Quantum computing firms D-Wave, IonQ, Infleqtion, and Rigetti have been joined by a number of newly publicly floated quantum computing companies for the announcement of their Q2 2026 financial results.

IQM and Quantinuum both published their first earnings reports since completing SPAC mergers earlier this year. Both Xanadu Quantum and Pasqal are in the process of completing their own SPAC mergers, so have yet to report any results.

As is often the case, the companies all reported net losses for the quarter but were keen to highlight operational successes during the three-month period, including the delivery of quantum computers and government-backed deals.

D-Wave

D-Wave published both its Q2 and H1 2026 results, with revenue remaining flat for the quarter but dropping 67 percent for the same six-month period in 2025.

Revenue totaled $3.1 million for the second quarter, with 62 percent of that figure derived from commercial customers, up from 45 percent the year prior. H1 revenue totaled $5.9m, a Year-on-Year (YoY) decrease of $12.2m, although D-Wave said it recognized revenue from more than 100 individual customers, with more than 50 percent representing commercial enterprises.

By comparison, bookings for Q2 were $2.1 million, an increase of $800,000, or 59 percent YoY, while bookings for H1 were $35.5 million, a 1,120 percent YoY increase.

Net loss for Q2 was $48m, down significantly from the $167m loss posted by the company in Q2 2025. D-Wave attributed this primarily to a $142m decrease in the amount of non-cash, non-operating charges related to the remeasurement of its warrant liability.

As of June 30, 2026, D-Wave said it had $40.7m worth of remaining performance obligations (RPOs) relating to customer contracts that were either unsatisfied or partially unsatisfied – a YoY increase of $35.4m, or 668 percent. The company said it expects to recognize approximately 57 percent of that total in the next 12 months, with 72 percent expected in the next two years.

“This quarter reinforced the strength and breadth of D-Wave’s leadership,” said Dr. Alan Baratz, CEO of D-Wave.

“We expanded commercial momentum through stronger bookings and engagements with major global organizations, while achieving important milestones across our dual-platform technology roadmap. D-Wave is translating technical leadership into commercial progress, and we believe that our differentiated technology, expanding customer base, and disciplined execution position us to lead as the quantum computing market accelerates.”

IQM Quantum Computers

IQM Quantum Computers only began trading on the Nasdaq on July 2 following the completion of its Special Purpose Acquisition Company (SPAC) merger with Real Asset Acquisition Corp. (RAAQ), but it has already published its financial results for the six-month period ending June 30, 2026.

Total revenue for the period was €8.9 million ($10.3m), while operating loss was €60.5 million ($69.9m). As of July 2, IQM had a cash balance of €309.4 million ($358m), and as of August 3, had a total order backlog of €102.1m ($118m).

The company listed a number of operational highlights for the year so far, including expansion into the Japanese and Spanish markets and the delivery of a quantum computer to the US Department of Energy's Oak Ridge National Laboratory in Tennessee in June 2026.

"Our public debut marks a historic milestone, demonstrating how technology leadership can capture global capital to transition quantum computing from research excellence into customer-ready computing infrastructure,” said Dr. Jan Goetz, IQM CEO.

“IQM is operating from a position of verified commercial scale with 26 full-stack quantum computers sold, 17 delivered globally, and proven integration directly alongside AI supercomputers and high-performance data centers. As we execute our product roadmap and scale toward fault-tolerant quantum computing, our focus remains squarely on operational discipline, delivering real-world value, and strengthening our proposition as the partner of choice for sovereign and enterprise compute infrastructure.”

IonQ

IonQ posted recognized revenue of $80.1 million for Q2 2026, representing year-on-year (YoY) growth of 287 percent. Net loss for the quarter was $1,867.7 million, while Adjusted EBITDA loss was $120.3m.

IonQ finalized its $1.8bn acquisition of pure-play chipmaker SkyWater Technology on July 31, 2026. The company said that following the close, its cash, cash equivalents, and investments totaled $2 billion. The company noted that Adjusted EBITDA includes the costs of its commercial relationship with SkyWater during the second quarter and, excluding the SkyWater spend, Adjusted EBITDA loss would have been $95.6 million.

For full-year 2026, IonQ said it was raising its revenue expectations to between $280m and $290m, with the company adding it expects “strong organic growth” of 100 percent YoY. However, it noted that the financial outlook does not reflect any contribution from the SkyWater acquisition.

“The successful close of our SkyWater and Nexus acquisitions extends IonQ’s full-stack quantum platform and merchant supplier leadership to the US and allied ecosystem,” said Niccolo de Masi, IonQ chairman and CEO.

“We have also made powerful strides towards demonstrating our 256-qubit quantum computer and publishing results for our quantum error correction technology on our hardware. We enter the second half of the year confident in IonQ’s ability to execute our quantum platform roadmap, translate our technology leadership into durable commercial growth, and create long-term value for shareholders.”

Rigetti

For the second quarter of 2026, Rigetti reported total revenue of $5.1m, with operating losses for the three-month period totaling $28.1m.

Despite this, the company said it ended Q2 2026 with a “strong cash position and no debt, providing flexibility to continue investing behind its technology roadmap and customer opportunities.”

Rigetti listed a number of operating highlights from the quarter, including the signing of a letter of intent with the US Department of Commerce, which will see the company awarded up to $100m over three years to accelerate superconducting quantum computing R&D.

The company is also planning to invest up to $100m in the UK to “accelerate quantum computing development” and will deliver a nine-qubit Novera quantum computer to the Pittsburgh Supercomputing Center’s new TangleLab testbed, funded by a National Science Foundation grant.

“We are seeing broadening engagement across government, academic, and commercial customers, and we believe our open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy continue to differentiate Rigetti in the market. End users who leverage our systems over the cloud benefit from ease of use and consistent uptime, which we will continue to prioritize as quantum computing R&D progresses,” said Dr. Subodh Kulkarni, Rigetti CEO.

“In addition, our recently announced letter of intent with the US Department of Commerce for up to $100 million in potential funding underscores the strategic importance of our platform and could help us accelerate key R&D programs aimed at scaling and advancing superconducting quantum computing.”

Quantinuum

Just over two months after debuting on the Nasdaq, Honeywell spinout Quantinuum reported that it had raised $1.7 billion in gross proceeds from the IPO.

Revenue for the quarter totaled $8 million, a 279 percent YoY increase. However, GAAP net loss was $597 million, compared with a net loss of $57 million for Q2 2025, and adjusted EBITDA loss was $68 million, compared with a loss of $43 million in the prior-year period.

Quantinuum said that as of June 30, 2026, it had cash, cash equivalents, and short-term investments totaling $2.1bn. The company is forecasting full-year FY2026 revenue of between $28 and $32 million.

In addition to its financial results, Quantinuum also announced it had partnered with Oracle to deploy its Helios quantum computer on Oracle Cloud Infrastructure (OCI). According to the companies, the multi-year agreement will allow customers to directly access the system via OCI’s forthcoming quantum service, providing them with “managed, secure access” to cloud-hosted quantum computing.

"Our second quarter performance demonstrated strong execution against our strategy. We delivered critical R&D breakthroughs to advance our platform roadmap and enhance our competitive position, strengthened our supply chain and manufacturing capabilities, and increased our developer ecosystem engagement," said Rajeeb Hazra, president and CEO of Quantinuum. "As a result, we are seeing accelerating commercial momentum for the business, reflected in the second quarter results and the improved full-year outlook. With over $2 billion in cash, we have the capability to invest to accelerate our business plans, while maintaining a disciplined approach to capital allocation to ensure sustainable long-term growth and profitability."

Infleqtion

Infleqtion reported revenue of $12.63 million for Q2 2026, up 34 percent and 116 percent Quarter-on-Quarter and Year-on-Year, respectively.

Operating expenses for the three-month period totaled $32.49m, while operating losses were $30.64m. The company posted a GAAP net loss of $25.47m. However, as a result of “strong customer demand,” Infleqtion said it had raised its full-year 2026 revenue outlook to approximately $43 million.

The quantum computing firm said it ended Q2 with $582 million in cash, cash equivalents, restricted cash and available-for-sale securities and no debt.

Commenting on the results, Infleqtion CEO Matt Kinsella said: “Q2 was a record quarter for Infleqtion, and the pace of quantum commercialization is accelerating. Governments are putting dates and dollars behind quantum, and we are building applications with customers now as they prepare for the next generation of quantum systems. We delivered 116 percent revenue growth, all organic, raised our revenue outlook, and remain on track for 30 logical qubits this year. The quantum market is entering an execution phase, and Infleqtion has spent more than a decade preparing for it.”

Infleqtion began trading on the Nasdaq in February 2026, following the completion of its SPAC merger with Churchill Capital Corp X.

In the following months, the company deployed a 100-physical-qubit quantum computer at the National Quantum Computing Centre in Harwell, UK; signed a Letter of Intent with the US government for up to $100m in proposed funding; opened its Chicago Quantum Innovation Center and announced plans to deploy a quantum computer at the Illinois Quantum & Microelectronics Park in 2027.