Quantum earnings Q2 2026: D-Wave, IonQ, Rigetti report results as IQM debuts post-SPAC

Six quantum computing companies are now publicly traded following a wave of SPAC mergers, and the latest quarterly earnings season has brought the first financial disclosures from several of them. D-Wave, IonQ, and Rigetti have been joined by IQM Quantum Computers, which published its inaugural report since completing its Special Purpose Acquisition Company (SPAC) merger in July. Infleqtion and Quantinuum are scheduled to release their results later this week, while Xanadu Quantum and Pasqal are still finalizing their own SPAC mergers and have yet to report.

The earnings season underscores a pivotal moment for the quantum computing sector, as companies move from research-focused operations toward commercial scalability. All firms reported net losses for the quarter, a familiar pattern for early-stage technology companies, but each highlighted operational milestones such as system deliveries and government-backed contracts as evidence of growing market traction.

D-Wave reported revenue of $3.1 million for the second quarter, with 62 percent of that figure coming from commercial customers, up from 45 percent in the prior year. For the first half of 2026, revenue totaled $5.9 million, a year-on-year decline of $12.2 million, although the company noted it recognized revenue from more than 100 individual customers, over half of which were commercial enterprises. Bookings for the quarter reached $2.1 million, a 59 percent increase year-on-year, while first-half bookings surged to $35.5 million, up 1,120 percent from 2025. Net loss for Q2 narrowed to $48 million, down sharply from the $167 million loss recorded a year earlier, primarily due to a $142 million decrease in non-cash charges related to warrant liability remeasurement. As of June 30, 2026, D-Wave held $40.7 million in remaining performance obligations, a 668 percent increase year-on-year, with expectations to recognize roughly 57 percent of that total within the next 12 months.

“This quarter reinforced the strength and breadth of D-Wave’s leadership,” said Dr. Alan Baratz, CEO of D-Wave. “We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base, and disciplined execution position us to lead as the quantum computing market accelerates.”

IQM Quantum Computers, which began trading on the Nasdaq on July 2 following its SPAC merger with Real Asset Acquisition Corp., reported total revenue of €8.9 million ($10.3 million) for the six-month period ending June 30, 2026. Operating loss stood at €60.5 million ($69.9 million), while the company ended the period with a cash balance of €309.4 million ($358 million) and an order backlog of €102.1 million ($118 million) as of August 3. Operational highlights included expansion into Japanese and Spanish markets and the delivery of a quantum computer to the US Department of Energy’s Oak Ridge National Laboratory in Tennessee in June 2026.

“Our public debut marks a historic milestone, demonstrating how technology leadership can capture global capital to transition quantum computing from research excellence into customer-ready computing infrastructure,” said Dr. Jan Goetz, IQM CEO. “IQM is operating from a position of verified commercial scale with 26 full-stack quantum computers sold, 17 delivered globally, and proven integration directly alongside AI supercomputers and high-performance data centers. As we execute our product roadmap and scale toward fault-tolerant quantum computing, our focus remains squarely on operational discipline, delivering real-world value, and strengthening our proposition as the partner of choice for sovereign and enterprise compute infrastructure.”

IonQ posted recognized revenue of $80.1 million for Q2 2026, a year-on-year increase of 287 percent. Net loss for the quarter was $1,867.7 million, while adjusted EBITDA loss totaled $120.3 million. The company finalized its $1.8 billion acquisition of chipmaker SkyWater Technology on July 31, 2026, and following the close, its cash, cash equivalents, and investments totaled $2 billion. Excluding SkyWater-related costs, adjusted EBITDA loss would have been $95.6 million. IonQ raised its full-year 2026 revenue guidance to between $280 million and $290 million, citing expectations of 100 percent organic growth, though the outlook does not include any contribution from the SkyWater acquisition.

“The successful close of our SkyWater and Nexus acquisitions extends IonQ’s full-stack quantum platform and merchant supplier leadership to the US and allied ecosystem,” said Niccolo de Masi, IonQ chairman and CEO. “We have also made powerful strides towards demonstrating our 256-qubit quantum computer and publishing results for our quantum error correction technology on our hardware. We enter the second half of the year confident in IonQ’s ability to execute our quantum platform roadmap, translate our technology leadership into durable commercial growth, and create long-term value for shareholders.”

Rigetti reported total revenue of $5.1 million for the second quarter of 2026, with operating losses of $28.1 million. The company said it ended the quarter with a strong cash position and no debt, providing flexibility to continue investing in its technology roadmap. During the quarter, Rigetti signed a letter of intent with the US Department of Commerce for up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. The company also plans to invest up to $100 million in the UK to advance quantum computing development and will deliver a nine-qubit Novera quantum computer to the Pittsburgh Supercomputing Center’s new TangleLab testbed, funded by a National Science Foundation grant.

“We are seeing broadening engagement across government, academic, and commercial customers, and we believe our open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy continue to differentiate Rigetti in the market,” said Dr. Subodh Kulkarni, Rigetti CEO. “In addition, our recently announced letter of intent with the US Department of Commerce for up to $100 million in potential funding underscores the strategic importance of our platform and could help us accelerate key R&D programs aimed at scaling and advancing superconducting quantum computing.”

Quantinuum is set to report its financial results on August 11, with Infleqtion following on August 12. The sector’s shift toward public markets and commercial deployment signals a maturation of quantum computing as an industry, with companies increasingly focused on delivering real-world value to customers and scaling their technologies beyond laboratory settings.