Quantum computing stocks have arguably been among the most volatile in the market. Some of them, in 2022 and 2023, fell to penny stocks. But perhaps due to excitement over artificial intelligence (AI), or investors seemingly realizing that quantum technology might actually be achievable, the stocks skyrocketed in late 2024 and 2025, in some cases generating returns of 10x or more.
Lately, these stocks have been crashing, though Wall Street still sees immense potential. Here are two quantum computing stocks that have upside of as much as 167% and 199%, respectively, according to certain Wall Street analysts.
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1. Rigetti Computing -- 162% upside
Quantum computing is believed to be the next major iteration of computing, similar to how AI is the next major innovation in software development. While computers run on the foundation of bits, the smallest unit of digital information, quantum computers operate on qubits, which can process information simultaneously, unlike bits, which process information sequentially.
This gives quantum computers the ability to process information much faster, and researchers believe quantum computers could one day compute calculations well beyond that of even today's most advanced supercomputers.
Rigetti Computing (RGTI 3.44%) has already designed several quantum systems and currently expects to release its 108-qubit system at the end of the first quarter. According to management, the system has achieved a two-qubit gate fidelity of 99%, a measure of accuracy. The ultimate goal of quantum computing companies is to one day commercialize these systems and make them as ubiquitous as traditional computers.
NASDAQ: RGTI
Key Data Points
Rigetti's stock is down roughly 32% this year, but Wall Street analysts still have high hopes for the stock. Of the 10 Wall Street analysts who have issued research reports on the company in the past three months, eight have a buy rating, while two have a hold rating, according to TipRanks. The average one-year price target implies nearly 117% upside. However, the highest price target implies 162% upside.
This rating came from Mizuho Securities analyst Vijay Rakesh in early March, who lowered his price target from $50 to $43 but reiterated his buy rating. In a research note, Rakesh wrote that Rigetti missed revenue estimates in its fiscal fourth quarter but remains on track with its product roadmap. Rakesh still expects Rigetti to capture 10% of the quantum computing market and has the stock trading at 9 times his projected revenue for the company about 30 months from now.
Investors should understand that investing in Rigetti is a pure bet on quantum computers achieving their potential and commercializing. Rigetti currently generates very little revenue and hundreds of millions of dollars in losses. I would keep positions very small and speculative right now.
2. IonQ -- 197% upside
IonQ (IONQ 2.10%) is another quantum computing company that set a world record for error rate last October. Using prototypes, the company achieved a two-qubit gate fidelity of over 99.99%, which is higher than the previous world record of 99.97% set by Oxford Ionics in 2024. IonQ acquired Oxford last year.
IonQ plans to use this technology as the basis for its 256-qubit system, which it hopes to demonstrate sometime this year. The stock is down about 28% this year, but Wall Street analysts are still bullish.
Of the 10 Wall Street analysts who have issued research reports on the company in the past three months, eight have a buy rating, while three have a hold rating, according to TipRanks. The average one-year price target implies roughly 91% upside. However, the highest price target implies 197% upside.
NYSE: IONQ
Key Data Points
Rosenblatt Securities analyst John McPeake maintained a buy rating and $100 price target on the stock, with his latest report coming in late February. McPeake, in his research note, cited industry leadership, a high-fidelity rate, strong revenue in 2025, and a strong cash position to continue funding the company.
It's true that IonQ has much more revenue than Rigetti, with $130 million in 2025, which is over 200% year-over-year growth. The company is still generating significant losses but has nearly $2.4 billion of cash and short-term equivalents.
Still, trading at a market cap of over $12.3 billion, the stock is a similar bet to Rigetti, which is why I would apply the same advice I gave about Rigetti stock to IonQ.
