IonQ (NYSE:IONQ) is turning a strong earnings report into a second straight day of gains for quantum computing stocks. In morning trading, IonQ stock is at $35.29, up 8%. That builds on a 23% jump on November 6, the first session after the report.

Major indexes are higher as investors return to AI and speculative tech shares after last week’s post-midterm selloff. Quantum Computing Inc. (NASDAQ:QUBT) stock is at $6.67, up 5%, as the smaller peer joins the move.

Behind IonQ’s rally are a record quarter and a higher outlook. Rigetti Computing (NASDAQ:RGTI) is climbing on IonQ’s news heading into its own earnings report. D-Wave Quantum (NASDAQ:QBTS) is in the same position.

IonQ Lifts Its 2026 Outlook After a Record Quarter

IonQ reported its Q3 2026 results after the close on November 5, posting revenue of $173.8 million, up 336% year over year. That result exceeded the consensus estimate of $141.2 million. Management at IonQ also raised its full-year 2026 revenue guidance to a range of $505 million to $515 million, up from $450 million to $460 million.

Chief operating officer and chief financial officer Inder Singh noted on the earnings call that IonQ expects to be the first pure-play quantum company to report half a billion dollars in revenue. Backlog at IonQ more than doubled to $1.2 billion.

Skeptics point out that SkyWater, the foundry IonQ bought in July, contributed $83.5 million of Q3 revenue, so part of the growth was acquired. Still, IonQ Platform segment revenue grew 127% to $90.3 million on its own.

Critics also point to dilution and cash burn at IonQ, which closed a $2 billion equity offering on October 16. The company’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at a loss of $133.6 million. Singh framed the raise as long-term capital, saying, “We’d like to make sure that we have the ability to keep investing without blinking.”

Rigetti and D-Wave Ride IonQ’s Momentum Into Their Own Reports

Rigetti is at $12.67, up 8%. The gain extends a 19% jump on November 6. After the close on November 10, Rigetti reports Q3 2026 results.

The company’s Q2 2026 revenue of $5.1 million leaves ground to cover against the full-year 2026 analyst estimate of $22.9 million. Much of that target rides on an $8.4 million system for India’s Centre for Development of Advanced Computing (C-DAC), which the company expects to recognize after installation and acceptance testing in Q4 2026.

D-Wave is at $11.33, up 6%. On November 6, D-Wave rose 18%. Before the open on November 10, the company reports Q3 results.

Its flat Q2 revenue of $3.1 million compares with the full-year 2026 analyst estimate of $42.7 million compiled by TIKR, though management has said Q4 should deliver most of the year’s revenue. Fresh orders of their own may be what Rigetti and D-Wave need to hold the gains.

How IonQ’s Trapped-Ion Model Stands Apart From Rigetti and D-Wave

IonQ builds trapped-ion quantum computers and, since buying SkyWater, makes its own chips in-house, a setup management describes as unique among public pure-play quantum companies. The company also sells networking, sensing and quantum-security products, which spreads its business beyond computing.

Rigetti takes a superconducting, gate-based approach that scales by linking smaller chiplets in an open, modular design. D-Wave leans on quantum annealing, where it’s the only commercial player, while building a gate-model roadmap through its Quantum Circuits acquisition. Quantum Computing Inc. runs room-temperature photonic systems that skip the deep cooling its rivals need.

Supply chains tie the group together, since Rigetti and D-Wave both extended multi-year manufacturing agreements with SkyWater. IonQ thus generates foundry revenue when its rivals build hardware.

What Rigetti and D-Wave Must Prove After IonQ’s Beat

D-Wave and Rigetti now face the question of whether their reports show fresh orders that can support the run-up. The bulls can cite IonQ’s record quarter and sold-out 2027 capacity for its Superion 256 systems as signs that quantum demand is real.

On the other hand, IonQ’s operating losses keep growing, and revenue at Rigetti and D-Wave still depends on the timing of individual system sales. Keeping your share exposure smaller might make sense until the Rigetti and D-Wave earnings test resolves.

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