IonQ and D-Wave Surge 98% and 84% in 5 Weeks as Quantum Hype Outruns Valuation
Updated
Updated · The Motley Fool · May 12
IonQ and D-Wave Surge 98% and 84% in 5 Weeks as Quantum Hype Outruns Valuation
6 articles · Updated · The Motley Fool · May 12
From March 30 to May 6, IonQ jumped 98% and D-Wave rose 84%, making quantum computing among Wall Street’s strongest rebounds after the March Iran-war correction.
IonQ helped fuel that rally with record first-quarter revenue of $64.7 million, up 755% year over year, and raised full-year sales guidance to $260 million-$270 million.
Balance-sheet strength has added to investor enthusiasm: IonQ ended the quarter with $3.1 billion in cash and investments, while D-Wave finished 2025 with $884.5 million ahead of its May 12 earnings report.
The report argues the surge may be hard to sustain because quantum adoption remains early, pure-play players lack diversified businesses, and first-mover advantages could be challenged by cash-rich tech giants.
Valuation is the clearest warning sign: as of May 6, IonQ traded at 116 times trailing sales and D-Wave at 311, far above levels history suggests are durable.
Can quantum pioneers out-innovate tech giants now entering the high-stakes race?
Are quantum stocks the next tech revolution or a bubble waiting to burst?