QBTS vs ARQQ Stock Comparison: AI Score, Valuation, Performance and Upside
D-Wave Quantum and Arqit Quantum both sit within the broader quantum computing investment theme but address very different problems: D-Wave builds and sells access to actual quantum computing hardware, while Arqit sells software-based encryption designed to defend against the threat quantum computers pose to current cryptography. Both are early-stage, speculative businesses with volatile share prices tied heavily to sector-wide sentiment rather than mature financial fundamentals. The choice between them depends on whether an investor wants exposure to quantum computing hardware commercialization or to the cybersecurity response to quantum computing.
Use this comparison to distinguish between quantum computing hardware exposure (D-Wave) and quantum-safe cybersecurity exposure (Arqit), since both are speculative but represent different bets within the same broader theme.
QBTS holds the edge across 3 of 5 key metrics in this comparison. QBTS has delivered stronger 1-year price return (+10.12% vs -33.73% for ARQQ). On fundamentals, ARQQ is growing revenue faster (829.90%), while QBTS maintains the higher operating margin (-1732.06%) — a classic growth-versus-profitability split.
- Want direct exposure to commercial quantum computing hardware and cloud access sales
- Are encouraged by recent bookings growth from large commercial and government customers
- Can tolerate extreme share price volatility tied to speculative sector sentiment
- Are willing to underwrite a long, uncertain path to sustained profitability
- Want exposure to the cybersecurity side of the quantum computing theme rather than hardware itself
- Believe demand for quantum-safe encryption will grow as quantum computing matures
- Are comfortable with a small-revenue, early-commercialization-stage company
- Can tolerate high volatility with a highly speculative risk profile
| Metric | QBTS | ARQQ |
|---|---|---|
| AI score | 33.8 | 22.5 |
| AI rank | #1820 | #3993 |
| Latest close | $17.20 | $19.88 |
| 1M return | -4.87% | +16.05% |
| 6M return | -8.41% | +20.78% |
| 1Y return | +10.12% | -33.73% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | QBTS | ARQQ |
|---|---|---|
| 1Y ago | $10.85K (+8.5%) started 2025-09-02 | $7.17K (-28.3%) started 2025-09-02 |
| 5Y ago | $17.6K (+76.0%) started 2021-08-31 | $799.2 (-92.0%) started 2021-08-31 |
| 10Y ago | $16.95K (+69.5%) started 2020-12-11 | $828.33 (-91.7%) started 2021-04-01 |
Hypothetical — past performance does not guarantee future results.
| Metric | QBTS | ARQQ |
|---|---|---|
| Market cap | $6.41B | $345.96M |
| Trailing P/E | N/A | N/A |
| Forward P/E | -46.64 | N/A |
| Price/Sales | 515.57 | 318.56 |
| EV/Revenue | 469.19 | 281.39 |
| Analyst target | $35.24 | N/A |
| Target upside | +104.86% | N/A |
| Metric | QBTS | ARQQ |
|---|---|---|
| Revenue growth | -0.60% | 829.90% |
| Earnings growth | N/A | N/A |
| EPS growth | N/A | N/A |
| FCF margin | -590.58% | -1814.26% |
| Operating margin | -1732.06% | -4931.62% |
| Profit margin | 0.00% | 0.00% |
| ROIC proxy | -27.98% | -220.21% |
| Return on equity | -27.98% | -220.21% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 2.16 | 2.27 |
| Debt/equity | 4.44 | 7.62 |
| Current ratio | 20.55 | 4.88 |
| Quick ratio | 20.20 | 4.61 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | QBTS | ARQQ |
|---|---|---|---|
| 1Y | Growth | +8.52% | -28.33% |
| CAGR | +8.57% | -28.48% | |
| Sharpe ratio | 0.58 | 0.23 | |
| Max drawdown | 71.01% | 79.78% | |
| Max daily drop | 15.22% | 26.01% | |
| Max wkly drop | 39.06% | 34.39% | |
| 5Y | Growth | +76.05% | -92.01% |
| CAGR | +11.98% | -39.67% | |
| Sharpe ratio | 0.66 | 0.24 | |
| Max drawdown | 96.67% | 99.60% | |
| Max daily drop | 36.13% | 42.09% | |
| Max wkly drop | 58.10% | 57.72% | |
| 10Y | Growth | +69.46% | -91.72% |
| CAGR | +9.66% | -36.87% | |
| Sharpe ratio | 0.60 | 0.24 | |
| Max drawdown | 96.67% | 99.60% | |
| Max daily drop | 36.13% | 42.09% | |
| Max wkly drop | 58.10% | 57.72% |
| Category | QBTS | ARQQ |
|---|---|---|
| Company | D-Wave Quantum Inc. | Arqit Quantum Inc. |
| Sector | Technology / Quantum Computing | Technology / Cybersecurity (Post-Quantum Encryption) |
| Industry | N/A | N/A |
| Core business | D-Wave builds annealing-based quantum computers and offers cloud access to its quantum systems for optimization problems, alongside growing efforts in gate-model quantum computing research. | Arqit develops post-quantum encryption technology designed to protect data and communications against future attacks from quantum computers, selling software-based security products rather than quantum hardware. |
| Investor focus | Investors watch quarterly bookings growth, the mix of commercial versus government and academic contracts, and progress toward larger-scale qubit systems. | Investors watch commercial contract wins, government and defense partnerships, and progress converting pilot programs into recurring revenue. |
- Sharp year-over-year bookings growth driven by Fortune 100 and academic contracts
- Established commercial quantum annealing platform with real customer deployments today, unlike many pre-revenue quantum peers
- Government research funding support, including national quantum program grants
- Addresses a cybersecurity need created by quantum computing itself, positioning it differently from quantum hardware builders
- Software-based model avoids the capital intensity of building physical quantum computing hardware
- Government and defense-related interest in quantum-safe encryption provides a potential long-term demand driver
- Quantum computing remains an early, unproven commercial market with long sales cycles
- Revenue and bookings can be volatile quarter to quarter given reliance on a relatively small number of large contracts
- Stock has shown extreme volatility tied to broader quantum computing sector sentiment rather than fundamentals alone
- Still an early-stage, small-revenue company with a commercialization path that remains largely unproven
- Competitive field of post-quantum cryptography approaches, including open encryption standards, could limit differentiation
- Stock has experienced significant volatility tied to speculative sector sentiment rather than fundamentals
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