Building or backing a quantum computing company? See who actually pays, and for what

Updated October 202670+ pagesPDF

Quantum Computing Business Models
Cover of NewMarketPitch's Quantum Computing Business Models report, 2026 edition
How expensive are quantum stocks, measured by their sales? Bubble-priced, most of them. Quantum stocks are worth about 50 to 350 times their yearly sales, against under 10 for most companies and 10 to 30 for big tech. Chart from NewMarketPitch's Quantum Computing report.
Are quantum stocks priced like other tech companies? No. Big tech is worth 10 to 30 times its yearly sales. IonQ is worth about 54 times its sales, Quantinuum and D-Wave more than 300 times. Chart from NewMarketPitch's Quantum Computing report.
Is IonQ’s price catching up with its sales? Slowly. IonQ was worth 1,500 times its yearly sales in 2021. It is worth 54 times today, 28 times less, but still above the 10 to 30 times big tech gets. Chart from NewMarketPitch's Quantum Computing report.
Quantinuum or IonQ: who leads the trapped-ion race? Quantinuum on quality, IonQ on sales. Quantinuum has the best error-correction results, on a machine customers use. IonQ sells ten times more, much of it through acquisitions, and made DARPA’s final stage. Chart from NewMarketPitch's Quantum Computing report.
How much do quantum companies lose for every $1 they sell? Between $2 and $15. D-Wave lost about $15 for each $1 of sales in its last quarter, Quantinuum about $6 in 2025. IonQ, which sells by far the most, lost about $2.70. Chart from NewMarketPitch's Quantum Computing report.
Are quantum stocks worth 20 years of market sales? About 20 years. The seven listed quantum computing companies are worth about $36.3B together. Six research firms put the whole market’s sales in 2026 at $0.7B to $2.1B, about $1.85B in the middle. Chart from NewMarketPitch's Quantum Computing report.
How long could listed quantum companies keep losing money? Years. At today’s loss, D-Wave’s cash would last about three years, IonQ’s about three and Rigetti’s about six. Quantum Computing Inc, which raised about $1.6B from share sales, could go on for about twenty. Chart from NewMarketPitch's Quantum Computing report.
How many years of sales are quantum stocks worth? Hundreds, for three of them. D-Wave is worth about 354 years of its sales of the last twelve months, Quantinuum about 304 and Rigetti about 292. The others are worth 45 to 150 years, IonQ about 54. Chart from NewMarketPitch's Quantum Computing report.
Who is buying quantum companies, and for how much? Mostly IonQ. It agreed to pay about $2.9B for the UK start-up Oxford Ionics and the US chip foundry SkyWater, about ten times its sales this year. D-Wave paid $550M for the start-up Quantum Circuits, and the others bought much smaller companies. Chart from NewMarketPitch's Quantum Computing report.

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Inside the report

  • Which business models are winning
  • Who pays, and for what
  • Who makes money, who burns cash
  • Where revenue could come from
  • Who are the top companies today
  • Who’s ahead, and who’s falling behind
  • What are their valuations
  • Who’s getting funded, and by whom
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026