Are Quantum Computing Stocks in a Bubble?

Group 1: Market Performance - Quantum computing stocks have seen significant gains since Q3 2024, with Rigetti Computing rising 4,330%, D-Wave Quantum increasing 3,330%, and IonQ climbing 812% [1][7] Group 2: Company Valuations - IonQ has a market cap of $22.4 billion, trading at 303 times trailing sales, with an estimated 2026 revenue of $162 million [4] - D-Wave Quantum has a market cap of $12.6 billion, trading at 335 times trailing sales, with an estimated 2026 revenue of $38.2 million [5] - Rigetti Computing has the highest valuation at 1,111 times trailing sales, with a market cap of $11.5 billion and an estimated 2026 revenue of $21.5 million [6] Group 3: Technology and Market Dynamics - Major technology platforms and government agencies are investing billions in quantum computing, indicating a shift from research to commercialization [7] - Unlike dot-com companies, quantum companies currently have working technology and paying customers [7]