IonQ Inc. reported its first-quarter 2025 earnings with an adjusted loss per share of $0.16 and revenue of $7.6 million. The company's revenue primarily stems from recent acquisitions, including Lightsynq and ID Quantique, as it diversifies into quantum networking, quantum sensing, and random number generation. IonQ also announced a $22 million deal with EPB to establish the first commercial quantum computing and networking hub. Meanwhile, D-Wave Quantum Inc. posted a smaller loss per share of $0.02 and revenue of $15 million for the same quarter. The company recorded a net loss of $5.4 million but achieved record revenue and became the first to demonstrate quantum supremacy on a practical real-world problem. Following D-Wave's strong earnings beat, its stock (QBTS) surged, driving the 2x leveraged D-Wave Computing ETF (QBTX) up by 77% with a 16-fold increase in volume, marking one of the most volatile days ever for a U.S. ETF. Quantum computing stocks, including IonQ and Rigetti Computing, saw increased trading activity, reflecting heightened investor interest in the sector.