Quantum Computing Stocks Are Falling. Should You Buy IonQ or D-Wave, or Just Stick With Nvidia?

IonQ (IONQ) has dropped 37% over the past month while D-Wave Quantum (QBTS) has fallen 28%, creating a stark risk-reward contrast between the two quantum computing plays. IonQ reported $64.7 million in Q1 2026 revenue, up 755% year-over-year, and holds $3.1 billion in cash reserves. D-Wave, by contrast, saw revenue collapse to $2.9 million in Q1 2026, down 81% year-over-year, despite the recent selloff.

Both companies depend heavily on federal contracts and funding, exposing them to government budget cycles. Nvidia (NVDA) offers an alternative entry point into quantum computing through its NVQLink platform, which provides GPU infrastructure for quantum systems. The positioning allows Nvidia to capture value regardless of which pure-play quantum company ultimately dominates the space.

The valuation reset in IONQ and QBTS reflects sector-wide pressure on speculative technology names, but the fundamental divergence between the two companies is widening. IonQ's revenue trajectory and cash cushion provide runway to execute, while D-Wave's revenue decline raises sustainability questions.