Quantum computing stocks have surged in recent years, turning some companies with minimal revenues into multi-billion-dollar giants. IonQ stock has soared by 970% from its lowest point in 2024, bringing its market capitalization to over $23 billion. It is expected to make $268 million in revenue this year.
Top Quantum Computing Stocks Have Soared
Rigetti Computing (RGTI) stock has jumped by over 3,827% from its 2024 low, with its valuation soaring to $8.6 billion. Like IonQ, its annual revenue is expected to be just $23 million and $44 million in 2026 and 2027, respectively.
D-Wave Quantum (QBTS) stock has jumped by over 2,800%, while Quantum Computing (QUBT) and Infleqtion (INFQ) have soared by over 2,000% from their lowest levels recently. In total, all these quantum computing companies are valued at over $40 billion.
Their rally has happened as the Trump administration and NVIDIA have embraced the quantum computing technology. Just this week, the administration announced that it would invest $2 billion in companies in the industry, including IBM and GlobalFoundries, a top fabrication company.
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Other companies set to receive funding are PsiQuantum, D-Wave Computing, Rigetti, Infleqtion, and Quantinuum. Howard Lutnick, the Commerce Secretary said:
“These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”
NVIDIA has also moved to back some top companies in the industry. It recently invests in Alice & Bob, a French company. It also invested in other companies in the industry like Quantinuum, PsiQuantum, and QuEra Computing.
Short Interest in IONQ, RGTI, QBTS, and QUBT Has Jumped
Still, despite this progress, there are signs that Wall Street is betting against these quantum computing stocks. One way to check this is to look at the short interest, which is the proportion of shares that have been pledged by short-sellers.
IonQ has a short interest of 22.43%, while Rigetti has 15%, and D-Wave Computing has 14.25%. Quantum Computing has a short interest of over 26%. The only quantum computing stock with a small short interest is Infleqtion, which has 1.9%.
Although most investors believe that quantum computing is the future, there are concerns that these companies are highly valued, especially now that their revenue remains significantly low.
As such, there are concerns that they are highly valued, with Rigetti having a forward price-to-sales ratio of 309, much higher than other companies. For example, NVIDIA has a multiple of 12.
There are also concerns that the quantum computing industry is still early, with its commercial uses being in the experimental stage. Estimates are that it will take a few decades for scientists to be able to scale up today’s systems to make breakthroughs
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