NEW YORK, August 3, 2026, 11:14 EDT — U.S. trading begins.
- Shares of IonQ NYSE:IONQ, D-Wave Quantum NASDAQ:QBTS and Rigetti Computing NASDAQ:RGTI rose between 8.6% and 10.7% in early trading.
- The mean potential increase to Benchmark’s trio of targets dropped to 51.3%, down from 66.0%.
- IonQ accounted for 89.9% of the group’s revenue in the first quarter.
Shares of IonQ, D-Wave and Rigetti rose on Monday. The three firms are scheduled to announce their second-quarter earnings by Thursday evening.
Monday’s action reduced the mean upside to Benchmark targets by 14.8 percentage points, representing close to 22% of the weekend projection. The snapshot relies on prices captured around 10:59 a.m. EDT.
| Company | Price | Monday move | Benchmark target | Weekend upside | Current upside |
|---|---|---|---|---|---|
| IonQ | $40.02 | up 9.8% | $60 | 64.7% | 49.9% |
| D-Wave | $20.02 | up 10.7% | $30 | 66.2% | 49.9% |
| Rigetti | $16.23 | up 8.6% | $25 | 67.2% | 54.0% |
Sunday’s TipRanks analysis provides the share prices used for weekend upside calculations.
Benchmark analyst Gary Mobley stated that quantum is “not a winner-takes-all situation.” According to him, given the sector’s nascent phase, a diversified portfolio approach could be appropriate. Over the weekend, commentary was also divided, with some backing a basket option while others favored IonQ. TipRanks
D-Wave delivered the sole new company development on Monday, reaching an agreement to develop a financial-crime proof-of-concept with Nasdaq Inc. NASDAQ:NDAQ’s Verafin division. No financial details were shared in the announcement. CEO Alan Baratz described the deal as an “important opportunity.” D-Wave Quantum
First-quarter disclosures show a considerably larger operational difference. IonQ generated revenue almost 15 times greater than Rigetti’s and over 22 times higher than D-Wave’s.
| Company | Q1 revenue | YoY change | GAAP operating loss | Cash and investments |
|---|---|---|---|---|
| IonQ | $64.7 million | +755% | $271.5 million | $3.10 billion |
| D-Wave | $2.9 million | -81% | $54.7 million | $588.4 million |
| Rigetti | $4.4 million | +199% | $26.0 million | $569.0 million |
Revenue concentration provides a clearer measure for investors. IonQ accounted for 89.9% of the total $71.9 million in combined revenue, while making up 53.7% of the three companies’ total market capitalisation. The last column below presents an initial run-rate calculation.
| Company | Market value | Q1 revenue share | Market-value share | Market value/Q1 sales ×4 |
|---|---|---|---|---|
| IonQ | $14.86 billion | 89.9% | 53.7% | 57x |
| D-Wave | $7.36 billion | 4.0% | 26.6% | 644x |
| Rigetti | $5.44 billion | 6.1% | 19.7% | 309x |
Early calculation: present market value divided by four times first-quarter revenue. This does not represent company guidance. The timing of D-Wave’s system sales results in significant fluctuations in quarterly revenue.
D-Wave and Rigetti accounted for only 10.1% of total revenue, but represented 46.3% of total market value. Their higher valuations rely more heavily on the potential for converting future contracts and advancements in hardware.
D-Wave reported bookings of $33.4 million, amounting to 11.7 times its revenue for the quarter. The company’s remaining performance obligations totaled $42.4 million, with management anticipating that 54% would be realized over the next 12 months.
IonQ heads into its earnings announcement with the most specific sales forecast for the near term. The company projects revenue of $65 million to $68 million in the second quarter. For the full year, IonQ maintains guidance in the range of $260 million to $270 million. The firm completed its U.S. foundry acquisition on July 31, which brings additional integration tasks.
Rigetti generated almost three times more revenue, though its operating loss widened to $26 million. Cash and investment holdings were $569 million. The company disclosed it held no debt.
IonQ is scheduled to announce results after markets close on Wednesday. D-Wave’s report is due ahead of Thursday’s session. Rigetti will release its results Thursday at 5 p.m. EDT.
Risks stay elevated. Setbacks in technology, contract schedules and significant losses may impact valuations. Foundry integration presents an additional IonQ risk. Poor earnings results this week could undo Monday’s basket gains.
