Despite a bruising 2026 selloff, quantum computing stocks are building revenue momentum that long-term investors may find difficult to ignore.
IonQ (NYSE: IONQ), D-Wave Quantum (NYSE: QBTS), and Rigetti Computing (NASDAQ: RGTI) are all down sharply year to date, yet each company is accelerating revenue and stacking sovereign contracts.
IonQ trades at $31.99, representing a 28.71% decline year to date and a significant retreat from its 52-week high of $84.64.
Wall Street carries an average price target of $68.41 on IonQ, backed by 11 Buy or Strong Buy ratings from analysts covering the stock.
A bold price target of $60 per share implies roughly 88% upside from current levels, still sitting below the broader analyst consensus.
IonQ posted Q1 2026 revenue of $64.67 million, a staggering 755% year-over-year increase, prompting management to raise full-year guidance to between $260 million and $270 million.
CEO Niccolo de Masi called it “the biggest quarter in our company’s history,” citing the first 256-qubit sale to the University of Cambridge and a $39 million Space Development Agency contract.
D-Wave Quantum trades at $17.11, down 38.13% year to date, while the sell-side maintains an average price target of $37.05 supported by 14 Buy or Strong Buy ratings.
D-Wave posted Q1 revenue of $2.86 million, but bookings exploded to $33.4 million, anchored by a $20 million Florida Atlantic University system deal.
CEO Alan Baratz says D-Wave is “the only quantum computing company pursuing both annealing and gate-model” following its acquisition of Quantum Circuits, adding strategic differentiation to the investment case.
D-Wave carries $588.4 million in cash and has a roadmap targeting 175 qubits in 2027, giving patient shareholders a runway measured in years rather than quarters.
Rigetti Computing trades at $13.73, down 40.32% year to date, against a Wall Street consensus price target of $29.65 per share.
A $25 price target on Rigetti implies approximately 82% upside, supported by nearly tripled Q1 revenue of $4.40 million helped by Novera QPU sales.
Rigetti’s 108-qubit Cepheus-1-108Q system is now live on AWS Braket, Azure Quantum, and qBraid, broadening its commercial reach considerably.
CEO Subodh Kulkarni highlighted “improved two-qubit gate fidelity across both monolithic and chiplet-based systems” and guided to “significant first-quarter year-over-year revenue growth” for the company.
A planned $100 million UK investment targeting a 1,000-qubit system, plus an $8.4 million C-DAC order deploying in the second half of 2026, sets up meaningful near-term catalysts.
Goldman Sachs notes pledged investments in “AI, semiconductors, quantum computing, space, advanced medicine, and cybersecurity” remain a defining theme of 2026 for global capital allocators.
Dilution, cash burn, and the absence of fault-tolerant qubits remain real and present risks that investors must weigh carefully before committing capital.
Each of these three names has crossed an 80% annual return threshold before, and with sovereign demand rising, the conditions for a repeat performance are gradually taking shape.
