Although artificial intelligence (AI) has been Wall Street's primary upside catalyst for the better part of the last three years, it was quantum computing pure-play stocks that took the lead in 2025.
Over the trailing year, as of the closing bell on Dec. 2, we've watched IonQ (IONQ +6.12%), Rigetti Computing (RGTI +6.72%), D-Wave Quantum (QBTS +4.61%), and Quantum Computing Inc. (QUBT +5.46%) advance by up to 684%, respectively. At one point in 2025, trailing-12-month gains for Rigetti neared 5,400%!
Investors are clearly excited about the real-world potential for quantum computing, which relies on specialized computers and the theories of quantum mechanics to solve complex problems that classical computers can't tackle. This high-ceiling addressable opportunity isn't lost on Wall Street, either.
Although price targets for quantum computing stocks vary, as is to be expected for a next-big-thing technology, select Wall Street analysts are projecting triple-digit gains in 2026 -- with the brightest outlook calling for upside of 264%!
Image source: Getty Images.
Select Wall Street analysts expect triple-digit upside for quantum computing stocks in 2026
Keeping in mind that Wall Street analyst price targets tend to be reactive rather than proactive, what follows are the high-water price targets for the four high-flying quantum computing stocks.
- IonQ: Analyst Craig Ellis at B. Riley Securities believes shares of IonQ are headed to $100, which would represent upside of 113%, based on its closing price below $47 per share on Dec. 2. In his research note that justified raising his firm's price target to $100, Ellis pointed to an ongoing shift toward quantum computing research by the U.S. Department of Energy as evidence that broader adoption of this technology is coming.
- Rigetti Computing: According to Quinn Bolton at Needham, shares of Rigetti can rally to $51, which would represent a 114% increase from where they closed on Dec. 2. Bolton has been impressed with the early stage commercialization of Rigetti's quantum technology, with the company and its partner QphoX securing a $5.8 million three-year contract with the Air Force Research Laboratory to advance superconducting quantum networking.
- D-Wave Quantum: In addition to having the loftiest price target on Rigetti, Bolton is the biggest cheerleader on Wall Street for D-Wave Quantum. His price target of $48 implies upside of 113% in 2026. Similar to Rigetti, Bolton has been pleased with the early stage partnerships D-Wave has established, including its announced deal with Comcast to use D-Wave's quantum computers to improve network management and test predictive issue resolution.
- Quantum Computing Inc.: But the crème-de-la-crème of upside for quantum computing pure-play stocks comes courtesy of a projection from Ascendiant analyst Edward Woo, who believes Quantum Computing Inc. stock will soar 264% to $40 per share. Woo expects the commercialization of Quantum Computing Inc.'s products to light a fire under its shares in 2026.
While the prospect of triple-digit returns might be tempting, there are several reasons to believe the quantum computing bubble is going to burst in 2026.
Image source: Getty Images.
Wall Street's loftiest quantum computing price targets are likely to miss the mark
Over the next 10 to 15 years, quantum computing has the potential to significantly alter the growth trajectory for corporate America. In fact, Boston Consulting Group estimates this technology will create up to $850 billion in global economic value by 2040. But this doesn't mean it will be an overnight game changer.
Although history can't conclusively guarantee what's to come for any particular stock, trend, or index, it does have a flawless track record of foreshadowing what's coming next for hyped innovations -- and it's not good news for investors.
Beginning with the internet 30 years ago, every game-changing technology and hyped trend has required ample time to mature and evolve. Though early stage spending on a hyped trend may be robust, it's taken time for game-changing innovations to be properly utilized and optimized. It took years for businesses to figure out how to optimize the internet to boost their sales and profits, and it's going to take many years before quantum computers are widely used for practical applications.
NYSE: IONQ
Key Data Points
IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. are also losing money and burning cash at a rapid pace. With these companies still very early in the commercialization of their products and services, they're likely to lean on dilutive share offerings and potentially unattractive debt solutions to finance their expansion.
Another serious concern for quantum computing pure-play stocks is their valuations.
Three decades of history have made clear that price-to-sales (P/S) ratios above 30 for businesses on the leading edge of a next-big-thing trend signal a bubble in the making. IonQ's trailing-12-month sales place its P/S ratio at 146 at the moment, while Quantum Computing Inc. has a P/S ratio of almost 2,900! Even using sales estimates from 2028 wouldn't bring any of these pure-play stocks below the arbitrary P/S ratio threshold that's previously signified the presence of a bubble.
NASDAQ: QUBT
Key Data Points
Last but not least, all four quantum computing pure-play stocks could see their market share gobbled up by members of the "Magnificent Seven." Wall Street's largest and most influential businesses are flush with cash and always eager to capitalize on the next hot trend. Some members of the Magnificent Seven have already developed quantum processing units.
With mounting losses, ongoing cash burn, and a seemingly low barrier to entry, IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. appear highly unlikely to get anywhere close to Wall Street's loftiest price targets in 2026.
