonQ, the quantum computing, networking and security provider, the public quantum behemoth’s shares rose quickly yesterday on the news of higher than expected revenues. IonQ became the first public quantum company to surpass $100 million in annual revenue. Full-year 2025 GAAP revenue reached $130.0 million, up 202% year-over-year (from about $43 million in 2024). This beat the company’s prior guidance midpoint by 20%. Q4 2025 revenue was $61.9 million, up 429% year-over-year and exceeding the guidance midpoint by 55%. The company guided for 2026 full-year revenue of $225–$245 million (midpoint ~$235 million), implying 73–88% growth. Shares surged significantly (up ~20–22% in following sessions) on the strong beat and optimistic outlook.
IonQ’s Roadmap
For the most part, quantum companies publish roadmaps to illustrate their “path to fault tolerance” the holy grail of quantum computing. IonQ’s roadmap shows a massive leap in logical and physical qubits from 2029 to 2030, and incorporates a series of acquisitions.
Image source: IonQ Website
D-Wave Quantum (QBTS):
D-Wave has always touted its focus on practical quantum computing since it began over two decades ago in Burnaby, BC. Their website is ripe with examples. And now we’re seeing the fruit of their efforts. Full-year 2025 revenue was $24.6 million, up 179% year-over-year (from $8.8 million in 2024). This reflected strong growth in system sales ($16.2 million), QCaaS subscriptions ($5.5 million), and professional services ($2.7 million). Q4 2025 revenue came in at about $2.75–$2.8 million (up ~19–22% year-over-year), though it missed some analyst expectations (e.g., consensus around $3.6–$3.7 million). The company highlighted exceptional momentum entering 2026, with year-to-date bookings exceeding $32.8 million(including a $20 million system sale to Florida Atlantic University and a $10 million multi-year QCaaS deal with a Fortune 100 company), plus a record cash position over $884 million. Shares rose modestly despite the Q4 revenue miss, buoyed by IonQ’s positive spillover and forward momentum.
DWave’s roadmap updates were made in January of this year at the company’s “Qubits” conference.
“During FY 2025, D-Wave recognized revenue from over 135 individual customers encompassing over 70 commercial enterprises, including over two dozen Forbes Global 2000 companies.” - D-Wave Website
Summary
Overall, the announcements reflect some accelerating commercial traction in quantum computing, with IonQ showing particularly explosive growth and D-Wave emphasizing bookings and enterprise deals amid ongoing investments and losses typical for the early-stage sector. It’s too soon to celebrate widespread industry revenues however when observers like me have been waiting for years, it’s a welcome development.
Note: Rigetti and Quantum Computing Inc., two other public quantum firms, are due to issue results on March 4th and March 2nd (will digest in future), 2026 respectively. For the latest details, check each companies’ investor relations pages or recent filings.
Brian Lenahan is founder and chair of the Quantum Strategy Institute, author of seven Amazon published books on quantum technologies and artificial intelligence and a Substack Top 50 Rising in Technology. Brian’s focus on the practical side of technology ensures you will get the guidance and inspiration you need to gain value from quantum now and into the future. Brian does not purport to be an expert in each field or subfield for which he provides science communication.
Brian’s books are available on Amazon. Quantum Strategy for Business course is available on the QURECA platform.
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Happy to see the quantum computing companies moving forward but I feel that focusing on revenue growth provides only a partial view. Both IonQ and D-Wave have recently announced acquisitions worth hundreds of millions of dollars, an order of magnitude larger than their revenues. IonQ in particular has been acquiring a lot of companies recently and integrating their revenues, so these figures do not necessarily imply much on their own.