ZACKS·2025-11-24 11:11Core Insights - The quantum computing sector is experiencing a significant shift towards tangible revenue and institutional interest, marking a transition from potential to real contracts and scalable pilots [2][3][6] Industry Overview - Quantum computing stocks are concluding 2025 with real contracts and revenue visibility, indicating a two-track market for the upcoming year [2] - Public companies like IonQ, D-Wave Quantum, and Rigetti Computing are demonstrating progress through earnings disclosures and government collaborations, moving towards commercial viability [3][6] Investment Trends - In 2024, nearly $2.0 billion was invested in quantum technology start-ups globally, a 50% increase from $1.3 billion in 2023, suggesting growing investor confidence [5] - Honeywell's Quantinuum raised $600 million at a $10 billion valuation, indicating strong investor conviction and a potential IPO that could re-rate the sector [4] Company Highlights - IonQ: Reported a 222% year-over-year revenue increase in Q3 2025, raising full-year revenue guidance to $106-$110 million, with significant technical advancements [8][9] - D-Wave: Achieved $3.7 million in Q3 2025 revenues, doubling year-over-year, with improved operational efficiency and a solid liquidity position [10][11] - Rigetti: Reported $1.9 million in revenue for Q3 2025 but has a strong cash position of approximately $600 million, allowing for ambitious growth plans [12]