Research desk / Historical comparison
IonQ and D-Wave
Put the reporting period beside the number.
Company-wide financial snapshots for the year ended 2025-12-31. Selected coverage, with no ranking or current price.
What the businesses do
IonQ IONQ
Trapped-ion computing within a broader quantum technology portfolio.
D-Wave QBTS
Quantum annealing and cloud access; the release also describes a gate-model expansion following its January 2026 acquisition.
These are different technologies and businesses. Revenue does not establish technical performance.
Annual revenue
IonQ
USD 130.0 million
Year ended 2025-12-31
Consolidated recognized revenue; not a quantum-computing-only segment.
Source: IonQ investor relations
D-Wave
USD 24.6 million
Year ended 2025-12-31
Consolidated recognized revenue; sales mix differs from the other companies.
Source: D-Wave newsroom
Same annual period; different products and revenue mixes. This is not a measure of hardware performance or quantum advantage.
Cash and cash equivalents
IonQ
USD 1,030.865 million
At 2025-12-31
Cash and cash equivalents only; excludes investments.
Source: IonQ investor relations
D-Wave
USD 635.347 million
At 2025-12-31
Cash and cash equivalents only; excludes marketable investments.
Source: D-Wave newsroom
Same balance-sheet date and narrow cash category. These balances are historical, not funds available today.
Operating cash flow
IonQ
USD −283.187 million
Year ended 2025-12-31
Net cash used in operating activities; a negative cash flow, not net loss.
Source: IonQ investor relations
D-Wave
USD −71.982 million
Year ended 2025-12-31
Net cash used in operating activities; a negative cash flow, not net loss.
Source: D-Wave newsroom
Same annual period; accounting scope and business activities differ. A single past year does not establish future cash use or runway.
Cash plus investment assets
IonQ
USD 3.3 billion
At 2025-12-31
Rounded issuer total: cash, cash equivalents and investments. Broader than cash alone.
Source: IonQ investor relations
D-Wave
USD 884.5 million
At 2025-12-31
Rounded issuer total: cash and marketable investments. Broader than cash alone.
Source: D-Wave newsroom
Not directly comparable as cash: issuer asset definitions and rounding differ. Do not substitute these totals for the cash-only row.
What this comparison cannot tell you
Release tables and rounded highlights are not a full filing review. Debt terms, commitments, dilution and later results require additional evidence.
Bookings are not recognized revenue. This comparison does not normalize bookings, technical benchmarks or broad asset totals into a score. A missing measure is not assumed to be zero.
Read the business research checklist →Original sources
Publication dates and access dates describe different events. A rebuild does not refresh this record.
- IonQ Announces Fourth Quarter and Full Year 2025 Financial Results ↗
IonQ investor relations · Published · Accessed
primary issuer; not independent corroboration
- D-Wave Reports Fourth Quarter and Year-End 2025 Results ↗
D-Wave newsroom · Published · Accessed
primary issuer; not independent corroboration