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Key Takeaways

• IonQ raised $1.6 billion, with acquisitions and global deals to scale toward 800 logical qubits by 2027.
• D-Wave lifted cash to $819 million via $500 million fundraising, advancing its 100,000-qubit roadmap and R&D.
• Rigetti launched Cepheus-1-36Q, cut error rates and boosted liquidity with $350 million equity financing.

The second quarter of 2025 revealed a common pattern across the four U.S.-listed pure-play quantum companies, IonQ (IONQ - Free Report), D-Wave Quantum (QBTS - Free Report), Rigetti Computing (RGTI - Free Report), and Quantum Computing Inc. (QUBT - Free Report).

Each stock reported continued net losses as they scaled R&D and commercialization efforts, but simultaneously strengthened their balance sheets through significant fundraising to sustain ambitious technology roadmaps.

IonQ highlighted progress in advancing its Forte-class quantum computers, including the latest deals in Japan and South Korea, while reiterating its sizable cash runway. D-Wave posted a steep quarterly loss inflated by non-cash warrant charges but completed a successful $400 million At-the-Market (ATM) equity offering.

Rigetti launched its Cepheus-1-36Q quantum computer with error-rate reductions and also made a $350 million equity raise that lifted its cash reserve. Last but not least, Quantum Computing recorded only modest revenues but secured new academic, commercial, and government contracts while fortifying its position with a $188 million financing that boosted cash to $349 million.

Collectively, these companies remain far from profitability. However, they are leveraging investor capital and government partnerships to turn today’s financial losses into future quantum breakthroughs. For investors, this may be the right time to dig deeper to assess whether backing these loss-making stocks now could, despite the risks, translate into meaningful long-term gains. Let's find out.

Year-to-Date Stock Comparison

Image Source: Zacks Investment Research

IonQ

In the second quarter, the company posted a net loss of $177.5 million, but simultaneously secured the largest-ever single institutional equity raise in the quantum industry, lifting its pro forma cash position to $1.6 billion.

Management emphasized that this capital will underpin the expansion of its quantum computing and networking roadmap, including the acquisitions of Lightsynq and Capella and the proposed $1.075 billion purchase of Oxford Ionics, aimed at scaling to 800 logical qubits by 2027. IonQ’s commercial highlights included a $22 million EPB deal to build America’s first commercial quantum hub and new partnerships across Japan, South Korea, Sweden, and Australia.

This Zacks Rank #3 (Hold) rated stock showcased 20x speed-up in quantum-accelerated drug development with AstraZeneca, AWS, and NVIDIA (NVDA - Free Report), and the company advanced work with Oak Ridge National Laboratory on power grid optimization.
 

Image Source: IONQ Press Release

D-Wave

D-Wave also reported steep second-quarter losses, with a net loss of $167 million, heavily influenced by non-cash warrant revaluation charges. Yet its financial story was dominated by a successful fundraising round that added more than $500 million in equity, including $400 million gross proceeds from the fourth At-the-Market (ATM) equity program, boosting its cash balance to $819 million. These funds are intended to be used for acquisitions, accelerating R&D toward its 100,000-qubit roadmap, and enhancing cryogenic packaging and error suppression.

Alongside the financing, D-Wave highlighted continued traction in annealing-based quantum solutions and recurring government contracts, highlighting its positioning as the only provider with a “production-ready” quantum system today. The stock carries a Zacks Rank #3 (Hold) rating at the moment.
 

Image Source: Zacks Investment Research

Rigetti

Rigetti’s second-quarter performance also revealed the contrast between technological progress and deepening losses. The company introduced Cepheus-1-36Q, the industry’s largest multi-chip quantum computer, achieving record improvements in error rates. Yet, revenues fell to just $1.8 million, weighed down by the expiration of U.S. National Quantum Initiative funding and weaker gross margins.

The company incurred $39.7 million in net loss, including significant non-cash charges from warrant and earn-out liabilities. Despite these setbacks, Rigetti bolstered its balance sheet with a $350 million equity raise, closing the quarter with $571.6 million in cash and no debt.

Rigetti management emphasized that this liquidity provides critical runway for continued R&D, strategic partnerships and scaling toward its 100+ qubit roadmap, even as profitability remains distant. The stock carries a Zacks Rank #2 (Buy) rating.
 

Image Source: Zacks Investment Research

Quantum Computing

Quantum Computing's second-quarter results highlighted the company’s early-stage nature, with revenues of just $61,000 against a steep net loss of $36.5 million, largely due to a non-cash warrant liability adjustment. Despite this widening loss profile, Quantum Computing bolstered its balance sheet through a $200 million financing round, lifting its cash reserves to $349 million by quarter-end. This underscores the company’s reliance on external capital to sustain operations and fund growth initiatives.

Quantum Computing's management is channeling these resources into advancing its quantum-photonic machines, scaling its newly operational Arizona chip foundry and expanding commercial adoption across research, enterprise, and government sectors. The company, with a Zacks Rank #3 (Hold) rating, is projected to report a loss of 17 cents per share in 2025, which is 77% narrower than the year-ago period’s net loss per share.
 

Image Source: Zacks Investment Research

Our Take

Despite ongoing losses, IonQ, D-Wave, Rigetti and Quantum Computing are steadily raising capital, forging partnerships, and advancing quantum roadmaps, moving the sector from hype to real infrastructure.

Fresh funding fuels acquisitions and supports global expansion. For long-term investors, today’s volatility may be the entry point to tomorrow’s industry leaders, as quantum evolves from experimental science into a core pillar of the digital economy.

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