QUBT or QBTS: Which Quantum Stock Wins on Cash Strength and Roadmap?

For investors eyeing quantum computing as a high-risk, high-reward play, Quantum Computing Inc. QUBT and D-Wave Quantum Inc. QBTS offer attractive trajectories. QUBT recently announced early commercialization of its room-temperature photonic quantum systems, partnerships with NASA and a top-5 U.S. bank, as well as the opening of its Arizona chip foundry. The company ended the last-reported second quarter 2025 with $349 million in cash to support growth.

D-Wave Quantum, on the other hand, reported strong customer momentum while rolling out its Advantage2 system, the first to claim quantum supremacy on a practical problem and securing new enterprise engagements with names like GE Vernova and Nikon. Both stocks remain highly speculative, with steep losses and uncertain adoption timelines, but their growth strategies and solid liquidity highlight strong opportunities for investors looking to place a bet now.

QUBT: Strong Liquidity to Power Strategic Investments

Quantum Computing ended the second quarter of 2025 with a strong balance sheet with $349 million in cash and equivalents, a significant increase from $79 million at year-end 2024, driven largely by $188 million in net proceeds from a private placement of common stock. This gives the company $426 million in assets versus only $30 million in liabilities, putting it in a solid financial position.

This liquidity provides QUBT with the flexibility to accelerate investment in its two core growth engines, its quantum machine program and its thin-film lithium niobate (TFLN) chip foundry in Arizona. Management has already signaled its intention to expand engineering talent, scale production capacity and explore selective M&A opportunities that could advance its technology roadmap and speed up commercialization. Importantly, this strong cash position cushions the company against near-term revenue volatility, enabling it to focus on executing strategic partnerships with institutions like NASA, Delft University and a top-5 U.S. bank while positioning the foundry for meaningful revenue contribution over the next 12 to 18 months.

QBTS: Strong Liquidity to Support Strategic Roadmap

D-Wave Quantum ended the second quarter 2025 with $819.3 million in cash and equivalents, representing over a 1,900% increase from the 2024 second quarter consolidated cash balance of $40.9 million and a nearly 170% increase from the sequentially last quarter’s consolidated cash balance of $304.3 million. This surge was driven primarily by $400 million at-the-market (ATM) equity program and warrant exercises.

Management highlighted that this liquidity will not only sustain its R&D initiatives, such as scaling the Advantage2 system and advancing toward 100,000-qubit architectures, but also support strategic investments and acquisitions in adjacent areas like gate-model quantum technology, cryogenic packaging and quantum AI.

With second-quarter revenues up 42% year over year to $3.1 million, D-Wave now has both the technical momentum and the financial capacity to execute opportunistically, reinforcing its ambition to be the first independent quantum company to reach profitability.

QBTS Outperforms QUBT and Benchmark in 6 Months

Over the past six months, shares of D-Wave have surged 181.9%, handily outperforming QUBT stock’s 151.1% rise and the S&P 500’s 9.3% rally. These explosive gains reflect investor enthusiasm around both companies’ tangible progress toward scalable quantum technologies.

Six-Month Price Comparison

Average Target Price for D-Wave Suggests a Better Upside

Based on short-term price targets offered by two analysts, QUBT’s average price target represents an increase of 21.63% from the last closing price of $15.21.

Based on short-term price targets offered by 10 analysts, QBTS’ average price target represents an increase of 41.2% from the last closing price of $15.02.

Final Take

While both QUBT and QBTS currently carry a Zacks Rank #3 (Hold), the data suggest that QBTS offers a stronger near-term investment case. Its significantly larger cash position, accelerating revenue growth and analyst price targets imply a greater upside versus QUBT. Meanwhile, QUBT is known for its early commercialization efforts and photonic approach, but it is still in the early stages of generating meaningful revenues. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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