3 Lesser-Known Quantum Plays the Market May Be Overlooking Right Now

Key Points

• While established quantum stocks like D-Wave and IonQ have declined this year, newer or indirect quantum-related companies present alternative investment opportunities.
• Pasqal, a newly Nasdaq-listed neutral-atom quantum hardware firm, offers technological differentiation but remains a speculative, unproven bet due to its limited trading history.
• FormFactor and Keysight Technologies provide indirect quantum exposure through testing and measurement services, posting strong revenue growth and share price gains this year.

As the quantum computing industry matures, companies have begun to diverge in terms of stock performance. Firms that have recently been struggling are down sharply—D-Wave Quantum Inc. NASDAQ: QBTS, for example, has seen its shares plunge by 33% year to date (YTD), partly due to an earnings report that many investors found concerning.

But even some companies with apparent strong sales momentum, such as IonQ Inc. NYSE: IONQ, have had a tough time—IONQ's shares are down about 11% YTD despite its successes.

In this environment, investors might seek out alternatives in lesser-known or newly public quantum rivals.
For instance, the French firm Pasqal NASDAQ: PSQL, which became available on the Nasdaq in late August 2026, may appeal as one of the newest entrants in the space. This and other smaller firms can offer unique advantages in terms of technological diversification, sales potential, and more.

Of course, smaller names have the possibility of being even more speculative than better-established firms that are struggling. With that trade-off in mind, here are three under-the-radar quantum stocks that could reward investors willing to stomach the volatility.

Pasqal Enters an Increasingly Crowded Field

Pasqal is a quantum hardware company focused on neutral-atom processors. With an eye toward applications involving optimization, simulation, and machine learning, the firm is entering a highly competitive space that features a growing number of rivals. Key to Pasqal's success, therefore, will be whether it can differentiate itself.

With its neutral-atom approach, Pasqal does set itself apart from most of the field, although its peer Infleqtion Inc. NYSE: INFQ is perhaps closest in terms of technological approach.

Neutral-atom tech has exciting potential when it comes to scalability, but what really helps Pasqal make a name for itself is its combination of both analog and digital execution.

The firm has also focused on optimization and simulation, rather than trying to make its hardware into a universal solution for all imaginable quantum problems—this may help it cater to a growing commercial base over time.

Still, the fact that the company is so new to the Nasdaq means that it is largely unproven in the market. With little to go on in terms of past performance metrics, investors should view PSQL as a high-risk, high-reward play and a very speculative bet for now.

FormFactor Rides Quantum's Growth From the Sidelines

Investors seeking alternative exposure to quantum tech might look beyond pure-play quantum firms to companies like FormFactor Inc. NASDAQ: FORM, which provides critical testing and measurement services that help quantum computing firms meet their production goals. FormFactor is thus not a quantum company, per se, but is nonetheless closely tied to the industry while also offering exposure outside it.

This has paid off in terms of performance: FORM shares are up 98% YTD, and the company posted impressive top- and bottom-line beats in the latest quarter, including a 32% year over year (YOY) improvement to revenue.

This is the sort of profitability and sales growth that most firms in the pure-play quantum category are still searching for.

FormFactor is likely to benefit from continued growth in the quantum space, making it a solid, if indirect, choice for quantum investors.

Keysight Has the Opportunity to Be a Major Picks-and-Shovels Play

Keysight Technologies NYSE: KEYS is another non-traditional way to access the quantum space. The company provides design, test, measurement, and optimization solutions for electronics and communications firms, and its electronic design automation and control tools are becoming increasingly important for quantum companies.

Like FormFactor, Keysight's unique niche has led to stellar results in recent periods. The last quarter saw record performance ahead of guidance, including a 56% YOY improvement to orders, 36% YOY growth in revenue, and a 79% YOY earnings per share (EPS) increase. Margins are expanding, management is raising its outlook, and the company is seeing benefits across business lines ranging from aerospace and defense to AI.

Among these firms, Keysight perhaps provides the least direct exposure to the quantum computing industry. Investors seeking more targeted exposure may want to look elsewhere. However, Wall Street's rosy assessment of KEYS shares—12 Buy ratings against just two Holds, plus a healthy bit of predicted upside—on top of 63% YTD share price improvement, helps to make the company an attractive prospect overall.

To the extent that Keysight can continue to set itself up as a picks-and-shovels play for quantum computing, alongside its vital role in AI and multiple other high-growth industries, the company may be able to continue this trajectory as the quantum world becomes more solidified among a dedicated customer base.