“Quantum computing is reaching an inflection point,” Nvidia [NVDA] CEO Jensen Huang said back in June, adding that we are “within reach” of being able to apply quantum “in areas that can solve some interesting problems in the coming years”.
The question investors must ask themselves is: what, exactly, does “coming” mean in this context?
Those who think it means “imminently” may be interested to learn more about a stock that is positioning itself as a major player in the space.
Founded in 2001 as Innovative Beverage Group Holdings (really), in 2017 the firm made a radical pivot, rebranding as Quantum Computing [QUBT].
Since then, it has evolved from a niche research player, primarily known for software tools and algorithms, into a company with commercial ambitions, focusing on developing scalable quantum hardware and photonic chip technology. In short, it is positioning itself as a full-stack quantum solutions provider.
The company recently announced a $750m private placement — part of a broader $1.6bn capital-raising effort — to accelerate production capacity, fund acquisitions and expand its engineering team.
While the move signals confidence and institutional backing, it also raised investor concerns about dilution and execution risk.
Despite these headwinds, Quantum Computing remains well-placed to capitalize on any “coming” boom in demand for quantum infrastructure, competing with peers like IonQ [IONQ], Rigetti Computing [RGTI] and D-Wave Quantum [QBTS].
With its focus shifting from experimentation to monetization, QUBT stock’s trajectory reflects a high-risk, high-potential phase of transformation. Let’s unpack how this phase could determine whether it becomes a genuine hardware contender or another speculative tech bet.
Earnings: Q2 Review and Q3 Preview
Quantum Computing reported its Q2 2025 financial results on August 14, revealing a net loss of $36.5m, or $0.26 per share, compared to a loss of $5.2m in the same period last year.
Revenue for the quarter totaled approximately $61,000, a decline from $183,000 in Q2 2024. The increase in net loss was primarily due to a $28m non-cash charge related to the mark-to-market valuation of the company’s warrant derivative liability. Operating expenses rose to $10.2m from $5.3m year-over-year, driven by higher employee-based expenses.
Despite the financial losses, the company reported a gross margin of 43%, up from 32% in the previous year. As of June 30, 2025, QUBT had cash and cash equivalents of $348.8m, bolstered by $188m in net proceeds from a private placement of common stock during the quarter.
Total assets stood at $426.1m, with total liabilities decreasing to $30.1m.
Operationally, the company achieved significant milestones, including the shipment of its first commercial entangled photon source and the launch of its operational chip foundry in Arizona.
Quantum Computing is scheduled to report Q3 earnings on November 5, 2025.
Analysts are projecting a GAAP EPS loss of $0.06, consistent with the prior quarter. Revenue is expected to rise modestly to approximately $116,000, up from $61,000 in Q2. Investors will be keen to assess the impact of the $750m private placement, which, despite being oversubscribed, led to a 9% drop in stock price due to dilution concerns. The upcoming earnings report will provide insights into the company’s progress in scaling its quantum hardware production and its ability to convert strategic partnerships into sustained revenue growth.
QUBT stock is up 25.8% this year, and a stonking 2,791.67% over the last 12 months.
Let’s see how QUBT stock measures up against two peers in the quantum space.
Ready for Inflection: QUBT vs RGTI vs QBTS
Rigetti Computing has demonstrated significant commercial traction, highlighted by a $5.7m order for its Novera quantum systems and a $5.8m US Air Force contract. These developments underscore Rigetti’s progress in transitioning quantum technology from research to applied use. The company has raised $575m in recent funding rounds, enhancing its financial position. Despite a 41.6% revenue decline in Q2 2025, attributed to delays in government contracts, Rigetti’s strategic partnerships and product advancements position it as a strong player in the quantum computing industry.
D-Wave Quantum, meanwhile, offers a fifth-generation quantum computer, Advantage, and provides cloud-based access through its Leap platform. A focus on hybrid quantum-classical systems and its extensive developer ecosystem differentiate it in the market. The company made its first commercial sale of an Advantage system in early 2025, and established a partnership with Carahsoft Technology in January 2025 to expand distribution of its quantum computing technologies to the public sector.
QUBT
RGTI
QBTS
Market Cap
$3.73bn
$11.48bn
$9.99bn
P/S Ratio
9,070
1,110
335.66
Estimated Sales Growth (Current Fiscal Year)
9.03%
-24.61%
178.23%
Estimated Sales Growth (Next Fiscal Year)
412.29%
164.14%
55.89%
Source: Yahoo Finance
Quantum Computing, Rigetti Computing and D-Wave Quantum each occupy distinct niches within the quantum computing sector, shaping their comparative investment profiles. QUBT is focused on photonic chip technology and scaling hardware production, positioning itself for long-term growth, though it has yet to generate meaningful revenues. Rigetti, by contrast, has secured commercial contracts, including government deals, which provide clearer near-term revenue visibility. D-Wave differentiates itself through hybrid quantum-classical systems and cloud-based access, offering unique technological capabilities but limited publicly reported financials.
QUBT Stock: The Investment CaseThe Bull Case for Quantum Computing
Quantum Computing is positioning itself as a leader in the quantum hardware sector, focusing on photonic chip technology. The company has secured significant funding to scale its operations and accelerate commercialization efforts. Analysts have expressed optimism about QUBT’s prospects, with Ascendiant Capital raising its price target to $40, citing strong interest in its new foundry and quantum computer.
The Bear Case for Quantum Computing
Despite its ambitious plans, QUBT faces several risks that could impact its performance. The company’s stock declined over 9% following the announcement of the private placement, indicating investor concerns about dilution and execution risks. Additionally, QUBT’s ongoing losses and excessively high P/S ratio suggest potential overvaluation. These financial metrics, combined with the challenges of scaling quantum hardware, present significant hurdles for the company’s near-term prospects.
Conclusion
If quantum computing does indeed come to fruition as a technology within the “coming years”, then Quantum Computing could be well-placed. If that moment takes longer to arrive than some people expect, investors may wonder whether Quantum Computing can stay the course.
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