TLDR
- Quantum computing stocks Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and IonQ (IONQ) are gaining attention for their potential in AI applications
- D-Wave posted strong Q1 2025 revenue growth of 509% to $15 million, while Rigetti’s revenue dropped 52% to $1.5 million
- All three stocks have seen massive gains over the past year, with D-Wave up 1,184% and Rigetti up 937%
- Wall Street analysts maintain Strong Buy ratings on all three companies despite high valuations
- Rigetti trades at 289 times sales while D-Wave trades at 173 times sales, making both highly speculative investments
Three quantum computing companies are capturing investor attention as their stock prices soar on expectations that quantum technology will power the next generation of artificial intelligence breakthroughs. Rigetti Computing, D-Wave Quantum, and IonQ have all posted triple-digit gains over the past year.
D-Wave Quantum (QBTS) leads the pack in commercial progress. The company reported first-quarter revenue of $15 million, representing a 509% increase from the same period last year. This growth came from delivering its first Advantage quantum computer system to a European high-performance computing center.
The company now serves 133 customers including major corporations like Mastercard, Accenture, and Lockheed Martin. D-Wave offers its quantum systems through cloud platforms as quantum computing as-a-service. CEO Dr. Alan Baratz called Q1 2025 “arguably the most important in D-Wave’s history.”
D-Wave’s stock has climbed 1,184% over the past year and gained 124% in 2025 alone. The company recently made its sixth-generation Advantage2 system available through its Leap cloud platform.
Rigetti Computing (RGTI) took a different path with its 84-qubit Ankaa-3 system launched in Q1 2025. The company uses superconducting gate-based technology that allows multiple quantum processing units to work together. This modular design may offer more flexibility for AI applications compared to D-Wave’s quantum annealing approach.
However, Rigetti faced revenue challenges in Q1 2025. The company’s revenue dropped 52% year-over-year to just $1.5 million. Despite this setback, Wall Street analysts project revenue will grow from $8.8 million in 2025 to $23 million in 2026.
Revenue Growth vs Valuation Concerns
Rigetti’s stock has gained 937% over the past year, though it fell 8.1% year-to-date. The company maintains a strong balance sheet with nearly $238 million in cash after receiving investment from Quanta Computer.
IonQ (IONQ) rounds out the trio with its trapped-ion quantum computing technology. The company reported flat revenues in Q1 2025 but beat loss-per-share expectations. IonQ stock jumped 36% after CEO Niccolo de Masi suggested the company could become “the Nvidia of quantum computing.”
IonQ has been active in acquisitions, purchasing Lightsynq and Capella Space to build a comprehensive quantum networking portfolio. The stock has gained 70.5% over the past month and 9.4% year-to-date.
All three companies face questions about their high valuations. D-Wave trades at 173 times revenue while Rigetti trades at an even higher 289 times revenue. For comparison, AI leader Nvidia trades at 25.5 times revenue.
Analyst Outlook Remains Positive
Despite the steep valuations, Wall Street analysts maintain Strong Buy ratings on all three stocks. Benchmark analyst David Williams holds Buy ratings on both Rigetti and IonQ with price targets of $14 and $40 respectively. B. Riley’s Craig Ellis maintains a Buy rating on D-Wave.
Industry forecasts suggest the quantum computing market could reach $90 billion to $170 billion by 2040. However, the technology remains in early development stages with ongoing challenges in maintaining qubit stability and scaling systems.
D-Wave recently announced general availability of its Advantage2 system, which offers improved qubit connectivity and reduced noise for more complex calculations.
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