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quantum computing stocks

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Sep 21, 2026

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The primary publicly traded quantum computing stocks include IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Quantum Computing Inc. (QUBT), alongside large-cap incumbents like IBM (IBM), Google parent Alphabet (GOOGL), and Honeywell spin-off Quantinuum (private). Pure-play quantum stocks are high-volatility, pre-revenue or early-revenue names — IonQ reported 2023 revenue of $22.1M with a multi-billion dollar market cap, reflecting extreme forward speculation. IBM offers quantum exposure within a diversified enterprise portfolio. Microsoft (MSFT) is accelerating its topological qubit program. The sector surged dramatically in late 2024 following Google's 'Willow' quantum chip announcement, with IONQ gaining over 100% in weeks. Commercial quantum advantage at scale remains years away, making these predominantly speculative growth positions.

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Key Takeaways

  • Pure-play quantum stocks (IONQ, RGTI, QBTS, QUBT) trade at extreme revenue multiples — IonQ's market cap exceeded $5B on ~$22M in 2023 revenue
  • Google's December 2024 'Willow' chip announcement triggered a sector-wide rally, with IONQ surging over 100% and RGTI rising over 400% in weeks
  • IBM operates the largest fleet of deployed quantum computers (over 100 systems on its Quantum Network) and targets 100,000-qubit systems by 2033
  • Microsoft's topological qubit approach (Azure Quantum) differentiates it from superconducting competitors and is targeting error-corrected qubits
  • D-Wave (QBTS) is the only company with commercially deployed quantum annealing systems generating recurring revenue from clients like Mastercard and Volkswagen
  • Rigetti Computing (RGTI) focuses on superconducting gate-based quantum processors and has government contracts via DARPA and DoE
  • Quantum Computing Inc. (QUBT) pivoted to photonic quantum systems and reservoir computing, generating minimal revenue but attracting retail speculation
  • The global quantum computing market is projected to grow from ~$1.3B in 2024 to over $45B by 2040, per McKinsey estimates

Evidence & Analysis

  • Google's Willow chip (announced December 2024) solved a benchmark computation in under 5 minutes that would take classical supercomputers 10 septillion years, reigniting sector interest
  • IonQ reported 2023 revenue of $22.1M, up 98% year-over-year, with a bookings backlog exceeding $141M — but net losses exceeded $150M
  • The U.S. National Quantum Initiative Act was reauthorized in 2023, directing over $800M in federal quantum R&D funding
  • D-Wave's quantum annealing systems are deployed in production environments for logistics, scheduling, and drug discovery optimization
  • Rigetti secured contracts with DARPA's Quantum Benchmarking program and the U.S. Air Force Research Laboratory, validating government demand
  • Microsoft announced in early 2025 it had created the first topological qubits using a new state of matter, a potential breakthrough in qubit stability and scalability

Key Companies

IONQ

IonQ Inc.

Largest pure-play quantum stock by market cap; uses trapped-ion technology; NYSE-listed via SPAC in 2021; 2023 revenue $22.1M

RGTI

Rigetti Computing Inc.

Pure-play superconducting quantum processor company; NASDAQ-listed; government and research contracts; sub-$100M annual revenue

QBTS

D-Wave Quantum Inc.

Only commercial quantum annealing provider; NYSE-listed; enterprise clients include Mastercard and NatSteel; quantum optimization focus

IBM

International Business Machines Corp.

Largest quantum computing infrastructure footprint globally; 100+ deployed systems; quantum-as-a-service via IBM Quantum Network

GOOGL

Alphabet Inc.

Developed 'Willow' quantum chip (Dec 2024) claiming breakthrough error correction; quantum research arm within broader $2T+ enterprise

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