Quantum computing stocks took a significant hit Tuesday as surging long-dated Treasury yields triggered a broad rotation away from speculative technology positions.
IonQ (NYSE: IONQ) fell approximately 6% to around $44, D-Wave Quantum (NYSE: QBTS) dropped about 6.4% to near $20, and Rigetti Computing (NASDAQ: RGTI) slid roughly 5% to approximately $18 near the close.
The primary driver behind Tuesday’s selloff is a sharp move in the bond market, where the 30-year Treasury hit a 19-year high and the 10-year yield reached 4.68%, up roughly 3% from a month ago.
Quantum computing companies represent some of the purest long-duration assets trading on U.S. exchanges, making them acutely sensitive to any meaningful rise in long-term rates.
These businesses are pre-revenue or minimally revenue-generating, with valuations built almost entirely on cash flows that may not materialize for years or even a decade or more.
When long-end yields move higher, the present value of those distant cash flows falls hardest, which explains the disproportionate selling pressure concentrated in this group on Tuesday.
The rate move arrived alongside a cooling in AI sentiment after Anthropic told investors its annualized revenue run rate hit $65 billion at the end of July, while OpenAI said its ARR recently reached $40 billion.
Reuters reported that Anthropic is projecting 2028 revenue of $190 billion to $200 billion, a figure that appears to fall below more aggressive investor projections that had been circulating in Silicon Valley.
Adding further pressure, the Wall Street Journal reported that nine top tech companies carry roughly $3 trillion in off-balance-sheet commitments largely tied to AI, approximately triple what those companies owe under outstanding leases and long-term borrowings.
Those combined data points are pushing investors to reprice long-dated AI exposure across the board, with hardware-heavy names bearing the sharpest losses.
Technology was the worst-performing sector on Tuesday, with AI hardware, semiconductors, neoclouds, and consumer electronics all in the red, while healthcare, consumer defensives, utilities, and energy moved higher.
Software demonstrated notable resilience, with the iShares Expanded Tech-Software ETF (NASDAQ: IGV) essentially flat, up just 0.04% on the day, a stark contrast to the pain across hardware-focused corners of the market.
Tuesday’s declines follow a powerful one-month rally for the quantum group, with IonQ up about 35%, Rigetti up roughly 32%, and D-Wave up approximately 25% heading into today’s session.
That strong momentum left these names especially vulnerable to profit-taking on any rate-driven risk-off day, as short-term holders looked to lock in gains.
The year-to-date picture complicates the narrative considerably, with IonQ up only about 4%, D-Wave down roughly 20%, and Rigetti off approximately 16% on the year.
On the fundamental side, IonQ posted Q2 revenue of about $80 million, up roughly 287% year over year, and raised its full-year 2026 revenue guidance to between $280 million and $290 million.
Rigetti reported Q2 revenue of approximately $5 million, up about 185% year over year, and signed a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding.
D-Wave’s Q2 revenue came in at roughly $3 million, essentially flat year over year and below the approximately $4 million estimate, though first-half bookings surged to $35.5 million from $2.9 million a year earlier and remaining performance obligations rose 668% to $40.7 million.
Traders and investors should watch the direction of long-dated Treasury yields closely in coming sessions, as any relief at the long end of the curve has historically brought quantum names back first given their sensitivity to rate and risk sentiment.
Key upcoming catalysts include Q3 earnings, IonQ’s 256-qubit demonstration, Rigetti’s CHIPS Act funding progress, and D-Wave’s gate-model roadmap developments.
