Instead of D-Wave, Rigetti & Co.: This is it "boring ones" Share the real quantum computer star?

• IBM as an underestimated player in the quantum computing sector
• Decades of research and a strong capital base as an advantage
• Share price development at IBM is weaker than at D-Wave and Co., but reliable dividends

When it comes to quantum computing, many investors will probably first think of companies like D-Wave Quantum, Rigetti Computing or IonQ – after all, these “pure players” have caused quite a stir in recent months with both their technological advances and the brilliant development of their shares. For example, the shares of D-Wave Quantum, which describes itself on its company website as the “world’s leading company in the field of quantum computing”, jumped a whopping 256 percent on the NYSE in the last twelve months (as of March 2, 2026). Despite all the progress, the quantum computing company is not yet profitable.

What is often overlooked, however, is that in addition to these specialized companies, numerous other tech companies are also working on quantum computing, although this is only one of several areas of activity – but that could be a significant advantage. The US technology group IBM in particular could be ahead in comparison to specialized competitors such as D-Wave Quantum, IonQ or Rigetti.

IBM with decades of quantum computing research

According to Forbes, IBM has been involved in quantum computing since the 1970s and has been conducting research in this area. The company can rely on an extensive ecosystem of developers and researchers and began publicly communicating its quantum strategy and the progress it has made early on. In a special “Quantum” section of the company’s website, IBM regularly publishes roadmaps that outline the expansion of qubit numbers, improvements in error rates and the development towards fault-tolerant systems. According to IBM’s own information, it made its first Nighthawk system with 120 qubits available for customer use at the end of 2025 and wants to achieve a quantum advantage by the end of 2026, i.e. develop a quantum system that can solve certain problems better than classical computer systems. According to “The Motley Fool”, IBM is not only currently working on a fault-tolerant quantum computer, but even expects to be able to offer a commercially viable option by 2029. This goal is of central importance in the industry because only fault-tolerant systems are considered the basis for truly scalable, commercial applications.

While other competitors are also working toward this goal, they often lack the combination of decades of research experience, industrial manufacturing expertise and global infrastructure. However, IBM already has experience in the areas of classic high-performance computers and in semiconductor development that the group can draw on – skills that could now prove to be a strategic advantage in the quantum era.

Universal approach vs. specialization

Technologically, IBM is pursuing a gate-based, universal approach with superconducting qubits. The goal is a generally programmable quantum computer that can process different classes of problems. D-Wave, on the other hand, relies primarily on quantum annealing and optimization problems, but has recently expanded its technological reach to include error-correcting, superconducting gate model architectures with the acquisition of Quantum Circuits. IonQ, in turn, follows an ion trap approach that is known for high qubit quality and stability. However, scaling to very large systems represents a significant technical challenge. And Rigetti – similar to IBM – works with superconducting qubits, but has significantly fewer resources and production capacities. According to “The Motley Fool”, in the case of Rigetti, it will probably take at least five years before it becomes clear whether the company actually has a viable and competitive business model.

In this context, “The Motley Fool” also points out that its capital resources and operational size should be an advantage for IBM in direct comparison with quantum computing companies. The technology giant generates billions in sales in the classic IT and consulting segment and had free cash flow of $14.7 billion in the 2025 financial year. This means IBM can finance its quantum research in the long term without having to focus on the short term Monetization to be instructed. Pure quantum players such as Rigetti and D-Wave, which are still far from profitable, are more dependent on capital markets and investor sentiment. In phases of high interest rates or weak stock market sentiment, these companies usually come under pressure more quickly, which can affect the pace of research and personnel structure. However, persistence is of strategic importance, especially in a technology field whose breakthrough may still be years away. Quantum computing remains a high-risk sector – and those who have the longest stamina and the better financial cushion will significantly improve their chances.

Ecosystem as a strategic lever at IBM

An often underestimated competitive advantage for IBM also lies in the ecosystem. With its “Quantum Network”, IBM has built an international partner network of companies, start-ups, universities and research institutions. Quantum processors are made available worldwide via cloud access. At the same time, IBM is investing heavily in software stacks such as Qiskit and in the training of developers. This combination of hardware, software and community creates lock-in effects and lowers entry barriers for industrial users.

Smaller providers also cooperate with industrial partners, but the reach and institutional depth of the IBM network are unique to date. And for companies that start their first pilot projects with quantum computers, it is likely that not only the pure qubit number will be crucial, but also the stability of the partner, support structures and integration options into existing IT landscapes.

D-Wave and Co. are ahead on the stock market

Whether IBM is actually the better choice compared to the pure quantum computing stocks ultimately depends on the perspective, because no winner has yet been chosen in the quantum computer race. In terms of share performance over the last twelve months, the IBM share, with a loss of around 5.5 percent, lags significantly behind the shares of D-Wave (+256 percent), Rigetti (+125 percent) and IonQ (+71.5 percent) (as of March 2, 2026). However, for investors with a focus on stability and long-term scalability, there is still a lot to be said for the technology giant. IBM combines technological breadth, strategic planning, global partnerships and financial strength in a way that hardly any competitor can currently achieve – and the regular dividend payment can at least provide some consolation for the weak share price development. For investors who are more willing to take risks and want to bet on the success of specialized applications or technological experiments, providers such as D-Wave, Rigetti or IonQ can be quite attractive.

Editorial team finanzen.net

This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.

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