Bookings -> revenue conversion
Quarterly burn
Sector sentiment

Runway projection: updates as you shift the levers.

The pure-play cash waterfall: bookings to recognized revenue against the operating-loss drain Bookings won RPO / backlog accumulates Cash reservoir break line recognized revenue operating -loss drain conversion several qtrs cash pile CHIPS incentives follow-on equity break condition Solvent time to next milestone runway extends sentiment reversal
IONQ$80.1M Q2 revenue vs ~$337M operating losscash ~$3.0B (pro-forma ~$2.0B)
D-Wave$3.1M Q2 revenue vs ~$55M opexH1 bookings $35.5M · RPO $40.7MRPO: only ~57% expected within 12 months
Rigetti$5.1M Q2 revenue vs $28.1M operating losscash $541M

US CHIPS quantum program: ~$2.0B, with ~$100M letter-of-intent scale. The cash pile plus government incentives buy time to the next milestone; the break is dilution or funding exhaustion if conversion or milestones stall before the funds are consumed.