Quantum Stocks: Boom to Bust in 2025?

In the first several months of 2025, pure-play quantum computing stocks such as Rigetti Computing and D-Wave Quantum delivered spectacular returns, with D-Wave gaining 157% and Rigetti 49% from January to September. These gains were fueled by expanding valuations, increased venture capital, and positive sentiment around future revenue streams, despite modest current revenues.

However, the market sentiment shifted significantly from October 2025 onward. Pure-play stocks experienced heightened volatility and muted year-to-date performance, with D-Wave gaining only 2.3% and Rigetti losing 24.9%. Concurrently, tech giants like Amazon and IBM saw increased investor interest due to their quantum progress integrated within profitable business models.

As 2026 approaches, analysts foresee continued downside for pure-play quantum stocks, as revenue scale and profitability remain years away. In contrast, diversified tech leaders like IBM and Amazon, supported by their strong existing businesses, are better positioned to benefit incrementally from quantum computing's evolving adoption.