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Quantum Computing Stocks Send Speculators on a Wild Ride as Hype Outpaces Reality

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Quantum computing stocks have become Wall Street’s latest obsession — and one of its most unpredictable playgrounds. Companies such as Rigetti Computing, IonQ, D-Wave Quantum, and Quantum Computing Inc. have seen their share prices surge by 100% or more this year as investors chase what some call “the next great technological revolution.”

These firms are racing to commercialize quantum computers — machines that exploit the principles of quantum mechanics to solve problems far beyond the reach of today’s fastest supercomputers. The potential applications range from cryptography and logistics to drug discovery and financial modeling.

“It feels like science fiction has suddenly become a near-term reality,” said Sylvia Jablonski, CIO of Defiance ETFs, which runs the Defiance Quantum fund. Yet, analysts warn that enthusiasm may be running far ahead of fundamentals. Rigetti shares, for instance, have skyrocketed from just over $1 to as high as $58 this year, trading at more than 1,000 times the company’s sales.

“It’s a magic act,” said Christopher Poch of Promethium Advisors. “How else do you explain a company with a $13 billion valuation but only $22 million in forecast revenue?”

Despite the eye-popping numbers, most quantum firms remain unprofitable. Some, like Rigetti, have posted paper profits from changes in the value of securities, not from operations. Analysts say valuations in the “Quantum 4” — Rigetti, IonQ, D-Wave, and Quantum Computing Inc. — are now more art than science.

Still, optimism remains high. Major financial players such as JPMorgan Chase and HSBC have begun investing in quantum-based systems, and McKinsey projects the global quantum market could exceed $100 billion. But as Neuberger Berman’s Rick Bradt cautioned, “The promise is undeniable — but the timing remains deeply uncertain.”

Trump Administration in Talks to Take Stakes in Quantum Computing Firms

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The Trump administration is in discussions with several U.S. quantum computing companies to acquire equity stakes in exchange for federal funding, according to a Wall Street Journal report citing people familiar with the talks. The proposed deals would represent another instance of direct government investment in strategically important technology sectors.

Companies involved in the discussions reportedly include IonQ, Rigetti Computing, D-Wave Quantum, Quantum Computing Inc., and Atom Computing. Each firm could receive at least $10 million in funding under the plan, with the government becoming a shareholder as part of the arrangement.

The move follows similar interventions, including a proposed 10% federal stake in Intel tied to grant funding, and the Pentagon’s equity position in MP Materials to support rare earth production. Deputy Commerce Secretary Paul Dabbar, formerly an executive in the quantum industry, is said to be leading the negotiations.

The Department of Commerce declined to confirm the talks, while several companies and the White House did not immediately respond to requests for comment. The initiative reflects Washington’s growing push to secure leadership in quantum technologies as rivals such as China ramp up investment in the field.

Google unveils ‘Quantum Echoes’ algorithm, marking leap toward practical quantum computing

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Google has announced the creation of a groundbreaking quantum computing algorithm that could pave the way for real-world applications — from drug discovery to new materials research — and generate unique datasets for artificial intelligence.

The algorithm, dubbed Quantum Echoes, runs on Google’s quantum chip and performs calculations 13,000 times faster than the most advanced classical computing algorithms running on today’s supercomputers, the company said.

Executives from Alphabet’s (GOOGL.O) Google shared during a briefing that Quantum Echoes could one day help measure molecular structures with unprecedented precision, potentially revolutionizing chemistry, medicine, and materials science. “If I can’t tell you the data is correct, if I can’t prove to you the data is correct, how can I do anything with it?” said Google research scientist Tom O’Brien, highlighting that the algorithm’s outputs can be verified by other quantum computers or experiments — a key step toward real-world usability.

Quantum Echoes builds on Google’s Willow quantum chip, unveiled last year, which overcame one of the central challenges of quantum computing: maintaining stable and reliable “qubits,” the fragile quantum bits that store and process information. Company executives described the significance of the new algorithm as “roughly equivalent” to the chip itself.

Google joins a growing list of major tech firms — including Amazon (AMZN.O) and Microsoft (MSFT.O) — investing heavily in quantum computing as the technology races from theoretical promise toward commercial reality.

For artificial intelligence, Google engineers said Quantum Echoes could be used to create new, high-quality datasets for fields like life sciences, where usable data is scarce. The company detailed the breakthrough in the journal Nature on Wednesday, marking another milestone in the emerging era of quantum-enhanced computation.