D-Wave, IonQ & Co. in focus: These quantum computer stocks could rise again in 2026

• Quantum computer stocks achieved price gains of several hundred percent in 2025
• Selected Wall Street analysts have issued ambitious price targets for 2026
• Critics warn of extreme valuations and a lack of profitability in the industry

Wall Street analysts with ambitious price targets

The four leading pure-play stocks in the field of quantum computing – IonQ, Rigetti Computing, D-Wave Quantum and Quantum Computing – have recorded some spectacular price gains over the course of 2025.

Despite the already strong rally, selected analysts see further potential – some in the triple-digit percentage range. Craig Ellis of B. Riley Securities set his price target for IonQ at $100. As a reason, Ellis points to the US Department of Energy’s increasing focus on quantum computer research. Needham’s Quinn Bolton sees Rigetti at $51 and D-Wave Quantum at $48. The highest price target for Quantum Computing Inc. comes from Ascendiant analyst Edward Woo, who sees the stock at $40.

IonQ and D-Wave with operational progress

IonQ and D-Wave achieved significant operational milestones in 2025. As IonQ announced in its quarterly statement dated November 5, 2025, the company recorded revenue growth of 222 percent year-on-year in the third quarter, exceeding the upper limit of its own forecast by 37 percent. IonQ also achieved a technical world record with a two-qubit gate fidelity of 99.99 percent – this value indicates how precisely a quantum computer carries out calculation operations between two qubits, with higher values ​​being crucial for fault-tolerant quantum systems. After a capital increase of $2 billion, IonQ says it has liquid assets of around $3.5 billion.

D-Wave Quantum, meanwhile, presented its sixth-generation quantum computer system – the Advantage2 with over 4,400 qubits – in May 2025. According to its third quarter quarterly report, D-Wave doubled its revenue to $3.7 million in the third quarter of 2025 compared to the same quarter last year and increased its gross margin to 71.4 percent. The company also secured a 10 million euro contract with the Italian government and the Q-Alliance for a quantum computing research center in Lombardy. As shown in an analysis by Zacks Investment Research dated December 8, 2025, analysts expect IonQ’s earnings growth of 66.2 percent on revenue growth of 69 percent for 2026, and D-Wave’s earnings growth of 9.3 percent on revenue growth of 61.3 percent.

Long-term potential – but also significant risks

The Boston Consulting Group predicts that quantum computing could create up to $850 billion in economic value by 2040. However, analysts also point to significant risks. All four pure-play companies are currently loss-making and burning cash at a rapid pace. The commercialization of the technology is still at a very early stage.

Another warning sign is the extreme valuations. According to a report from The Motley Fool, IonQ and Quantum Computing Inc.’s price-to-sales ratios have sometimes been in the three-digit to four-digit range – historically, price-to-sales ratios above 30 have often indicated a bubble formation for companies at the forefront of a technology trend over the past three decades. In addition, large technology companies such as Alphabet or Amazon could compete for market share from the smaller specialists – some of them have already developed their own quantum processors.

D. Maier / editorial team finanzen.net

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