Although the rise of artificial intelligence (AI) has dominated Wall Street headlines for much of the last three years, it's quantum computing stocks that stole the spotlight in 2025.
During the midpoint of October, trailing 12-month returns for Wall Street's most favored quantum computing stocks ranged from a low-end gain of 670% to as much as 6,217% for the likes of IonQ (IONQ 3.62%), Rigetti Computing (RGTI 5.05%), and D-Wave Quantum (QBTS 5.55%). Investors with the foresight to see the game-changing potential of quantum computers generated life-altering returns in a year or less.
Image source: Getty Images.
But as is often the case with parabolic stock moves associated with next-big-thing trends, counting your chickens before they're hatched is never advised. While there are well-defined catalysts that explain why quantum computing stocks ascended to the heavens, there's also $615 million red flag associated with this trio, courtesy of those who know IonQ, Rigetti Computing, and D-Wave Quantum the best.
Quantum computing takes Wall Street by storm
The trailing 12-month returns for IonQ, Rigetti Computing, and D-Wave Quantum make clear that investors are excited about the real-world potential for quantum computers. These specialized computers can tackle problems that classical computers aren't capable of handling. They're also significantly faster than the world's quickest supercomputers.
Some of the more exciting applications of quantum computing include running molecular interaction simulations to improve the success rate of novel drug development, as well as speeding up the learning curve for AI algorithms.
Quantum Computing 1 Year Returns 🤯$RGTI +6,217% $QBTS +3,912%$QUBT +2,798%$IONQ +670% pic.twitter.com/tzSN5ZqVjj
-- Connor Bates (@ConnorJBates_) October 13, 2025
Analysts at Boston Consulting Group believe this technology can create $450 billion to $850 billion in global economic value by 2040. Meanwhile, online publication, The Quantum Insider, pegs the addressable opportunity for quantum computers at $1 trillion by 2035. If the addressable opportunity at hand is anywhere close to these estimates, early movers have the potential to thrive.
What's arguably just as exciting as the real-world use cases of this technology is the investment potential behind it. IonQ, Rigetti Computing, and D-Wave Quantum all soared in October after America's largest bank by total assets, JPMorgan Chase, published its $1.5 trillion Security and Resiliency Initiative. This report initially identified 27 sub-areas for financing and/or investment over the next 10 years, with quantum computing among them.
Lastly, investors have been encouraged by the early stage commercial use of quantum computers from some of the stock market's most influential companies. For instance, Amazon's quantum cloud service (Braket) has given users access to quantum computers from IonQ, Rigetti, and D-Wave. Landing brand-name clients and signing multi-year contracts with well-known entities is a big step forward for this trio.
Image source: Getty Images.
IonQ's, Rigetti's, and D-Wave's insiders send an unmistakable warning to Wall Street
Although the long-term outlook for quantum computing is promising, it's a different story for the pure-play stocks that have benefited immensely from this trend. Perhaps the biggest red flag comes courtesy of insiders at IonQ, Rigetti Computing, and D-Wave Quantum.
An "insider" is a high-ranking executive, board member, or beneficial owner holding at least 10% of a company's outstanding shares. These are individuals who may possess non-public information and are thus required to disclose any trading activity (via Form 4), including the exercise of stock options, to the Securities and Exchange Commission (SEC).
While not all Form 4 filings with the SEC tell a story, quantum computing insider Form 4s speak volumes.
NYSE: IONQ
Key Data Points
Over the trailing 12-month period, ended Feb. 14, 2026, cumulative net-selling activity by insiders is as follows:
- IonQ: $451.1 million
- Rigetti Computing: $45.6 million
- D-Wave Quantum: $118 million
On an aggregate basis, insiders at Wall Street's most-popular quantum computing companies have sold approximately $615 million more of their own company's shares than they've purchased over the trailing year.
Mind you, this data isn't as straightforward as it appears. Since most high-ranking executives and board members are compensated in stock and options, it's not uncommon for insiders to sell a portion of their holdings (including exercising options and then selling the shares) to cover their federal and/or state tax liability. There are several reasons for insiders to sell shares of their company, and not all of them are necessarily nefarious.
NASDAQ: RGTI
Key Data Points
But at the other end of the spectrum, there's only one reason for insiders to buy shares of their company's stock: they expect them to rise. No insider at Rigetti Computing has spent a dime purchasing their own company's stock over the trailing year, while the lone purchase at D-Wave Quantum is just 82 shares, totaling $1,795, from a director. Meanwhile, two directors from IonQ have bought shares totaling about $2.1 million.
If insiders aren't buying, it may indicate that they don't see their company's stock as attractively valued. Quantum computing stocks trade at astronomical price-to-sales ratios and collectively issued billions of dollars in shares last year to fund their operations.
These companies are also stacked up against historical headwinds. Every game-changing innovation over the last three decades has endured a bubble-bursting event early in its expansion phase. Investors tend to overestimate the adoption and/or optimization of new technologies -- and quantum computing definitely fits the bill. It's a technology that's still in the early stages of commercialization, and it'll likely take years before businesses optimize quantum computers to maximize sales and profits.
Insider activity at IonQ, Rigetti Computing, and D-Wave Quantum signals the potential for trouble on the horizon.
