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Analyst
Troy Jensen
Period: Reporting periods mapped to calendar 2025 Q2 – 2026 Q2 (5 quarters).
- Questions
- 18on tracked calls
- Challenge rate
- 0%none of 18 questions
- Companies
- 3questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 18 of 18 questions from 3 companies
IONQIonQ, Inc.8 questions · 5 reporting periods · 0 of 8 challenging
Calendar 2026 Q2
Would you guys actually own the software IP? Or are you just kind of partnering
Show response
Singh said IonQ delivers the full stack including high-margin applications and QCaaS, sometimes owning generalizable algorithm IP, sometimes the customer does.
I'd just be curious if you could provide any kind of a DARPA QBI update.
Show response
de Masi deferred to DARPA's own announcements, reiterating IonQ's manufacturable fault-tolerant blueprint and multi-program involvement.
Calendar 2026 Q1
how do you think about like pricing the value that you guys are creating
Show response
de Masi said pricing is still early-stage and bespoke; Singh added it is about meeting customers where they are, not competing on price.
Calendar 2025 Q4
what's your thoughts on IonQ controlling the controller specifically? And can you touch on your investment in horizon?
Show response
de Masi described an open, interoperable stack that captures value across layers without locking customers in; did not detail the horizon investment.
Calendar 2025 Q3
Will the Oxford chip be in the sixth-generation computer that you're launching in '26?
Show response
Ballance confirmed the 2026 256-qubit device uses Electronic Qubit Control, the architecture in which the 99.99% fidelity was demonstrated.
Can you help us out at all on just kind of OpEx trends and which deals haven't closed?
Show response
Singh guided continued R&D and go-to-market investment and said year-end share count is roughly 350 million, plus or minus.
Calendar 2025 Q2
80,000 logical qubits by 2030. At that level, can you just talk about what type of encryption are you guys crashing?
Show response
de Masi said useful Shor's algorithm work becomes interesting around 2027 at low thousands of logical qubits, with broad application upside.
Thoughts on kind of more consolidation? Or if you could just address that topic, that would be great.
Show response
de Masi cited 50+ prior acquisitions of experience, cultural-fit focus, and continued monitoring; said IonQ is supply limited, not demand limited.
QBTSD-Wave Quantum Inc.5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
I would just love to hear about just the pipeline that you guys have for some of these QCaaS kind of annealing customers.
Show response
Baratz declined pipeline specifics but said large corporations are engaging on multiple QCaaS applications, starting with one to demonstrate value.
Calendar 2026 Q1
I'd like to hear your thoughts on the NVIDIA announcement, the icing.
Show response
Baratz said NVIDIA's GPU error-correction work is relevant to gate-model but only partly applicable to dual-rail, whose error correction is more efficient.
Calendar 2025 Q4
can you talk about how much capacity you have with your existing annealing computers
Show response
Baratz said each system supports $25M-$30M revenue at ~$2M cost and 3-4 month build time, so capacity is ample for tens of enterprise deals.
Calendar 2025 Q3
can you just give us more details on the gate model product in the superconducting computer
Show response
Baratz said D-Wave uses fluxonium qubits with cryogenic control; a scaled, error-corrected gate system remains 5 to 10 years out.
Calendar 2025 Q2
is South Korea deployment, is that going to be Advantage2 or a number of systems you expect to install by the end of next year
Show response
Baratz said four cloud systems suffice for now, all upgrading to Advantage2, plus on-premises sales; near-term he sees roughly 6 or 7 Advantage2 systems.
RGTIRigetti Computing, Inc.5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
any thoughts on the executive order? And has there been any change in kind of government activity post signing
Show response
Management said the executive order increased emphasis on quantum and is freeing up funding, including the Commerce CHIPS initiative.
Calendar 2026 Q1
can you just talk about chip cycles. Previously, it was probably like in 9 months, you guys were spinning out new chips
Show response
Management said it does a major chip revision about once a year but can turn chips faster since it owns its fab.
Calendar 2025 Q4
can you just clarify exactly what you think the fidelity levels will be for single and dual mode or dual gate?
Show response
Management said single-qubit fidelity stays at 99.9% and median two-qubit fidelity is expected around 99.5% at launch.
Calendar 2025 Q3
on the 2027 target of 1,000 qubits, what types of applications would your system be able to run at that status?
Show response
Management said a 1,000-qubit system could target drug discovery, financial forecasting and materials, not yet encryption.
Calendar 2025 Q2
is the intention to accelerate R&D, do a little M&A or just kind of a cushion on the balance sheet to fund operating
Show response
Management said the focus remains R&D, with the strengthened balance sheet providing flexibility to accelerate the roadmap.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| IONQ IonQ, Inc. | 8 | 0%none of 8 questions |
| QBTS D-Wave Quantum Inc. | 5 | 0%none of 5 questions |
| RGTI Rigetti Computing, Inc. | 5 | 0%none of 5 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2025 Q2 | 4 | 0%none of 4 questions | 3 |
| 2025 Q3 | 4 | 0%none of 4 questions | 3 |
| 2025 Q4 | 3 | 0%none of 3 questions | 3 |
| 2026 Q1 | 3 | 0%none of 3 questions | 3 |
| 2026 Q2 | 4 | 0%none of 4 questions | 3 |
- 2025 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q34 questions · challenge rate 0% (none of 4 questions) · 3 companies
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 3 companies
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Innovation & R&D9
- Demand4
- Capital Allocation4
- Revenue Growth3
- Competitive Dynamics2
- Product Launch2
- M&A2
- Regulation Policy1
- Pricing1
- Capex Investment1
Show all 11 topics
- Cost Pressure1