$1,000 Split Between IonQ and D-Wave Today Could Be Worth This Much by 2029.

IonQ (NYSE: IONQ) and D-Wave Quantum (NASDAQ: QBTS) are both pushing to develop quantum computing that can be usefully deployed in real-world applications, and their divergent approaches offer investors two different ways to tap this nascent market.

It's not clear yet which of these pure plays will make the better business -- but as an investor, you don't have to bet on just one. Here's what a $1,000 investment split evenly between them today might be worth by 2029.

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IonQ is turning quantum computing into a real business

Quantum computing still has a long way to go before it becomes useful as a mainstream technology, but IonQ is working to turn that promise into commercial opportunities now. Instead of relying primarily on the hope of future breakthroughs, the company is building a broader business around quantum computing, networking, and security.

That strategy is already driving results. In the second quarter, IonQ reported record revenue of $80.1 million, up 287% year over year.

It also raised its full-year revenue outlook to $280 million to $290 million, citing growing demand across international and commercial markets.

Plus, one of IonQ's biggest advantages is that it has greater control over its technology stack than many of its peers. Its July acquisition of SkyWater Technology -- a deal that is responsible for a large fraction of the company's expected 2026 revenue growth -- allows it to integrate chip manufacturing with quantum technology. That could help it develop its hardware further and strengthen its supply chain.

But the risk is that IonQ continues to see widening operating losses as it invests in research and development. Over the past five years, the number of shares outstanding has almost doubled, and future funding needs could require it to further dilute shareholders. And that spending could also weigh on returns if revenue doesn't grow by enough to justify the investments.

The stock also trades at a price-to-sales (P/S) ratio of about 43, so the market is already pricing in massive anticipated revenue growth, and high hopes about eventual profitability. If the company fails to meet those expectations, the stock could tumble steeply.

Still, Wall Street has a fairly positive outlook on the stock, with 10 of the 14 analysts covering it rating it as a strong buy, and three rating it a hold.

Looking ahead, the few analysts who are already putting out estimates for its 2029 revenue expect it to land between $1.3 billion and $1.6 billion. If at that point, the company is trading in the range of 8 to 18 times 2029 sales, the stock would trade between about $22 and $61 per share by 2029, versus roughly $31 today.

A more immediate commercial opportunity with D-Wave Quantum

D-Wave offers a different angle on the quantum computing race that positions it to profit from many commercial opportunities sooner. Rather than the more common approach of attempting to build a broad-purpose gate-based quantum computer, D-Wave has largely focused on quantum annealing machines. Such machines can only be used on a subset of computing workloads called optimization problems. However, that subset includes an array of tasks in areas that interest businesses now, including drug development, scheduling, logistics, financial modeling, and resource planning.

That focus matters because it allows the company to support practical applications available today. In fact, D-Wave already sells quantum systems and provides cloud access to its technology, allowing customers to experiment with and deploy solutions for their business problems.

Commercial adoption is already gaining traction. D-Wave reported bookings of $35.5 million in the first half of 2026, up 1,120% from the previous year. That growth, however, came off a small base.

The technical roadmap adds another potential catalyst. Looking ahead, the company aims to have finished developing a larger annealing system in 2029, and is also developing its error-corrected gate-model technology, which it added to its portfolio via its $550 million purchase of Quantum Circuits Inc. in January. That tech should allow its quantum systems to better handle errors en route to a fault-tolerant quantum device.

That said, the main risk is that D-Wave's revenues remain small and uneven compared to its operating expenses, while R&D costs continue to rise.

The stock trades at a P/S ratio of over 336 times. That's a high bar for growth expectations that leaves little room for any disappointments along the way.

Similarly, 14 of the 17 analysts covering it rate the stock a strong buy. And while only a few of them are publishing 2029 revenue estimates for D-Wave, those forecasts range from $198.9 million to $320.6 million.

Assuming its price-to-sales ratio moderates to a much less lofty range of 15 to 40 times in 2029, based on those revenue predictions, the stock would trade between about $7 and $29 per share at that point, versus roughly $12 today.

What could $1,000 split between IonQ and D-Wave be worth by 2029?

Whether or not they deliver any upside for investors over the next three years depends on whether the two companies can turn today's technical advances and commercial demand into strong future earnings.

In a base case, a $1,000 investment split evenly between the two stocks could be worth about $1,210 by 2029, a gain of roughly 21%. That case uses consensus revenue and middle-of-the-range P/S multiples that put IonQ near $37 per share and D-Wave near $15.

Under the conservative case, that $1,000 investment would shrink in value to $650, while under the optimistic case, it would grow to about $2,220.

These scenarios also assume that their respective share counts will grow by about 5% a year through 2029. But ultimately, the outcome depends on the companies' technical advances, execution, and commercial adoption.

Both IonQ and D-Wave offer ways to participate in quantum computing's potential, but their different strategies make splitting your investment between them a more interesting option than betting on one.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.