每经AI快讯，12月3日，美股量子计算概念板块盘前异动拉升，QBTS一度涨近7%，现涨超5%，Rigetti Computing、Quantum Computing均涨超1%。 ...

History has, thus far, a flawless track record when it comes to forecasting what comes next for game-changing technologies and hyped trends on Wall Street.Although artificial intelligence (AI) has been Wall Street's biggest multiyear catalyst, it wasn't the hottest stock market trend in 2025. That title belongs to the rise of quantum computing.Quantum computing pure-play stocks IonQ (IONQ 0.40%), Rigetti Computing (RGTI +1.88%), D-Wave Quantum (QBTS +5.04%), and Quantum Computing Inc. (QUBT +0.46%) have sky ...

Core Insights - The National Quantum Initiative (NQI) has seen a significant increase in federal investment, with approximately $1 billion allocated annually for quantum information science in FY 2025, up from about $456 million in 2019 [1][3] - The upcoming reauthorization of the NQI for 2025-2029 is expected to further enhance funding, with proposals of $1.8 billion from the House and $2.7 billion from the Senate, focusing on applied projects and public-private partnerships [3][9] - Companies like IonQ, Rigetti, and D-Wave are benefiting from government contracts, which are crucial for their growth narratives despite their current low revenues and operating losses [4][6] Federal Investment and Support - Federal agencies are collectively investing around $1 billion annually in quantum information science, indicating a strategic focus on this technology [1] - The NQI reauthorization plans aim to scale funding significantly, with the House proposing $1.8 billion and the Senate proposing $2.7 billion over five years [3] - DARPA's selection of quantum firms for contracts signals government confidence in their technologies, which can represent a substantial portion of these companies' revenues [4][5] Market Dynamics and Valuations - Despite being in early stages with low revenues, quantum companies have seen their valuations rise, largely driven by expectations of government spending rather than immediate commercial demand [6][9] - Defense contracts, even in the range of $5-10 million, can significantly impact stock prices, highlighting the importance of government as a primary customer for quantum technologies [7][9] Investment Strategy and Future Outlook - Investors should focus on policy and procurement as key factors in valuing quantum companies, rather than traditional product cycles [13][16] - The recent example of xLight illustrates the potential for government equity-like investments in critical technology sectors, which could extend to quantum firms [11][17] - The trajectory of quantum stocks will be influenced more by government funding and support than by the timing of technology mainstreaming [18][19]

Core Insights - D-Wave Quantum has experienced significant stock volatility, with a 120% increase since its SPAC merger in 2022, followed by a nearly 50% decline in recent months [2][6] - The company is focused on developing both annealing and gate-model quantum computers, aiming to create a comprehensive quantum computing stack [3][4] - D-Wave Quantum's current revenue stands at $24 million, making it a small player compared to larger tech companies [5] Company Overview - D-Wave Quantum trades at a market capitalization of approximately $8 billion, with a price-to-sales ratio exceeding 330 times its trailing-12-month revenue [7] - The total addressable market for quantum computing is estimated by McKinsey & Company to be between $28 billion and $72 billion by 2035, but the competitive landscape remains uncertain [8] - The company's inflated valuation is likely to result in increased stock volatility, influenced by broader market sentiment [9] Investment Considerations - The question of whether to buy D-Wave Quantum after its 50% dip is raised, considering the potential for acquisition by larger tech companies if a breakthrough occurs [10] - There appears to be a lack of interest from billionaire investors in D-Wave Quantum and similar early-stage quantum computing companies, likely due to the competitive nature of the industry and the company's low revenue [11][12]

The month of November delivered a harsh reality check to the highly speculative quantum computing sector, resulting in a significant “bleed out” for pure-play stocks like IonQ, Inc. (NYSE:IONQ) , Rigetti Computing, Inc. (NASDAQ:RGTI) , D-Wave Quantum, Inc. (NYSE:QBTS) and Quantum Computing Inc. (NASDAQ:QUBT) .RGTI stock is falling. See the real-time price action here. The Great Quantum CorrectionWhile these stocks saw massive gains throughout much of 2025, November marked a steep correction. By the end of t ...

Abstract AI data visualization with numeric signals. Key Points D-Wave Quantum has been on a tumultuous ride in the last month, with shares falling by 38% during that time. The frequently-hyped quantum name may be too turbulent for some investors, prompting them to look for ways to hedge their bets on the industry. ETFs with a quantum computing focus—or otherwise including some quantum names—might be a way to diversify while maintaining exposure. Interested in D-Wave Quantum Inc.? Here are five stocks ...

Discover why D-Wave's newest quantum milestones could unlock powerful long-term upside for investors.D-Wave (QBTS 4.37%) is entering a pivotal phase as new quantum deployments, capital structure cleanup, and expanding government access begin reshaping its long-term outlook. With federal funding momentum rising and commercial interest growing, D-Wave is positioning itself inside one of the most explosive technology trends of the next decade.Stock prices used were the market prices of Nov. 27, 2025. The video ...

Executives at D-Wave Quantum are cashing out their stock.Perhaps the most dominant theme in the stock market over the last three years is the advent of generative artificial intelligence (AI). Seemingly overnight, technology giants such as Microsoft, Alphabet, Amazon, Tesla, and Meta Platforms pivoted their respective business models to go all in on artificial intelligence.Now that we're three years into the AI revolution, a new chapter is starting to be written. Investors are increasingly looking for the n ...

Core Insights - D-Wave Quantum has emerged as the best-performing quantum computing stock in 2025, driven by significant revenue growth and technological advancements [1][5][9] Company Performance - D-Wave Quantum's revenue doubled in the third quarter, reaching $3.7 million, with bookings increasing by 80% sequentially to $2.4 million [5] - The company reported a total revenue of $21.8 million for the first nine months of 2025, with a full-year revenue forecast of $25.5 million [8][13] - Despite its growth, D-Wave continues to incur losses, with a reported operating loss of $27.7 million in the third quarter and a negative free cash flow of $55.8 million year to date [9] Technological Developments - D-Wave specializes in quantum annealing technology and launched its sixth-generation quantum computer, Advantage2, which is designed to solve complex computational problems [6] - The launch of Advantage2 has generated interest, including a notable 10 million euro booking from a research facility in Italy [7] Market Position - D-Wave Quantum's market capitalization has reached approximately $8.1 billion, despite its relatively small revenue base, resulting in a price-to-sales ratio exceeding 300 [13] - The company is well-capitalized with $836.2 million in cash, allowing it to fund operations and invest in research and development for several years [10] Future Outlook - Management plans to utilize cash reserves for research and development, focusing on expanding professional services and quantum computing as a service [12] - Investor interest provides D-Wave with the flexibility to raise capital if needed, but the stock remains high-risk due to the long timeline before profitability is expected [13][14]

Core Insights - The article discusses the potential of quantum computing as the next major investment opportunity, likening it to Nvidia's success in the GPU market [1][2] - It highlights three publicly traded quantum companies that are leading the charge in this emerging field: IonQ, Rigetti Computing, and D-Wave Quantum [1][2] Company Summaries IonQ - IonQ is recognized as a leading candidate in the quantum race, achieving a world-record 99.99% 2-qubit gate fidelity, which is crucial for efficient error correction [3] - The company reported third-quarter 2025 revenue of $39.9 million, marking a 222% year-over-year growth, with full-year guidance of $106 million to $110 million [5] - IonQ has a strong cash position of $3.5 billion, enabling strategic acquisitions and talent acquisition, with recent purchases including Vector Atomic and Oxford Ionics [5] Rigetti Computing - Rigetti employs a modular, multichip architecture using superconducting qubits, which is compared to AMD's strategy in the semiconductor industry [6] - The company's Ankaa-3 system has a median 2-qubit gate fidelity of 99.5%, with a focus on speed as superconducting qubits operate in nanoseconds [8] - Rigetti has commercialized its technology through sales to various sectors and has approximately $600 million in cash and investments, supporting its roadmap for larger quantum systems [9] D-Wave Quantum - D-Wave is often misunderstood as merely an annealer but is generating revenue through its specialized quantum computing for optimization problems [10] - The Advantage2 system features over 4,400 annealing qubits and has secured 133 customers, including major corporations [11] - D-Wave is also developing a universal gate-model computer and has a cash position of around $836 million, reducing liquidity risk [12] Investment Perspective - The article suggests that no single qubit architecture is guaranteed to dominate, with trapped ions offering fidelity, superconducting systems providing speed, and annealing systems delivering utility [13] - Investors are encouraged to consider a diversified approach by investing in all three companies to capitalize on the quantum computing trend [13] - The potential market for quantum computing is projected to reach between $45 billion and $131 billion by 2040, indicating significant upside potential despite current unprofitability and high expectations [14]