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 and ARQQ are closely matched — they split the tracked metrics evenly. ARQQ leads on both 1-year return (-70.26%) and forward P/E quality (-18.92x vs -44.71x for QBTS), a relatively favorable combination of momentum and valuation. On fundamentals, ARQQ is growing revenue faster (829.90%), while QBTS maintains the higher operating margin (-1732.06%) — a classic growth-versus-profitability split.
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- 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 scorei | 31.0 | 22.3 |
| AI ranki | #2076 | #4025 |
| Latest closei | $12.81 | $15.90 |
| 1M returni | -21.91% | -12.97% |
| 3M returni | -24.26% | -3.81% |
| 6M returni | -40.45% | +0.82% |
| 1Y returni | -71.38% | -70.26% |
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 | $2.86K (-71.4%) started 2025-10-15 | $2.97K (-70.3%) started 2025-10-15 |
| 5Y ago | $13.06K (+30.6%) started 2021-10-15 | $434.13 (-95.7%) started 2021-10-15 |
| 10Y ago | $12.63K (+26.3%) started 2020-12-11 | $662.5 (-93.4%) started 2021-04-01 |
Hypothetical — past performance does not guarantee future results.
| Metric | QBTS | ARQQ |
|---|---|---|
| Market capi | $6.14B | $348.92M |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -44.71 | -18.92 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 454.20 | 281.55 |
| Analyst targeti | $35.24 | N/A |
| Target upsidei | +113.68% | N/A |
| Metric | QBTS | ARQQ |
|---|---|---|
| Revenue growthi | -0.60% | 829.90% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | -590.58% | -1814.26% |
| Operating margini | -1732.06% | -4931.62% |
| Profit margini | 0.00% | 0.00% |
| ROIC proxyi | -27.98% | -220.21% |
| Return on equityi | -27.98% | -220.21% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | N/A | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 2.16 | 2.28 |
| Debt/equityi | 4.44 | 7.62 |
| Current ratioi | 20.55 | 4.88 |
| Quick ratioi | 20.20 | 4.61 |
Over the past year, QBTS and ARQQ have moved moderately in the same direction (correlation of 0.66), based on daily returns.
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 | Growthi | -71.38% | -70.26% |
| CAGRi | -71.41% | -70.29% | |
| Volatilityi | 106.16% | 115.39% | |
| Sharpe ratioi | -0.71 | -0.53 | |
| Sortino ratioi | -1.09 | -0.80 | |
| Max drawdowni | 73.14% | 77.97% | |
| Current drawdowni | 71.38% | 70.26% | |
| Avg drawdowni | 51.13% | 60.00% | |
| Ulcer Indexi | 52.61% | 61.56% | |
| Max daily dropi | 15.22% | 26.01% | |
| Max wkly dropi | 39.06% | 34.39% | |
| 5Y | Growthi | +30.63% | -95.66% |
| CAGRi | +5.49% | -46.61% | |
| Volatilityi | 134.69% | 131.44% | |
| Sharpe ratioi | 0.61 | 0.12 | |
| Sortino ratioi | 1.13 | 0.19 | |
| Max drawdowni | 96.67% | 99.60% | |
| Current drawdowni | 71.38% | 98.33% | |
| Avg drawdowni | 54.67% | 89.93% | |
| Ulcer Indexi | 64.93% | 91.90% | |
| Max daily dropi | 36.13% | 42.09% | |
| Max wkly dropi | 58.10% | 57.72% | |
| 10Y | Growthi | +26.26% | -93.38% |
| CAGRi | +4.07% | -38.74% | |
| Volatilityi | 124.68% | 129.93% | |
| Sharpe ratioi | 0.56 | 0.21 | |
| Sortino ratioi | 1.03 | 0.35 | |
| Max drawdowni | 96.67% | 99.60% | |
| Current drawdowni | 71.38% | 98.33% | |
| Avg drawdowni | 50.46% | 82.52% | |
| Ulcer Indexi | 60.52% | 87.61% | |
| Max daily dropi | 36.13% | 42.09% | |
| Max wkly dropi | 58.10% | 57.72% |
| Category | QBTS | ARQQ |
|---|---|---|
| Company | D-Wave Quantum Inc. | Arqit Quantum Inc. |
| Sector | Technology | Technology |
| Industry | Computer Hardware | Software - Infrastructure |
| 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
Compare more than two at a time
This page is a fixed writeup on QBTS and ARQQ. Our comparison engine is the interactive version: load up to five tickers, switch timeframes, and get the correlation, drawdown, and overlap analysis that a static page can't show.
Add three more names beside QBTS and ARQQ, mixing stocks and ETFs in the same table — useful when the real question is which of a whole peer group to own.
AI score, forward P/E, analyst target upside, operating margin, and revenue growth are scored head-to-head, with a running tally of which ticker leads on how many metrics.
Volatility, Sharpe and Sortino ratios, maximum, current, and average drawdown, Ulcer Index, and worst single-day and single-week drops across every timeframe.
Pairwise daily-return correlation for every combination, so you can see whether two holdings actually diversify each other or just move together.
A scatter plot of forward P/E against return on equity, plus drawdown and 30-day rolling volatility charts, to separate what is cheap from what is merely beaten down.
For ETFs, a top-holdings comparison that exposes hidden overlap between funds. Every comparison exports to CSV for your own spreadsheet work.
Two comparisons a week are free without an account. A 14-day trial removes the limit and adds AI price forecasts, stock rankings, saved watchlists, and the intrinsic value calculator — no credit card required.
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.
Full valuation workup with AI Score, Monte Carlo forecast, and bull/bear case — free preview, premium data from $3.99.