Quantum computing firms IonQ, Rigetti Computing, and D-Wave Quantum reported significant growth in bookings and remaining performance obligations during the first quarter of 2026, though all three stocks faced double-digit declines in June. According to 24/7 Wall St., these companies currently trade at extreme price-to-sales multiples while navigating a commercialization timeline that NVIDIA CEO Jensen Huang estimates is at least 15 years away.
Why Quantum Stocks Face Extreme Volatility
The quantum computing sector remains highly speculative, with valuations often detached from immediate profitability. According to 24/7 Wall St., price-to-sales multiples for these companies have reached extreme levels, with reports citing figures as high as 109 for IonQ, 836 for Rigetti, and 791 for D-Wave. These valuations, combined with a lack of consistent profit, make the sector sensitive to market sentiment shifts.
In June alone, the sector saw sharp pullbacks, with IonQ shares falling 25%, Rigetti down 24%, and D-Wave shedding 21%. Investors are currently weighing this market volatility against the long-term technological potential of quantum systems.
Quantum computing is often categorized as a “lottery ticket” investment due to the high degree of uncertainty regarding when the technology will reach large-scale commercial viability.
How IonQ Leads the Revenue Ramp
IonQ (NYSE: IONQ) maintains the largest market cap in the group at approximately $20.11 billion. According to company data, Q1 2026 revenue reached $64.67 million, a 755% increase year-over-year, which exceeded management’s guidance by 30%. CEO Niccolo de Masi described the period as the “biggest quarter” in the company’s history.
The company’s growth is anchored by $470 million in remaining performance obligations—a 554% increase from the previous year. Additionally, IonQ reported its first sale of a 256-qubit Tempo system to the University of Cambridge. Despite this, the company faces significant financial hurdles, including a projected 2026 adjusted EBITDA loss between $310 million and $330 million, and substantial stock-based compensation of $128.52 million in the first quarter.
What Drives Rigetti’s Technology-First Strategy
Rigetti Computing (NASDAQ: RGTI) is positioning itself as a pure-play technology provider. Its 108-qubit Cepheus-1-108Q system is now generally available through major cloud platforms, including Amazon Braket and Microsoft Azure Quantum. CEO Subodh Kulkarni identified the system as one of the most powerful gate-based quantum computers currently available.
Financial results show Q1 2026 revenue grew to $4.40 million from $1.47 million in the prior year. The firm maintains a strong balance sheet with $569 million in cash and no debt. However, investors have noted recent insider selling: CTO David Rivas sold 499,328 shares in late May, and Director Ray Johnson sold over 207,000 shares in June, according to 24/7 Wall St.
How D-Wave Uses Dual-Modality to Capture Market Share
D-Wave Quantum (NYSE: QBTS) is the only firm in this group pursuing both annealing and gate-model quantum computing. The company reported a 2,000% year-over-year surge in bookings, totaling $33.40 million for the first quarter of 2026. This growth was driven by major contracts, including a $20 million deal with Florida Atlantic University.
While headline revenue appeared to decline 81% year-over-year, the company noted this was due to the absence of a large one-time system sale that occurred in the previous year’s period. D-Wave is currently scaling its Advantage3 annealer and working toward a 100-logical-qubit gate-model system by 2032.
When evaluating quantum stocks, monitor remaining performance obligations (RPO) and bookings. These metrics often provide a clearer picture of future revenue visibility than current quarterly earnings, which can be skewed by lumpy, one-time hardware sales.
Frequently Asked Questions
Are quantum computing stocks considered safe investments?
No. According to 24/7 Wall St., these stocks are speculative, pre-profit bets that carry significant risk and are typically viewed as outside the scope of a core portfolio.
Why did quantum stocks drop in June?
The sector experienced a broad correction, with IonQ, Rigetti, and D-Wave all losing at least 20% of their value. Analysts attribute this to extreme valuation multiples and concerns over the long timeline for commercialization.
What should investors watch in August?
Investors are looking toward Q2 earnings reports in August to determine if the booking momentum seen in early 2026 is durable or if the sector is undergoing a necessary repricing.
What is your take on the quantum sector’s long-term potential? Are you keeping these names on your watchlist for the upcoming earnings season? Let us know your thoughts in the comments below.
