Quantum computing has mostly been funded by stock sales and existing cash flows rather than by customers. In the latest quarter, IonQ booked $80.1 million in revenue, D-Wave about $3 million and Rigetti $5.1 million, none of which covered their annual hardware spending. IBM does not report quantum revenue separately, funds its effort from tens of billions of dollars in free cash flow, and its CEO expects the unit to affect profit only in 2028 or 2029. IonQ's first-half 2026 revenue reached $144.7 million, but its operating cash burn nearly tripled to $254.8 million over six months, and its weighted average share count rose 47%. D-Wave and Rigetti have also leaned on at-the-market stock sales to raise cash, even though their revenue remains small.
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