Investors are sounding alarms after a staggering rally in quantum computing stocks—with names like Rigetti (RGTI), IonQ (IONQ), D-Wave (QBTS) and Quantum Computing (QUBT) seeing valuations leap far ahead of their actual financials. Barron’s calls it a possible “bubble in the making.”

Lightspeed Gains, Tiny Fundamentals

Over the past year, the group’s average return has nearly quadrupled, despite generating just ~$26 million in revenue in Q2 2025.

  • For comparison, General Motors produced about $47 billion in sales over the same period.
  • IonQ’s five-day rally stopped cold, with its shares falling over 6% as investors took profits.
  • Quantum Computing (QUBT) dropped more than 5%, continuing a three-day slide following its $750 million private placement that diluted existing shareholders.

The disconnect is stark: sky-high valuations backed by speculative hopes rather than proven business metrics.

Bubble Signals & Tech’s Growing Pain

Analysts warn that quantum stocks are riding sentiment more than substance. As Barron’s put it, when a trend shows up in your Uber ride chatter, it’s time to be cautious.

  • Many quantum firms still have no clear path to profitability. IonQ’s earlier 2030 target is now in doubt.
  • Technical hurdles—like qubit stability, error correction, and scaling—remain unsolved.
  • Market watchers point to the “taxi-driver trade”: when mainstream conversation embraces a niche tech, speculation may have already overshot fundamentals.

Why Investors Are Still Tuned In

Despite (or because of) the risk, some backers argue we’re witnessing the birth of a revolutionary technology class:

  • Barron’s referenced Bank of America’s projections of a $2 trillion quantum market by mid-2030s, though most estimates are far more conservative (e.g., $28–$72B).
  • Progress is real: Rigetti recently secured several commercial orders and launched a 36-qubit multi-chip system ahead of schedule.
  • The very hype that scares some is the fuel that gets early-stage innovation off the ground—but timing and discipline matter.

The quantum sector is trading on expectation, not results. While the upside is potentially transformative over the long term, current valuations raise serious red flags. For now, the rally looks more speculative than sustainable.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.