Quantum computing companies are finally showing some revenue growth. IonQ (IONQ) raised their 2026 outlook to around $450M after their recent acquisition. D-Wave (QBTS) is further behind. Their H1 2026 revenue dropped 67% to $5.9M because they didn't have a massive one-off system sale like they did in early 2025. The underlying business is still mostly small cloud contracts, but their bookings look solid. They hit $35.5M in H1 2026, up from just $2.9M last year. This includes a $20M system for Florida Atlantic University and a $10M cloud deal. Backlog is currently sitting at $40.7M. They also just secured up to $100M in CHIPS Act funding for a minority equity stake, adding to their $550M cash pile. They will need it since operating expenses hit $55M in Q2. Even if their revenue triples to around $74M by 2029, the math on the stock is tough. At a $6.6B market cap, it would still trade at 90x those projected 2029 sales. Seems like a lot of future growth is already priced in at the current $18 level.