Quantum Company Revenue as Ground Truth: IonQ, Rigetti, D-Wave and Quantinuum Ltd
Why filings beat forecasts as evidence
An analyst report guesses what might happen. An earnings release says what did happen, audited and filed with a regulator. Neither tells you the future, but the second is a measurement and the first is an opinion. If you want to know how big the quantum market is today, add up what companies report. This guide collects the latest figures I could read. It is not financial advice and gives no view on any stock. Remember too that the QNT memecoin is independent of Quantinuum Ltd and every company below.
IonQ
IonQ's release of August 5, 2026 reports second quarter revenue of 80.1 million dollars, against 20.7 million in the second quarter of 2025 (from its SEC exhibit), described as growth of 287 percent. It raised full year 2026 revenue guidance to 280 to 290 million dollars, excluding SkyWater Technology, which closed on July 31, 2026 after the quarter ended. Cash and investments were 3.0 billion dollars at June 30, 2026. The reported GAAP net loss for the quarter was 1,867.7 million dollars, which is far larger than the operating picture suggests, since the release also shows an adjusted EBITDA loss of 120.3 million. The gap implies large non cash or one off items, which I did not break out. Also note that IonQ has grown partly by acquisition, so revenue growth is not all organic. The company itself says it expects continued organic growth of about 100 percent.
Rigetti
Reported through The Quantum Insider on August 7, 2026: second quarter 2026 revenue of 5.1 million dollars, a GAAP net loss of 52.6 million (16.0 million non GAAP), and 541.3 million of cash and investments with no debt. A trade outlet reported prior year second quarter revenue of about 1.8 million, though I read that only in a search summary.
D-Wave
D-Wave's August 6, 2026 release reports second quarter revenue of 3.1 million dollars, flat against 3.1 million a year earlier, bookings of 2.1 million (up 59 percent from 1.3 million), a gross margin of 55.4 percent, a net loss of 48.0 million and 546.2 million of cash and marketable securities. Bookings are signed orders, not revenue, which can arrive in later quarters.
Quantinuum Ltd
Quantinuum Ltd, the Honeywell backed company, filed for a US listing on May 26, 2026 and was expected to begin trading on Nasdaq under the ticker QNT in early June. That ticker looks the same as the community memecoin's name, but the memecoin is not connected to the company in any way. As reported from the filing: 2025 revenue of 30.9 million dollars (23 million in 2024), a 2025 net loss of 192.6 million (144.1 million in 2024), bookings of 79.3 million and first quarter 2026 revenue of 5.2 million. Revenue can be lumpy because a few customers can make up a large share in a given quarter. Read the filing for exact customer concentration. See the Quantinuum Ltd guide and how the memecoin differs.
Putting the numbers together
| Company | Reported period | Revenue |
|---|---|---|
| IonQ | Q2 2026 | 80.1 million dollars |
| Rigetti | Q2 2026 | 5.1 million dollars |
| D-Wave | Q2 2026 | 3.1 million dollars |
| Quantinuum Ltd | Full year 2025 | 30.9 million dollars |
Different periods and different accounting, so do not read the table as a league table. A rough takeaway is that the listed pure plays reported revenue in the millions to tens of millions per quarter. Compare that scale with McKinsey's reported figure of more than 1 billion dollars of quantum computing company revenue in 2025: the gap shows that the wider definition includes many private and large company businesses. Then compare it with the trillion dollar value headlines, which are a different kind of number again.
How to use ground truth
Revenue tells you demand so far. It does not tell you profit (all four report losses), future growth or share price direction. Read how the pure plays make money and government contracts as revenue for what sits behind these lines.
Sources and further reading
- IonQ: second quarter 2026 results (5 August 2026)
- SEC: IonQ 8-K exhibit 99.1
- D-Wave: second quarter 2026 results (6 August 2026)
- The Quantum Insider: Rigetti second quarter 2026 results
- The Quantum Insider: Quantinuum files for IPO (26 May 2026)
- McKinsey: Quantum Technology Monitor 2026, a commercial tipping point
Reported as of 2026-10-09. Analyst reports are revised often and full versions are sometimes behind paywalls, so check the primary documents before relying on any figure. Nothing here is financial advice. The QNT memecoin is independent of Quantinuum Ltd, the real company, and of every analyst firm and company named on this page.
Frequently asked questions
How much revenue do quantum computing companies actually make?
As reported for second quarter 2026: IonQ 80.1 million dollars, Rigetti 5.1 million and D-Wave 3.1 million. Quantinuum Ltd reported 30.9 million dollars for full year 2025 in its filing.
Are these companies profitable?
The releases and filing reported here show net losses for all four. Check the filings for details.
Why is real revenue so much smaller than forecasts?
Most forecasts measure future economic value or a wider market for 2030 to 2040, while these are single recent quarters from a handful of listed firms.
Is the QNT memecoin linked to Quantinuum Ltd?
No. Quantinuum Ltd trades on Nasdaq under a ticker spelled QNT, but the QNT memecoin on Solana is an independent community token. This is not financial advice.
Keep reading
- How Pure-Play Quantum Companies Actually Make Money
Cloud access, system sales, government work, software and security products: the revenue lines behind quantum companies, with reported 2026 numbers. - Quantinuum Ltd: Helios, the IPO and Why the Name Overlaps with QNT
A neutral profile of the quantum computing company Quantinuum Ltd, its Helios computer and its reported 2026 Nasdaq listing, and how it differs from the QNT memecoin. - Government Contracts as Quantum Revenue: Why Public Money Matters
How national programs, research contracts and DARPA's benchmarking initiative turn public money into revenue and credibility for quantum companies. - What Analysts Say About the Quantum Market: McKinsey, BCG, IDC and Gartner
A plain English tour of the headline numbers in the big quantum market reports, with the exact definitions behind them and the dates they were published.
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