2025 was a great year to invest in most quantum computing stocks -- most, not all.
IonQ (IONQ 0.80%) beat the S&P 500 in 2025, gaining 17% over the past 12 months. Rigetti Computing (RGTI +0.24%) soared 75%, and D-Wave Quantum (QBTS 1.17%) simply skyrocketed, more than quadrupling in price.
So yes, 2025 was a great year to invest in quantum stocks, plural. It just wasn't a great year to invest in Quantum Computing (QUBT 1.23%) stock, singular -- which underperformed the market with a 5% return.
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What is Quantum Computing?
Quantum Computing aims to build "affordable quantum machines" that "operate at room temperature and low power," keeping costs down and making quantum computing easier to use. It's an admirable goal, sidestepping the need to use cryogenic cooling to operate the devices.
But it's taking Quantum Computing a while to scale up to reach that goal.
Quantum Computing recorded its first revenue in 2022 -- $136,000. Three years later, the company's still struggling along at sub-$1 million annual revenues. Losses are high -- about $68 million over the past 12 months -- although actual cash burn is less than half that, only $31.5 million.
So why do I think 2026 might be the year Quantum Computing stock rockets?
NASDAQ: QUBT
Key Data Points
Momentum could be Quantum Computing's friend
First, let's allay concerns: Quantum Computing stock is in no immediate danger of going bankrupt. It may be off to a slow start. It may be burning cash. But Quantum Computing at least has a lot of money to burn. Cash reserves are a beefy $555 million, enough to keep the company in business for the next 17 years at current burn rates.
What makes 2026 a year of particular interest to Quantum Computing investors is that this is the year things could start heating up for the room-temperature quantum computing company.
Consider this. Working off a low sales base, Quantum Computing stock grew its revenues 55% year over year through the first nine months of 2025. Analysts polled by S&P Global Market Intelligence expect growth to hit 100% once Q4 results are in. In 2026, sales growth could exceed 200% as revenue surges to $2.8 million, and in 2027, they think revenue could quintuple to $15 million.
That's serious sales momentum, assuming Quantum Computing hits these numbers. It won't be enough to turn Quantum Computing stock profitable -- analysts don't see that happening before 2029 -- but it could be enough to attract the attention of momentum traders.
Enter the short squeeze
Consider, too, that Quantum Computing's slow start to date has most investors pretty down on Quantum Computing stock.
Currently, 48.6 million of the company's 224.1 million shares are sold short -- more than 1 in 5. If Quantum Computing hits its sales projections when it reports Q4 earnings in March, and investors gain confidence in analyst projections for 2026 and 2027, this stock could take off, triggering a short squeeze that sends it cycling ever higher.
I may not yet have sufficient confidence in Quantum Computing stock to buy it. But I'd be very leery of shorting this stock in 2026.
