The Listed Quantum Basket: IonQ, Rigetti, D-Wave and QUBT Are Not the Same Trade
Why IonQ, Rigetti, D-Wave and QUBT represent four distinct public quantum exposures.
Public quantum equities are often grouped under a single market label, but that category is too broad to explain what investors are actually buying. IonQ, Rigetti, D-Wave and Quantum Computing Inc. represent different combinations of architecture, revenue quality, balance-sheet strength, public-sector exposure, supply-chain dependence and dilution risk. IonQ is a trapped-ion platform expanding into networking, sensing, security and defence-linked programmes. Rigetti is a superconducting gate-model company exposed to fabrication, chiplets, cryogenics and roadmap execution. D-Wave is a commercial annealing company with gate-model optionality after the Quantum Circuits acquisition. QUBT is a photonics, optics and foundry-related exposure whose recent revenue profile is strongly shaped by acquisitions. Treating them as one “quantum trade” creates false comparability.