Despite a definitive pullback among popular quantum computing stocks, they seem to be picking up where they left off in 2025, with the benchmark Defiance Quantum ETF (ticker: QTUM) up 6% year to date and up 43% over the past year, well ahead of the 21% returns listed for its category, on average.
Technology investors who’ve poured cash into quantum computing stocks may be perking up on the performance news, but nobody is comparing the quantum industry to artificial intelligence’s surge yet. The outlook seems bright enough, though.
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“The short answer is that the money is definitely there, but the timelines are still what I’d call ‘optimistic,'” says Andrew Izyumov, founder and CEO of 8FIGURES, an AI investment advisor and portfolio tracker. Izyumov says his firm is seeing a commercial inflection point. “It’s moving from purely theoretical physics labs into actual enterprise deployment phases,” he says. “You have governments — Japan, Spain, the U.S. — pouring billions into this because they view it as a strategic necessity, not just a tech upgrade.”
That said, investors need to be realistic. “The funding is robust, sure, but commercial application is still in that ‘early adopter’ phase,” Izyumov notes. “It feels a bit like the early internet era, massive potential, lots of cash chasing it, but the actual revenue models for pure-play companies are still maturing. We are seeing valuations shift rapidly based on technical milestones, like error correction fidelity, rather than just pure profit and loss right now.”
Other market experts say the ascent of quantum computing is reminiscent of another tech stock run-up.
“When I think of the quantum market in early 2026, I am reminded of the pre-internet boom years of the early 1990s,” says Andrew Rocco, stock strategist at Zacks Investment Research. “At the time, Wall Street was beginning to understand that the internet would be the next big disruptive, technological wave.”
Though internet technology existed, it was still impractical, had low adoption and had little real-world utility, Rocco notes. “Quantum computing is at a similar stage. Though the majority of quantum computing companies are well funded, many are still in the research and development phase.”
Like the early internet companies, the pure-play quantum computing names like Rigetti Computing Inc. (RGTI) and IonQ Inc. (IONQ) have a lot of hype attached, “but are unprofitable and only serve a handful of niche commercial applications,” Rocco adds.
So, where do the most robust quantum stocks stand right now, and what are their prospects for higher growth? These eight industry leading lights tell the story:
| STOCK | 1-YEAR PERFORMANCE* | 3-YEAR RETURN* |
| Amazon.com Inc. (AMZN) | -2.0% | 30.7% |
| Microsoft Corp. (MSFT) | -2.9% | 16.9% |
| D-Wave Quantum Inc. (QBTS) | 191.1% | 190.5% |
| IonQ Inc. (IONQ) | 1.2% | 90.6% |
| Nvidia Corp. (NVDA) | 48.1% | 102.4% |
| Rigetti Computing Inc. (RGTI) | 62.9% | 170.0% |
| Quantum Computing Inc. (QUBT) | 18.2% | 75.5% |
| Infleqtion Inc. (INFQ) | N/A | N/A |
*As of Feb. 24 market close. Three-year returns are annualized.
Amazon.com Inc. (AMZN)
Quantum technology is still developing, with the industry generating about $1 billion in revenues in 2025. The good news is that, according to Ido Caspi, research analyst at Global X ETFs, the sector is expected to reach $10 billion in revenue by 2030.
One Magnificent 7 giant that’s poised to take full advantage of the quantum revolution is Amazon, which operates the AWS Center for Quantum Computing, including research partnerships with academic research leaders like the California Institute of Technology and its prototype quantum chip project (Ocelot), a quantum computing superconducting chip that both parties are designing.
The chip project, rolled out last February, is already turning heads in the quantum space, reducing correction overhead by 90% and setting new standards for quantum computing error correction.
In the near term, Amazon Braket, through AWS, already offers quantum computing services, including hardware access, simulators and developer tools, which have significantly expanded its quantum brand. Analysts love the stock: 33 of 34 Wall Street analysts have issued “buy” ratings, with a consensus one-year price target of $284.03. The stock is currently trading around $210 per share and is down 9.6% year to date.
Microsoft Corp. (MSFT)
Another Magnificent 7 mainstay that’s poised for quantum growth in 2026 is Microsoft. The company may be leading the chorus of software blues in early 2026, as its share price is down 19.4% year to date over investor angst that artificial intelligence will slow software industry growth. Yet the Seattle-based computing stalwart has a strong “plan B” with quantum chips, if it ever needs one.
Zulfi Alam, Microsoft’s corporate vice president of Quantum, recently said he expects the company to have products and machines in place by the end of the decade that should generate significant returns. The company should especially excel in the hyperscaler realm, where tech outfits provide the expanded computing capacity to produce quantum products and services. In a recent Microsoft Source report on 2026, the company highlighted hybrid computing, which is gaining steam as quantum applications work alongside AI and supercomputers. “AI finds patterns in data,” the report notes. “Supercomputers run massive simulations. And quantum adds a new layer that will drive far greater accuracy for modeling molecules and materials.”
Microsoft looks poised for continued growth. “I know, it’s not a pure play, but for the average investor, MSFT is the safer route to exposure,” Izyumov says. “Their Azure Quantum platform is scaling access to quantum for developers without you having to bet on a single hardware manufacturer surviving. You get the upside of the tech adoption with the stability of their massive balance sheet.”
D-Wave Computing Inc. (QBTS)
As a pure-play quantum pick, Palo Alto, California-based D-Wave is the polar opposite of Nvidia, attracting growth-minded investors with a speculative portfolio angle. So far, that’s worked out well for QBTS shareholders, who’ve seen the stock rise 191% over the past year. “You have a choice between the pure quantum companies and the bigger tech companies that are developing the technology alongside their other projects,” says Dan Buckley, chief analyst at DayTrading.com. “For instance, Google parent Alphabet has a strong balance sheet, its core advertising business and a strong AI position. Many consider Google to be like an open-ended venture fund, and quantum is another embedded option.”
But D-Wave brings something sharper to the table, which appeals to quantum-specific investors. “D-Wave Quantum has a specialized approach related to annealing, which is designed to solve specific optimization problems more effectively than the more popular universal gate-based approach,” Buckley notes. “Investors have to ask if this limits QBTS’ potential applicability to narrower use cases.”
Companies like IonQ and D-Wave are considered to have more upside potential, Buckley says, but also represent more risk for investors. So far, that’s worked out well for QBTS investors. If you’re looking for a big quantum winner in 2026, it’s companies like QBTS that offer the most risk-reward potential. Wall Street analysts are betting on D-Wave, with nine industry analysts pegging a consensus one-year target price of $40 per share, which would be a 114% upside in QBTS shares.
IonQ Inc. (IONQ)
Down 29.5% year to date and down 33% in the past month, Las Vegas-based IonQ isn’t drawing as many aces as it used to over the past several years. Yet IonQ has no desire to leave the table and is ready to ante up with more moves to solidify its product lineup.
Exhibit “A” is the company’s recent acquisition of chip manufacturer SkyWater Technology for $1.8 billion. The move comes on top of recent purchases of quantum performance company Oxford Ionics, satellite firm Capella Space and quantum sensor company Vector Atomic, all within the past year or so. The acquisitions are a big part of a company’s strategy to build a full stack of quantum offerings in software, hardware, and applications to better compete in the quantum computing marketplace and to better position itself for ample U.S. government funding.
That all makes IonQ a pure-play quantum stock that seemingly every investor is tracking right now, despite its current share-price woes. “IonQ is hitting technical milestones with trapped-ion technology and has strong partnerships with Amazon and Google cloud platforms,” Izyumov notes. “They’re kind of the bellwether for the pure-play sector. The risk is high, cash burn is real, but they are a leader in the actual hardware race.”
Consensus analyst outlooks on IonQ stock remain bullish, with TipRanks’ rating table of seven analysts calling for a $64 price target over the next year. IONQ shares closed at $31.62 on Feb. 24.
Nvidia Corp. (NVDA)
Nvidia, it seems, is out to prove that it’s not just a GPU outfit anymore; it’s showing all the signs of a quantum-classical convergence play that should add value to NVDA shares going forward. Wall Street analysts are backing NVDA, with a TipRanks consensus of 30 tech analysts calling for a $270 price target, representing a 37.8% upside to its current $196 share price.
“We tend to think of them just for AI, but they are effectively powering the simulation of quantum circuits,” Izyumov notes. “Before you build a quantum computer, you simulate it on GPUs. Nvidia is the bridge. They are selling the tools to the scientists building the future.” Nvidia is increasingly prioritizing hybrid quantum computing, particularly with its Nvidia NVQLink, an open system architecture for tightly coupling the extreme performance of GPU computing with quantum processors to build accelerated quantum supercomputers. NVQLink officially launched Oct. 28.
Nvidia has a big advantage over pure-play quantum companies, as it offers shareholders a dose of stability with solid earnings growth, stellar cash flow and a top-tier position in AI chips, making it a reliable core holding for the long haul.
Rigetti Computing Inc. (RGTI)
Down 25.6% year to date, Berkeley, California-based Rigetti is another quantum yearling that’s struggling to leave the stall in 2026. The full-stack quantum computing services company is still up 63% for the past year. Rigetti provides full-stack quantum computing services, primarily for global enterprise, government and research clients via its Rigetti Quantum Cloud Services platform. Only 12 years old, RGTI is taking a breather after peaking in late October 2025.
That may partially be because Rigetti is no longer the underdog and is under more scrutiny from analysts and investors, who are known to remind investors that most quantum stocks are new and are especially risk-averse to economic and market issues compared to big market-cap players like Amazon and Microsoft.
For investors, that means you’re buying the R&D runway with quantum companies and not near-term revenue, notes Archie Sullivan, head of research at Smart Investors Daily. “The stocks that have held up best are the ones with diversified revenue streams where quantum is a growth bet, not the whole thesis.”
Take the recent tariff turmoil, which may stabilize some after the recent U.S. Supreme Court ruling against the Trump administration’s expanded use of tariffs. “On tariffs, the direct exposure is real but manageable,” Sullivan says. “Most QC hardware development is domestic (U.S. and Canada), so the chip tariff headlines hit semiconductor suppliers harder than they hit pure-play quantum companies.” The bigger risk is that tariffs slow the broader cloud infrastructure buildout on which quantum computing depends. “Companies like IonQ and Rigetti run their systems through AWS and Azure, and anything that slows hyperscaler capex indirectly slows their go-to-market,” Sullivan adds.
Quantum Computing Inc. (QUBT)
Hoboken, New Jersey-based Quantum Computing has seen its share price slide 21% year to date, but analysts still have high hopes for QUBT shares going forward.
Though Quantum Computing recorded $373,000 in 2024 revenues and is estimated to reach $1.2 million in 2025, the company has a lot going for it. QUBT shares could benefit from the company’s $110 million acquisition of Luminar Semiconductor Inc. in early February. The buyout should solidify its position in the photonics sector by integrating Luminar’s LiDAR technology to boost its quantum optics and photonics operations, an area of particular expertise for Luminar. Quantum Computing is a strong proponent of photonic chips, which it says will revolutionize the quantum computing industry.
The deal should make the company “screen better for investors,” said Rosenblatt Securities analyst John McPeake in a new research note. McPeake sees shares rising to $22 over the next year from their current $8 price, representing a whopping 175% upside for QUBT.
Infleqtion Inc. (INFQ)
If you’re looking for an intriguing quantum play that’s just getting out of the gate, kick some tires on Infleqtion, which just went public after a merger with Churchill Capital Corp. X, a special-purpose acquisition company, or SPAC.
Infleqtion specializes in quantum computing based on neutral atoms, particularly cold-atom arrays that work in tandem with quantum sensing and networking technologies. That makes INFQ the first-ever neutral-atom quantum technology stock, representing a ground-floor opportunity for growth investors looking to catch some lightning in a bottle. “According to the company, its neutral-atom technology is highly flexible; computation occurs at room temperature, which means they do not need a freezer. Qubits are trapped in high-vacuum cells, arranged, and handled with lasers,” Bank of America said in a recent research note.
Infleqtion also offers some flexibility to investors, as it excels in precision-sensing products, which involve atomic clocks and inertial sensors, highly useful tools for quantum computing companies, particularly those in the defense and space industries. Company management noted that Infleqtion is “the only public company with commercial leadership across both quantum computing and precision sensing” and that “these systems are used in collaboration with Nvidia and by customers including the U.S. Department of War, NASA and the U.K. government,” in a Feb. 13 statement.
After a healthy initial public offering that saw shares soar about 15% on Feb. 17, INFQ shares have slid 23% in the week leading up to Feb. 24.
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8 Best Quantum Computing Stocks to Buy in 2026 originally appeared on usnews.com
