Same Quantum, Different Bets:
IONQ · QBTS · RGTI · QUBT

The 4 quantum computing stocks are in the same theme, but their technologies are fundamentally different. IONQ is trapped ion, QBTS is quantum annealing, RGTI is superconducting qubit, and QUBT is photonics. Different technologies mean that the timing of the market opening and the competitive landscape are completely different.

Before answering Lynch's core question — "Why now?" — we must first face the common structural problems of this entire sector. Quantum advantage, that is, the point at which it practically surpasses classical computers, is seen by the majority of Wall Street analysts as 2028-2030. People who buy now are taking positions in advance before commercialization. Just like buying PayPal and a magazine together during the dot-com era, the key question is which of the four companies will survive.

The companies that are generating the most realistic revenue right now are IONQ and QBTS. IONQ's FY2025 revenue is $130M (+202%), and QBTS's TTM is $24M, but more than 100 organizations are running actual production workloads. RGTI's TTM revenue is $12.7M, with hardware delays holding it back, and QUBT's TTM revenue is $550K — a level that is embarrassing to call revenue yet.

Trapped Ion (IONQ): Uses ions trapped by lasers as qubits. Highest stability, slow expansion speed. Achieved a world record of 99.99% two-qubit gate accuracy in 2025. All AWS, Azure, and GCP are linked.

Quantum Annealing (QBTS): Special-purpose computer specialized for optimization problems. Already in actual use by airlines, logistics, and energy companies. Cannot perform general calculations, but is closest to "quantum that makes money right now." Dual platform by adding a gate model in 2025.

Superconducting Qubit (RGTI): Same method as IBM and Google. Own chip design and manufacturing. Qubit count expands quickly, but error rate is high and cryogenic cooling is required. Released 84-qubit Ankaa-3. The delay of the 108-qubit Cepheus-1 is a factor that has recently worsened investment sentiment.

Photonics (QUBT): Uses light particles (photons) as qubits. Theoretically, it can operate at room temperature. However, current revenue is $550K/year, so it is still in the R&D stage. Building a photonics ecosystem by attempting to acquire Luminar LiDAR assets.