For more than three years, arguably no trend has excited investors quite like the rise of artificial intelligence (AI). But AI isn’t the only game-changing technology that offers an eye-popping addressable opportunity.
Since late 2024, investors have flocked to quantum computing stocks, including IonQ (IONQ +0.34%), Rigetti Computing (RGTI +0.00%), D-Wave Quantum (QBTS +1.44%), and Quantum Computing Inc. (QUBT +1.06%). As of mid-October 2025, trailing 12-month returns for this quarter were as high as 6,217% — and these stocks are on fire, once again.
Image source: Getty Images.
As of the closing bell on April 15, IonQ, Rigetti, D-Wave, and Quantum Computing had rallied 45%, 26%, 42%, and 29% over the last two trading sessions. Though it would appear that one of Wall Street’s hottest trends is bouncing back in a big way, investors would be wise not to take the bait.
Quantum computing stocks are flying yet again
Quantum computing, which uses specialized computers to solve complex equations in a fraction of the time it takes classical computers, offers a sky-high addressable market. Boston Consulting Group analysts foresee this technology creating up to $850 billion in global economic value by 2040.
It’s also a technology with intriguing real-world use cases. It can be used to expedite the training of AI-driven large language models and run molecular interaction simulations to improve clinical trial success rates, among other tasks.
Today’s Change
(0.34%) $0.15
Current Price
$44.83
Key Data Points
Market Cap
$16B
Day’s Range
$43.68 – $45.82
52wk Range
$23.48 – $84.64
Volume
10M
Avg Vol
24M
Gross Margin
-2267.11%
Quantum computing is the subject of potential hefty investments, as well. In October, JPMorgan Chase launched its $1.5 trillion Security and Resiliency Initiative, naming quantum computing as one of 27 sub-areas that may see investments or financing.
But the catalyst responsible for sending IonQ, Rigetti, D-Wave, and Quantum Computing soaring this week was AI titan Nvidia hosting a Quantum Day on April 14. Nvidia shedding light on quantum computing tasks and AI integration puts these stocks back in the spotlight.
Image source: Getty Images.
Quantum computing remains Wall Street’s biggest bubble
While the fear-of-missing-out (FOMO) is likely tugging on investors’ heartstrings following two-day gains of 26% to 45%, quantum computing stocks remain rife with red flags.
To begin with, every game-changing trend since the advent of the internet has navigated its way through an early stage bubble-bursting event. These bubbles form because investors overestimate how quickly an innovation will be adopted and/or optimized. In the case of quantum computing, it’s still very early in its adoption stage and nowhere close to optimizing sales and profits for businesses. Both hallmarks of a bubble are present.
To build on this point, the valuations of quantum computing stocks make little sense. History shows that price-to-sales (P/S) ratios above 30 for companies on the leading edge of next-big-thing trends have proved unsustainable. Over the trailing 12-months, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. have P/S ratios of 95, 846, 272, and 2,333, respectively.
IONQ PS Ratio data by YCharts.
Rounding things out, the barrier to entry for pure-play quantum computing stocks may be considerably smaller than investors realize. Several members of the “Magnificent Seven” have developed quantum processing units and have much deeper pockets than pure-play quantum computing companies. It’s not out of the question that IonQ, Rigetti, D-Wave, and Quantum Computing cede their first-mover advantages entirely in the coming years.
Though quantum computing FOMO may be tempting, don’t take the bait.