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The solace of quantum

Quantum computing companies are stacking up piles of cash, capitalizing on their booming stock prices

IONQ, RGTI, QUBT, and QBTS have raised a total of ~$4.5 billion this year as the battle for commercialization heats up.

Make hay while the sun is shining, or so the saying goes. And that’s exactly what America’s quantum computing companies have been doing in 2025.

Quantum cash leap

Revenues have been overrated and profits unnecessary, with quantum stocks on fire this year as investors have piled into speculative pockets of the market, helping QBTS and RGTI soar some 1,800% and 2,300%, respectively, in the past year.

Still a young, largely speculative technology, quantum stocks have swung dramatically (but mostly up) on the slightest shift in sentiment. Sometimes, there’s been an actual technological breakthrough. At other moments, rumors of a potential government endorsement, contract, or investment have been enough to send them spiking — and occasionally, good old-fashioned thin air has kept them moving higher as retail traders piled into the stocks.

For the companies themselves, a higher share price is nice, but it really has zero effect on the day-to-day operations of the firm — unless they choose to cash in by selling new shares to the public. And cash in they have, with the four main public pure-play firms — D-Wave Quantum, Rigetti, Quantum Computing, and IonQ — raising more than $4.5 billion through some form of equity offering over the past year, per their press releases, including the following:

Quantum companies have been cashing in
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Indeed, with the exception of Rigetti Computing, which has raised the least of its peers during the past year, three out of the four quantum companies all reported a record-high cash pile in the latest quarter, giving them ample war chests to invest in the nascent technology in the pursuit of “commercialization” — or finally making some serious cash from all of these expensive hyperspeed computers, which promise the potential for breakthroughs in all kinds of fields, from engineering to biology, finance to cryptography.

At the end of Q3, D-Wave’s $836 million cash hoard outstripped that of all of its pure-play peers combined. IonQ’s fresh massive influx in early Q4 is now poised to give that company more than all its rivals combined!

The solace of quantum

Despite the hype, revenues remain negligible. Just this week, D-Wave Quantum reported revenue of just $3.7 million, with operating expenses of more than $30 million. Funding that kind of cash burn, when your operating expenses are 8x your revenue, gets a lot easier when your stock is up 1,800% in the last 12 months and you can build yourself a fortress of a balance sheet to help you weather the leaner times.

Interestingly, the race between (and beyond) the four pure-play quantum companies for commercialization — specifically to scale up hardware while solving reliability issues — is more of a battle between the different methods to achieve this common goal, whether it be using photonic (QUBT), trapped-ion (IONQ), or superconducting (RGTI, QBTS) modalities. The group is also divided in terms of the type of quantum system they’re most specialized in, with D-Wave the sole firm that’s most advanced in annealing quantum, while the others favor gate-based approaches.

Thanks to the insane ride over the last 12 months, each of those approaches should have hundreds of millions of dollars of funding available to them — even if the stock prices fade (which they have done in recent weeks).

Go Deeper: D-Wave CEO’s pitch to the Trump administration: Buy our quantum computers in exchange for an equity stake

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Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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Expedia soars as travel demand fuels big Q3 beat and price target hikes across Wall Street

Shares of Expedia leapt in early trading Friday after the travel platform posted a strong third quarter.

Adjusted earnings per share came in at $7.57, surpassing the consensus estimate of roughly $6.98. Meanwhile, revenue climbed to $4.41 billion, also topping forecasts and driven by strong room-night growth in the US and Asia. 

“Our strong third quarter results exceeded both our top- and bottom-line expectations, reflecting an improved demand environment, disciplined execution and tangible progress on our strategic priorities,” CEO Ariane Gorin said in a statement. “Notably, US room-night growth hit its fastest pace in over three years, we posted our 17th consecutive quarter of double-digit B2B growth — and consumer bookings grew 7%.” 

For the full year, Expedia now expects revenue growth of 6% to 7%, up from its previous estimate of 3% to 5%. Wall Street welcomed the results:

  • Evercore ISI maintained its “outperform” rating and lifted its target to $350 from $280.

  • Piper Sandler upgraded the stock to “neutral” and hiked its target to $250 from $190.

  • Wells Fargo maintained its “equal weight” rating and raised its price target to $272 from $212.

  • UBS kept its “neutral” rating and raised its target to $234 from $209.

  • Truist reiterated its “hold” rating and increased its target to $210 from $168.

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