The article compares IonQ (IONQ) and D-Wave Quantum (QBTS), two pure-play quantum computing companies taking different approaches. IonQ reported record second-quarter revenue of $80.1 million, up 287% year over year, and raised its full-year revenue outlook to $280 million to $290 million, though operating losses are widening and shares outstanding have almost doubled over five years. The stock trades at a price-to-sales ratio of about 43. D-Wave focuses on quantum annealing machines for optimization problems with practical business uses today; it reported first-half 2026 bookings of $35.5 million, up 1,120% from a small base, but its revenue remains small and its price-to-sales ratio is over 336. The article presents a scenario in which IonQ's stock trades at about $22 to $61 per share by 2029, versus roughly $31 today; the D-Wave section is cut off in the data.
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