J.P. Morgan Chase (JPM) announced a major $1.5 trillion “Security and Resiliency Initiative” on Oct. 13, with $10 billion earmarked for direct equity investments across four strategic sectors that include quantum computing. The other three are defense and aerospace, energy independence, and AI.
It’s a part of their “frontier and strategic technologies” focus, and it caused an immediate and significant rally in quantum computing stocks.
According to CEO Jamie Dimon, “It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing—all of which are essential for our national security.”
The market saw the investment as a sign that quantum computing is now considered indispensable for the U.S. to stay competitive.
The following three pure-play quantum computing stocks can gain the most from this:
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D-Wave Quantum (QBTS) has been delivering very aggressive gains this past year and is up 3,558% as of this writing. Shareholders can thank the extremely successful PR offensive carried out by the company’s management, along with several genuine breakthroughs that the company managed to translate into a higher stock price.
Then, management turned the surging stock price into a positive feedback loop. At-the-market offerings drove net cash on the balance sheet high enough to fund years of operations. D-Wave currently has $819.3 million in cash as of Q2, and its free cash flow loss for the quarter was $35.88 million. One could expect the cash runway to get even bigger, as the company’s financing cash flow in Q2 was positive due to about $681 million worth of common stock being issued that quarter, up from $146.13 million in Q1.
For most companies, this sort of dilution would cause the stock to crater, but it lifted QBTS stock instead due to the cash making it likelier that D-Wave will be able to fund significant quantum computing research and deliver genuine breakthroughs.
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Rigetti Computing (RGTI) hasn’t been focused on making a splash in the media, but the quantum computing bonanza has still turned it into the second-hottest name among quantum pure-play stocks. This is thanks to the stock more than doubling in just the past month.
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Rigetti has partnerships in the space, and the most recent news included the announcement of purchase orders for two quantum computing systems for $5.7 million, along with a $5.8 million Air Force Research Laboratory (AFRL) contract.
The company launched its 36-qubit Cepheus-1 system in August 2025 and aims to release a system with over 100 qubits by the end of 2025.
RGTI stock is up 4,809% in the past year.
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IonQ (IONQ) has been a long-time heavyweight in the quantum pure-play space, so its bigger size before the current hype surrounding quantum computing has caused IONQ stock to gain “only” 400.4% in the past year.
However, it remains the biggest pure-play company in the sector with a market cap of $19 billion. And as D-Wave and Rigetti close the valuation gap, they could deliver explosive gains in parallel.
IonQ’s larger initial size has allowed it to rack up significant partnerships. This includes General Dynamics (GD) Information Technology (GDIT) for government and defense, Hyundai Motor, AWS, Nvidia (NVDA), and more.
IonQ claims it leads the market with “the first and only quantum hardware integrated with all major cloud platforms, quantum programming languages, and quantum software developer kits”.
The company also hired former JPM head of applied research Marco Pistoia as its senior vice president of industry relations. This can help it grab more investments from J.P. Morgan.
On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com