Quantum Computing Stocks: Sorting the Real Science from the Hype

Key Points

• Quantum computing stocks are driven more by headlines and speculation than near-term revenue or profitability.
• IonQ, Rigetti, and Infleqtion each offer different technologies with unique risk-reward profiles.
• Long-term growth potential is significant, but execution risk remains high across the sector.

Quantum computing stocks got a lift this week because April 14 (or 4.14 for those that know) was World Quantum Day. The fact that this was enough to give the sector a lift shows that there’s a considerable amount of hype around this sector and these stocks.

That’s not to discredit what quantum computing may become...someday. But that future isn’t going to happen in the next 12 months. That’s both a point of caution and an opportunity for risk-tolerant investors.

Many of the stocks in this sector have seen volatile price movements in both directions. But that movement is headline-driven. In the here and now, these companies are not profitable and are generating very little, if any, revenue.

But that doesn’t take away from what quantum computing could someday deliver. The technology has the potential to enable solutions to problems far beyond classical computers with applications in areas such as drug discovery, material science, and secure communications.

Underscoring that point, the Quantum Economic Development Consortium (QED-C) projects global quantum revenues to double from $1.9 billion in 2025 to over $4 billion by 2028.

IonQ: Revenue Leader With a First-Mover Advantage in Trapped-Ion Tech

IonQ Inc. NYSE: IONQ has one of the largest revenue bases among quantum stocks. In 2025, the company generated approximately $130 million in full-year GAAP revenue in 2025, making it the first publicly traded quantum company to cross $100 million in annual revenue. That revenue was also up more than 200% year-over-year.

With quantum companies, it’s important to distinguish between the technologies they use. IonQ uses trapped-ion technology. This is a process in which individual atoms suspended in electromagnetic fields serve as qubits. This approach delivers high accuracy and low error rates, but scaling to larger systems remains an engineering challenge.

Analysts give IONQ a consensus price target of $69.45, which would be a gain of over 50% from mid-April prices. However, it’s important to note that the company is not profitable and is not expected to be in the next 12 months. That means there’s a lot of future execution being priced into the stock.

Rigetti: High-Risk, High-Reward Bet on Fully Integrated Quantum Systems

Rigetti Computing Inc. NASDAQ: RGTI has one of the most ambitious business models, which highlights both the opportunity and the risk associated with RGTI. The company’s focus is on building superconducting quantum processors entirely in-house, from chip fabrication to cloud delivery. This gives it deep IP ownership and the ability to iterate quickly.

Rigetti is targeting a 150-qubit system by the end of 2026 and a 1,000-qubit system by the end of 2027. And with a cash balance of around $590 million, investors may not have to fear dilution. But the company has to deliver, and that’s not a certainty.

The company generated about $7 million in revenue in 2025. With a market cap of $6.6 billion as of April 16, the company’s price-to-sales ratio is over 895x. That’s not unusual for a company in the early stages of growth. However, it suggests that there’s a lot of growth currently priced in, which puts a premium on execution.

Analysts give RGTI a consensus price target of $31.70, which would be a gain of about 60%, but it does come with a caveat. Recent price targets are moving lower, suggesting more caution in a company that’s not expected to be profitable in 2026.

Infleqtion: A Differentiated Quantum Play Blending Computing and Sensing

Infleqution NASDAQ: INFQ presents investors with a technical model that looks like a cousin to IonQ. However, in terms of going to market, it’s somewhat of an outlier.

The company’s approach to quantum computing focuses on neutral-atom technology. This is a process where uncharged atoms act as qubits and can be precisely arranged using lasers. This approach got a boost from NVIDIA Corp. NASDAQ: NVDA, which selected the company to use NVIDIA AI to reduce quantum processor setup times from days to hours.

It’s different from IonQ’s approach and is considered highly scalable and uniquely versatile. Infleqtion uses the same underlying physics for both its quantum computers and its sensing products.

The company charts its own course in another way. A meaningful chunk of its revenue today comes from quantum sensing products rather than computing alone. Does that explain why the company seems mispriced compared to its peers?

Perhaps, but that appears to be changing; INFQ shot up more than 45% in the days after it delivered its first business update since it went public in late 2025. Those results piqued the interest of at least two analysts who gave the stock a consensus price target of $21, a 40% increase from its price as of this writing.