Individually, those stories barely register. Together, they formed one of the most psychologically interesting parts of D-Wave Quantum (NYSE: QBTS) latest earnings release.

This is because, while Wall Street still debates whether quantum computing is commercially viable, institutions increasingly appear willing to test the technology within real operational systems.

That contradiction sat all over D-Wave Q1 2026 Earnings Release 

Revenue fell sharply to $15 million from about $64 million a year ago, while losses and margin pressure remained significant. Yet bookings exploded 502% year-over-year to approximately $31 million, and the company finished the quarter with more than $300 million in cash reserves.

As you’ll discover, these numbers exposed the most difficult phase to value in any technological revolution: the moment institutional adoption begins before the economics become mature enough for Wall Street to price confidently.

Institutions Are Experimenting Before The Economics Look Comfortable

The easiest way to dismiss quantum computing is to focus strictly on the financials. D-Wave remains unprofitable. Revenues are still volatile. Gross margins compressed materially this quarter, reinforcing how commercially early and operationally uneven the sector still is.

But underneath those awkward economics, institutional behavior is starting to look harder to ignore.

Ford Otosan is deploying D-Wave systems for manufacturing optimization. Davidson Technologies is working with the company on defense applications. Japan Tobacco is exploring drug discovery use cases through quantum systems. Germany’s Julich Supercomputing Centre continues integrating D-Wave infrastructure into advanced computational research.

Truth is, revolutionary technologies don’t always arrive cleanly. The economics usually look awkward long before adoption patterns become obvious. But once serious institutions begin experimenting operationally across multiple industries simultaneously, the line between futuristic theory and emerging infrastructure starts becoming harder to define clearly.

That ambiguity is not unusual during major technological transitions. Early commercial internet infrastructure looked financially awkward, too. Revenues were inconsistent. Monetization models were unstable. Many companies failed outright. Yet underneath the chaos, banks, retailers, logistics firms, and governments had already started integrating internet systems into real operational environments before Wall Street fully understood how economically foundational the technology would eventually become.

All of which indicates that quantum computing may now be entering a similar commercial transition phase.

Why Bookings Figures Trump Revenue Decline

A few years ago, speculative technology companies could rally almost entirely on imagination. Investors rewarded futuristic narratives, massive theoretical markets, and long-term disruption stories without demanding immediate commercial validation.

That environment has changed dramatically.

Rates are higher. Capital is tighter. Investors increasingly want contracts, customers, operational deployment, and survivability.

You can’t overlook that because the sector now sits between two conflicting realities.

On one side, the economics still look immature enough for many investors to dismiss entirely. On the other hand, institutional adoption patterns increasingly suggest the technology may be progressing beyond pure theoretical experimentation.

That is why the bookings figure matters psychologically far more than the revenue decline itself.

Bookings climbing from roughly $5 million last year to over $31 million now suggest customers may be moving from tentative experimentation toward more meaningful deployment commitments.

Historically, that middle phase is where markets become psychologically unstable, because investors no longer try to determine whether the technology sounds revolutionary. They are trying to determine whether commercialization is beginning to form fast enough before patience disappears.

Repricing Survival Odds

QBTS’s post-earnings chart reflected my thought process. 

After earnings, shares surged toward the $24 region while volume exploded above 36 million shares, signaling unusually aggressive participation for a company many investors still dismiss as speculative. More importantly, the stock reclaimed both its 20-day moving average near $20.64 and 50-day moving average around $17.99 after spending months trapped below a descending trendline dating back to the October highs near $45.

Pay attention here, because earnings reactions in immature technology sectors often reveal changing institutional psychology more than changing fundamentals. Investors were not reacting merely to quarterly revenue. 

The combination of exploding bookings, improving adoption signals, strong liquidity, and expanding enterprise engagement appears to have shifted attention back toward commercialization survivability rather than short-term profitability alone.

And honestly, I think that may be one of the most important signals in the entire earnings report.

The Hardest Technologies To Value Are The Ones Becoming Real

Personally, I think that is what makes D-Wave one of the most psychologically fascinating companies in speculative technology right now.

The business still looks financially immature. The sector remains highly volatile. The economics are still too early to value comfortably using traditional frameworks. Yet real institutions are increasingly willing to integrate quantum systems into operational environments.

That does not necessarily make the stock easy to own from here.

If anything, it makes the company harder to value, and this is exactly where you have to be cautious. The most difficult phase of every major technology transition is usually the moment the future starts becoming believable before the economics fully catch up.

That reading isn’t wrong. But it isn’t the full story either. For investors with a genuine long-term time horizon and a tolerance for risk, D-Wave deserves a closer look. That’s not because the near-term picture is clean, but because the company occupies a uniquely defensible position at the frontier of what may be the most consequential computing revolution in history.

Quantum computing is not artificial intelligence. It is not a new software framework or a faster chip. It is a fundamentally different way of processing information, and one that experts believe will eventually make the AI boom look like a prelude.

Quantum Computing: The Technology Wall Street Is Just Beginning to Understand

To appreciate what D-Wave is building, it helps to understand why quantum computing is more than AI 2.0.

Classical computers, from your phone to the most powerful data centers on earth, process information as binary bits, each one a 0 or a 1. Every AI model, every algorithm, every cloud application ultimately reduces to vast chains of those binary choices. AI has proven extraordinarily powerful at pattern recognition and prediction built on this architecture. However, it’s still constrained by the same fundamental limits as every computer built since the 1940s.

Quantum computers break those limits. They use quantum bits, or qubits, which, through a property called superposition, can exist as 0, 1, or any combination of both states simultaneously. Entanglement allows qubits to become correlated so that the state of one instantly influences another. The result is a machine that can explore enormous numbers of potential solutions in parallel. Not one path at a time, but an entire landscape of possibilities at once.

This is not an incremental improvement. For specific categories of problems — molecular simulation, optimization across thousands of variables, cryptographic analysis, complex financial modeling — quantum computers do not simply run faster than classical machines. They solve problems that classical machines cannot solve at all, regardless of how many chips or GPU clusters you deploy. That distinction matters enormously for investors. AI accelerates what we can already compute. Quantum computing unlocks what we currently cannot.

Risks and Rewards

The potential upside is staggering, and so are the risks on both sides of the ledger.

On the positive side, drug discovery stands out as perhaps the most near-term and high-value application. Developing a single new drug currently costs $1–3 billion and takes a decade, with only a roughly 10% success rate. The bottleneck is computational: accurately simulating how a drug molecule interacts with a biological target requires modeling quantum-level electron interactions that classical computers can only approximate.

Quantum computers handle these simulations natively. Early results from pharmaceutical partnerships are already demonstrating that quantum-enhanced systems can generate superior drug candidates in a fraction of the time required by purely classical or AI-based methods. Beyond pharma, the implications extend to climate modeling, materials science, logistics optimization, and financial risk management.

On the negative side, the same capabilities pose a genuine threat to existing digital infrastructure. Encryption standards underlying Bitcoin, global banking, and internet communications rely on mathematical problems that quantum computers — once sufficiently powerful — could theoretically solve. This “harvest now, decrypt later” risk, where adversaries store encrypted data today to decrypt once quantum hardware matures, is already being taken seriously by governments and financial institutions.

The U.S. National Institute of Standards and Technology (NIST) has finalized a suite of quantum-resistant cryptographic standards. The transition will be costly and disruptive — and represents both a risk for holders of cryptocurrency and a significant opportunity for companies positioned to help the world re-encrypt itself.

D-Wave: The Specialized Approach That May Give It an Edge

D-Wave is not trying to build a general-purpose quantum computer. That distinction, which is often glossed over in breathless quantum coverage, is crucial to understanding why the company may be better positioned than its competitors for near-term commercial success.

Where rivals like IonQ and IBM are pursuing gate-model quantum systems designed to eventually handle any quantum computation, D-Wave has focused on a technique called quantum annealing. Annealing systems identify the lowest-energy state in a problem space, which corresponds to the optimal solution. As it turns out, optimization problems (i.e., finding the best route, the most efficient schedule, the ideal molecular structure) represent the overwhelming majority of real-world tasks where quantum computing is expected to deliver commercial value in the near term.

This focused architecture has allowed D-Wave to leapfrog the competition where it matters most right now: paying customers. The company is the world’s first commercial quantum computing supplier, with over 100 enterprise clients running live production applications on its Advantage cloud platform today, not in pilot programs or proofs of concept.

The commercial results are beginning to reflect that traction. Revenue surged 235% through the first three quarters of 2025, and first-quarter 2026 bookings alone exceeded $32.8 million as of late February. Analysts project $39.5 million in full-year 2026 revenue.

In January 2026, D-Wave executed arguably its most strategic move yet: a $550 million acquisition of Quantum Circuits Inc. (QCI), a developer of error-corrected superconducting gate-model quantum systems whose dual-rail qubit technology achieves gate fidelities above 99.9%. The combined entity is now positioned to deliver both the best commercial annealing platform available today and fault-tolerant gate-model systems as the technology matures — a dual strategy that no competitor currently matches.

Why D-Wave May Be a Long-Term Hold

The investment case for QBTS is not about next quarter’s earnings. The company continues to operate at a loss, revenue is still in the tens of millions, and the valuation reflects years of expected growth already baked in. None of that is unusual for a platform company in the early innings of a technology cycle.

What makes D-Wave compelling as a long-term hold is the combination of factors it has assembled: the only company generating meaningful commercial quantum computing revenue today, a growing enterprise customer base across industries where quantum optimization delivers measurable ROI now, a proprietary annealing platform with a decade-long head start on the competition, and, following the QCI acquisition, a credible path to full-scale error-corrected gate-model quantum computing.

The quantum computing market is projected to grow from roughly $1.5 billion today to $450–850 billion over the next two decades. D-Wave is the only publicly traded pure-play company in that market with a working commercial business underneath the hype. That combination of existing revenue and frontier technology positioning is rare — and it is the core reason long-term investors are paying attention.

Why Insider Selling Isn’t the Red Flag It Appears to Be

Insider selling at QBTS has made headlines, and it deserves a clear-eyed look. CEO Alan Baratz sold 793,712 shares in December 2025, and CFO John Markovich sold 100,000 shares in the same period. Additional sales by other executives have continued into early 2026.

Context matters here. Both the CEO and CFO transactions were executed under Rule 10b5-1 plans — pre-scheduled trading programs set up months in advance, precisely to allow executives to diversify equity compensation without triggering insider-trading concerns. These are not spontaneous sales triggered by bad internal news; they are planned liquidity events tied to the vesting of stock-based compensation. It is worth noting that no insider has filed a statement citing knowledge of material adverse information — the standard disclosure language — and each filer affirmed that publicly.

Meanwhile, institutional investors have been moving in the opposite direction: Vanguard added 11.2 million shares in Q3 2025, UBS added another 10.2 million, and T. Rowe Price increased its position by over 400%. Nine Wall Street analysts carry buy ratings on QBTS, with a median price target of $37.50. Insider selling tied to option vesting is a normal feature of executive compensation at growth-stage companies — not a signal that those closest to the business are abandoning ship.

A Quick Look at the QBTS Chart

The price chart tells the story of a stock that ran hard and is now digesting those gains. QBTS surged from roughly $5 in the spring of 2025 to a peak near $12 in late 2025, fueled by the revenue acceleration and quantum sector enthusiasm. It has since pulled back to the $13–14 range, and the current setup warrants technical caution in the near term.

The 20-period Bollinger Bands show the stock trading near the lower band — a zone that can indicate oversold conditions, but which also reflects a stock in a sustained downtrend compression. The RSI (14) sits at approximately 27, firmly in oversold territory. While an RSI this low can precede a bounce, in trending downside environments it can also persist. Price is trading below both the 20-period SMA ($17.29) and the upper band ($20.31), confirming the near-term trend is negative.

For long-term investors, the chart is less relevant than the business trajectory. The current drawdown looks characteristic of a post-hype consolidation phase — the kind that typically precedes the next leg higher once commercial catalysts (the QCI integration, new enterprise contracts, the first dual-rail gate-model deployment expected in 2026) give the market something fresh to reprice. A cautious investor might watch for stabilization above the $12–13 support zone before initiating or adding to a position.

The Bottom Line

D-Wave Quantum is not a risk-free investment. It is a pre-profitability company trading at a steep premium to current revenue in a sector where timelines are uncertain, and competition is intensifying. Investors who need predictable returns should look elsewhere.

But for investors who can think in decades rather than quarters, the QBTS thesis is coherent and compelling. Quantum computing represents a generational shift in computational capability — one that will reshape drug discovery, logistics, finance, and national security infrastructure. D-Wave is the only company with both a working, commercial quantum business today and a credible roadmap to fault-tolerant systems tomorrow. The current pullback has brought the stock to levels that look more reasonable than its 2025 peak, and the technical picture suggests the market may be nearing exhaustion on the selling side.

The quantum revolution is not a question of if. It is a question of when — and whether you are positioned before the answer becomes obvious.

In other words, if a billionaire is buying, pay close attention. They’re not likely to put their money where their mouths are unless they’re confident. And as we head into 2026, the first full year of a new rate-cutting cycle and renewed rotation into growth, the right billionaire signals could offer a timely roadmap.

When you see billionaires buying stocks such as Nike (NYSE: NKE), Alphabet (NASDAQ: GOOG), and D-Wave Quantum (NYSE: QBTS), it’s worth taking note.

Nike (NKE): Insider Buying After a Brutal Selloff

NIke stock fell from roughly $69 to a low of $56.99 after the company reported weak China sales, declining gross margins, and a cautious full-year outlook. The company isn’t firing on all cylinders, and Wall Street knows it.

Global consumer spending remains uneven, wholesale relationships are resetting, and competition from On Holdings and Lululemon is heating up.

Yet insiders—who arguably know Nike better than anyone—are putting cash to work.

• Apple CEO Tim Cook, who has served on Nike’s board since 2005, just bought 50,000 shares at an average price of $58.97, a transaction worth nearly $3 million.
• Robert Swan, another Nike director, bought $500,000 worth of shares at $57.54 on December 22.

The timing is notable: these buys came near the bottom of the trend, shortly after the post-earnings decline. That’s billionaire-level capital stepping into weakness, not chasing strength.

Nike isn’t out of the woods. The China recovery remains uneven, and margin improvement is a multiquarter journey. However, the insider confidence suggests the long-term thesis is intact: iconic brand equity, global distribution dominance, and a balance sheet positioned for stabilization once gross margins stop compressing.

As markets begin to anticipate rate cuts boosting consumer demand and currency headwinds softening, billionaire buying here could be an early signal of a bottom in progress.

Alphabet (GOOG): Billionaire Buying Signals Confidence in AI and Energy Strategy

Alphabet (GOOG) is another case where billionaires buying stocks has been impossible to miss. In the third quarter:

• Warren Buffett’s Berkshire Hathaway bought more than 17.8 million shares.
• Stanley Druckenmiller’s Duquesne Family Office initiated a new position in the quarter, buying 102,200 shares.
• Philippe Laffont’s Coatue Management bought about 2.1 million shares.

After finding support around $300, GOOG is starting to pivot higher. Technically, the chart suggests a move to $350 in the first quarter of 2026 is achievable if momentum continues and earnings guidance stabilizes.

The bull case isn’t just about search and advertising anymore—it’s increasingly about AI infrastructure. Alphabet’s acquisition of Intersect, a data center and energy infrastructure company, flew under the radar for many investors—but not for billionaires.

The company is building an energy moat, a critical component of scaling AI. As CEO Sundar Pichai told CNBC:

“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive U.S. innovation and leadership.”

This signals a shift toward vertical integration—Google isn’t just building AI; it’s building the power grid to sustain it. Billionaires are buying stocks like GOOG not just because of ChatGPT-style hype but because Alphabet is building the physical and energy infrastructure to own the next decade of compute.

D-Wave Quantum (QBTS): A Frontier-Tech Bet with Billionaire Backing

Then there’s D-Wave Quantum (QBTS), arguably the most speculative name on the list—but also the one with the biggest total addressable market.

With quantum computing attracting institutional attention, billionaire Ken Griffin just boosted his stake in QBTS by 201%, adding 169,057 shares through his hedge fund, Citadel. This isn’t a flyer trade; it’s an escalation in commitment.

The catalyst? D-Wave just announced the commercial availability of its Advantage2 quantum computing system, a leap forward in qubit architecture and computational power. 

CEO Alan Baratz described it this way:

“Today marks a significant milestone not just for D-Wave, but for the quantum computing industry as a whole, as we bring to market our sixth-generation quantum computer, a system so powerful that it can solve hard problems outside the reach of one of the world’s largest exascale GPU-based classical supercomputers.”

This matters because quantum isn’t just faster computing—it’s computing of a different order. Quantum machines can theoretically solve problems in minutes that would take traditional supercomputers thousands of years. 

Potential applications include:

• Drug and molecule discovery
• Machine learning acceleration
• Financial modeling and arbitrage optimization
• Cybersecurity and cryptography
• Battery chemistry breakthroughs
• Grid optimization for renewable energy systems

This is why analysts referenced by Forbes think quantum computing could be an $850 billion industry by 2040.

Is QBTS risky? Absolutely. But the risk is asymmetric, and Griffin’s buying signals that institutional capital is beginning to price in commercialization—not just theory.

Bottom Line: What Investors Should Take From Billionaires Buying Stocks

The theme across Nike, Alphabet, and D-Wave Quantum is simple: conviction. Billionaires buying stocks aren’t day trading, they’re identifying inflection points ahead of the crowd.

For investors tracking billionaire buying activity, these names are worth adding to a 2026 watchlist—or even a starter allocation, depending on risk tolerance.

It could even be used to discover new drugs, quicker than even imagined. It may even be able to help advance artificial intelligence, machine learning, financial modeling, cybersecurity, batteries, and even help with green energy advancements. No wonder governments all over the world are heavily investing in quantum computing.

So, it’s no surprise that corporations and governments all around the world are investing billions of dollars in its future. It’s also no surprise that the quantum computing market could be worth well over $100 billion over the next decade.

For example, IBM (NYSE: IBM) plans to invest $150 billion in the United States over the next five years to expand its quantum and AI capabilities. NVIDIA Corp. (NASDAQ: NVDA) continues to invest billions in quantum computing startups. Alphabet Inc. (NASDAQ: GOOGL) and Microsoft Corp. (NASDAQ: MSFT) are allocating substantial resources toward developing proprietary quantum platforms.

In addition, according to Forbes, global public investment in quantum computing now exceeds $55 billion, led by China. Europe is rapidly catching up. Germany has announced more than $3 billion in funding by 2026. France has committed nearly $2 billion to train 5,000 quantum engineers and create 30,000 new jobs. In the United States, the National Quantum Initiative Act authorizes $1.2 billion over five years for research and development.

With multi-billion-dollar, game-changing potential, here are three quantum computing stocks, investors may want to consider:

D-Wave Quantum (QBTS)

D-Wave Quantum Inc. (NYSE: QBTS), which just announced that its Advantage quantum computer is now operational and is expected to address mission-critical U.S. government problems, particularly in national defense, and will eventually run sensitive applications.

Earnings haven’t been too shabby either.

Revenue in the third quarter of fiscal 2025 totaled $3.7 million, an increase of approximately $1.8 million or 100% from the third quarter of fiscal 2024 revenue of $1.9 million. Bookings for the third quarter totaled $2.4 million, an increase of about $100,000 or 3% when compared to the third quarter of 2024 bookings of $2.3 million and an increase of $1.1 million or 80% compared to the preceding fiscal 2025 second quarter bookings. 

In short, QBTS is a strong company, underscored by momentum in commercialization, multi-million-dollar contracts, its healthy cash balance, and new technical milestones. QBTS was also just upgraded to a buy rating by analysts at Benchmark, with a $35 price target. 

IonQ (IONQ)

IonQ Inc. (NYSE: IONQ) has been another substantial runner. According to B. Riley Securities, IonQ’s technology roadmap and major new contracts could propel the company’s valuation even higher. A recent deal with Vector Atomics, for example, expanded its government-related business from $100 million to an expected $300 million.

Recent earnings support the bull case. 

In its third quarter, its 17-cent loss beat estimates by three cents. Revenue of $39.87 million, up 221.5% year over year, beat by $12.88 million. It also raised its revenue expectations for the full year to $110 million at the high end of guidance. 

IonQ also delivered a 2025 technical milestone of #AQ 64 three months early, unlocking 36 quadrillion times more computational space than leading commercial superconducting systems. 

According to Niccolo de Masi, Chairman and CEO of IonQ, as quoted in an earnings release, “We achieved a truly historic milestone by demonstrating world-record 99.99% two-qubit gate performance, underscoring our path to 2 million qubits and 80,000 logical qubits in 2030.” 

“Our technical achievements continue to solidify IonQ’s quantum platform as the most complete and powerful in the world, with a correspondingly larger addressable global market. Meanwhile, we are on a clear trajectory to deliver critical quantum cybersecurity infrastructure, ultra-precise quantum navigation, quantum timing solutions, and large-scale networked quantum systems,” he added.

Defiance Quantum ETF (QTUM)

If you want to diversify with more quantum-related stocks, you can also invest in quantum computer exchange-traded funds (ETFs), such as The Defiance Quantum ETF (NASDAQ: QTUM).

Since October, the fund has exploded from about $57.50 to $90. Now back to $77.50, it’s another hot quantum computing idea. With an expense ratio of 0.4%, the ETF holds 73 related stocks, including D-Wave Quantum, Ionq Inc., Rigetti Computing, Tower Semiconductor and Palantir Technologies.

Quantum Computing Is In the Early Stages

The potential of quantum computing is massive. However, investors should take note that it’s still in its early stages. That means that many quantum computing stocks, including the ones in this article, may have more volatile price movement.

That may not appeal to risk-averse investors. However, if you have a long timeline and the patience to wait for the payoff, an investment in these companies could yield strong returns.

As generative and agentic AI advance, the computational power demanded exceeds classical systems’ capabilities. This makes quantum computing the next logical leap.  

And that’s why quantum computing stocks have been on fire in 2025. Investors sense a unique opportunity as this sector transitions from pure research to commercial adoption.  

It’s still in its early stages, but the science is backed by accelerating technical breakthroughs and substantial government and corporate funding. With 2025 marking a tipping point for quantum technology commercialization, early positions in promising quantum stocks like Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum Inc. (NYSE: QBTS), and IonQ Inc. (NYSE: IONQ) could yield strong long-term gains. 

What is Quantum Computing?

Quantum computing harnesses principles of quantum mechanics (i.e,, superposition and entanglement) to perform complex calculations exponentially faster than classical computers. This capability is expected to transform AI by optimizing machine learning model training and solving problems currently deemed infeasible, like large-scale cryptography and molecular simulations.  

The possibilities offered by quantum computing are enticing, specifically in an area like drug discovery. However, just like AI, quantum computing will have to respond to threats that will arise in areas like cybersecurity.  

Many companies are attempting to tackle these problems today. However, realistically, fault-tolerant quantum computers capable of delivering “quantum advantage” are not anticipated to be available until around 2030. However, incremental advances in noisy intermediate-scale quantum (NISQ) devices are already driving niche applications today, creating near-term revenue streams and adoption pathways. 

Quantum Computing Stock #1: Rigetti Computing 

Rigetti Computing is a pioneering full-stack quantum computing company focusing on superconducting gate-based processors. Its recent introduction of the 84-qubit Ankaa-3 chip and multi-chip Cepheus-1-36Q system, along with cutting error rates to 99.5% fidelity on two-qubit gates, signal meaningful hardware progress.  

Supported by a $350 million equity raise this year, Rigetti enjoys a strong cash position fueled by government contracts like the $5.8 million Department of Air Force research award. Strategic partnerships with Taiwan’s Quanta Computer boost manufacturing scale prospects.  

For all this activity, investors should take note that Rigotti is not profitable and generates very little revenue. That hasn’t stopped retail investors (like you and me) to drive up the stock price, but real revenue is years away and profit will take even longer.  

There’s good and bad to that. The bad news is that as of October 30, RGTI stock is extremely overvalued and trading approximately 33% above analysts’ consensus price target. This could be a time to take profits. 

On the other hand, if RGTI stock does correct, you’ll have a more enticing entry point. You’ll have to be patient, but the payoff could be worth it. Adding validity to that is that 35% of Rigetti stock is owned by institutional investors. In the last three months, buying has outpaced selling nearly 3:1. This means the “big money” believes there’s a story developing.  

While still speculative, Rigetti’s robust research pipeline and expanding commercial contracts make it an attractive investment for those seeking exposure to quantum hardware breakthroughs in the near to medium term. 

Quantum Computing Stock #2: D-Wave Quantum 

D-Wave Quantum is unique in offering both quantum annealing and gate-model systems, serving different optimization and computational needs. Its recently launched Advantage2 system with over 4,400 qubits significantly enhances computational capabilities, tackling real-world problems in logistics, finance, and materials science.  

D-Wave is benefiting from growing commercial customer adoption, demonstrated by a projected 181.5% revenue increase in 2025, and strategic expansions in quantum software and cloud-accessible platforms. Despite historical challenges meeting earnings expectations, October’s 45% stock surge reflects renewed investor confidence.  

But it also shows how overvalued QBTS stock is. The recent surge has sent the stock price to $36.02, more than 20% above the consensus price target of analysts.  

Like Rigetti, D-Wave Quantum is not profitable, has very little revenue and is years away from having either. That said, also like Rigetti, D-Wave has significant institutional ownership around 42%. The fact that institutions are buying multiple quantum stocks, however, shows that they’re hedging their bets on which company may come out ahead.  

Quantum Computing Stock #3: IonQ  

IonQ stands out as the most established pure-play quantum computing company with a diversified approach centered on trapped-ion technology, offering scalability and high coherence. It has forged key cloud partnerships with AWS and NVIDIA, enabling commercial access to quantum processors supporting enterprise and government projects. 

This means that IonQ, while not profitable, does have some revenue coming in the door. Whether or not that gives the company a significant lead over its competitors remains to be seen. However, IonQ’s ambitious roadmap targets quantum machines with millions of qubits by 2030, which could unlock revolutionary applications in cryptography, drug discovery, and advanced AI.  

IONQ stock hit an all-time high in October, buoyed by strong investor momentum and strategic acquisitions. However, it’s down about 20% since hitting that high as traders take profits.  

That’s another healthy reminder about quantum computing stocks. Right now, they are being targeted by traders who have no intention of holding them for anything but a momentum trade. If you’re looking at quantum stocks for the long haul, you’ll have to accept, and manage, this volatility.