IonQ and D-Wave Quantum drop 37% and 28% over the past month amid broader rebalancing in tech stocks.
Quantum computing stocks have retreated sharply after a late-2025 rally, with IonQ (IONQ) down 37% and D-Wave Quantum (QBTS) falling 28% over the past month. The decline coincides with a sideways drift in Nvidia (NVDA) shares as investors reassess exposure to artificial intelligence-related plays.
IonQ reported $64.7 million in first-quarter 2026 revenue, a 755% year-over-year increase, and raised full-year guidance to $260 million-$270 million. D-Wave, however, posted just $2.9 million in revenue, an 81% decline from the same period. Both firms rely heavily on government contracts, with IonQ securing over $100 million in Air Force and DARPA deals, while D-Wave holds a $1.6 million NSF grant and a $100 million Chips Act letter of intent.
The sector’s pullback reflects broader caution in high-growth tech, though IonQ’s revenue growth contrasts with D-Wave’s struggles to scale.