The quantum trade has flipped from euphoria to whiplash. After a huge run‑up through mid‑October, the four pure‑play quantum computing stocks — IonQ, Rigetti Computing, D‑Wave Quantum and Quantum Computing Inc. — have collectively lost more than $30 billion in market value over just a few weeks, with many down 40–55% from their recent peaks. [1]
At the same time, fresh earnings, dramatic analyst notes and a high‑profile SPAC deal are keeping these names front and center on November 14, 2025. A Nasdaq/Motley Fool analysis this morning even argues that quantum stocks could still plunge another 50% or more in 2026, citing extreme valuations and ongoing losses. [2]
Below are five of the most interesting quantum stocks to watch today, based on news and commentary dated November 14, 2025. This is not investment advice — quantum equities are highly speculative, volatile and suitable only for investors who fully understand the risks.
1. IonQ (NYSE: IONQ) – Flagship Quantum Name at Bubble‑Level Valuations
Why IonQ is in the spotlight today
IonQ remains the de‑facto “flagship” pure‑play quantum computing stock and is at the center of multiple stories out this morning: one asking if it’s a future stock‑split candidate, and another warning its valuation could precede a 50%+ crash in 2026. [3]
Fresh catalysts
- Blowout Q3 numbers and raised guidance. IonQ reported Q3 2025 revenue of $39.9 million, a 222% year‑over‑year increase and 37% above the high end of its prior guidance range. It raised full‑year 2025 revenue expectations to $106–$110 million. [4]
- Technical milestones. The company says it has achieved 99.99% two‑qubit gate fidelity and hit its #AQ 64 milestone on the Tempo system three months ahead of schedule — a level that its CEO claims gives IonQ a huge computational edge over leading superconducting systems. [5]
- War chest from equity raise. After a $2 billion equity offering completed in October, IonQ now sits on roughly $3.5 billion in pro‑forma cash, cash equivalents and investments. [6]
What the market is debating today
- Valuation risk.
- A Nasdaq/Motley Fool column notes that IonQ’s trailing price‑to‑sales ratio is around 172x, far above even the “hot tech” norms seen in past bubbles, and groups it with Rigetti, D‑Wave and Quantum Computing Inc. as candidates for a 50%+ drawdown in 2026 if sentiment turns. [7]
- Another piece argues that quantum stocks may be experiencing their own dot‑com‑style reset after the sector shed over $30 billion in value in weeks. [8]
- Stock‑split chatter.
- A “Stock‑Split Watch” article notes that IonQ has climbed about 1,400% since its late‑2022 bottom, sparking speculation about a potential future split — though the author points out its share price is still below levels where most mega‑cap splits typically occur. [9]
- Strategic position vs. tech giants.
- Constellation Research’s roundup today portrays IonQ as the most advanced pure play taking on giants like Alphabet, IBM and Quantinuum. It highlights IonQ’s bet on trapped‑ion systems, its Tempo roadmap, and a long‑term target of 1,600 logical qubits by 2028 and 80,000 by 2030, backed by its sizable cash balance. [10]
Key risk for investors
IonQ is simultaneously a technology leader and a poster child for quantum exuberance: it is growing fast, but still posting a $1.1 billion GAAP net loss in Q3 and funding itself with large equity offerings. [11] For anyone looking at the stock, the big question is whether its technical lead and cash hoard ultimately justify the current multiple — or whether the Nasdaq warnings about a painful valuation reset prove prescient.
2. Rigetti Computing (NASDAQ: RGTI) – Q3 Miss and DARPA Setback Raise Funding Questions
Why Rigetti is in focus today
Rigetti is the smallest of the U.S. listed quantum computing pure plays — and one of the most volatile. Today it’s under heavy scrutiny after multiple outlets dissect its Q3 2025 earnings miss and a snub from DARPA’s Phase B quantum program, both published or amplified on November 14. [12]
Fresh catalysts
- Earnings miss.
- Rigetti reported Q3 revenue of about $1.95 million, below consensus expectations of $2.17 million and down 18.1% year over year, although its per‑share loss of $0.03 beat forecasts for a $0.05 loss. [13]
- A Constellation report pegs its Q3 net loss at roughly $201 million on that sub‑$2 million revenue base, underlining just how early and capital‑intensive its business still is. [14]
- DARPA disappointment.
- MarketBeat’s piece (also syndicated via Finviz) stresses that Rigetti was not selected for Phase B of DARPA’s Quantum Benchmarking Initiative, a phase focused on systems that can demonstrate practical quantum advantage. This means losing non‑dilutive government funding and a credibility boost, forcing Rigetti to lean more on its own balance sheet to keep its roadmap moving. [15]
- Valuation alarm bells.
- Another analysis comparing Palantir and Rigetti notes that Rigetti trades at over 1,000 times sales, nearly ten times more expensive than Palantir itself — which is hardly a cheap stock — and suggests most investors should either avoid RGTI or keep positions very small. [16]
- The broader Nasdaq commentary on quantum warns that Rigetti’s price‑to‑sales multiple above 1,000x is historically unsustainable and that all four pure plays could see 50%+ declines as the bubble deflates. [17]
What still makes Rigetti interesting
- Distinct chiplet architecture. Rigetti is pushing a modular “chiplet” design, scaling from its current 36‑qubit Cepheus‑1 to systems with 150+ qubits by 2026 and 1,000+ qubits by 2027, targeting ~99.8% two‑qubit gate fidelity. [18]
- Solid cash position (for now). Constellation notes Rigetti holds about $600 million in cash and equivalents, giving it some runway even after the DARPA setback. [19]
- Defense and networking angle. It also has a three‑year $5.8 million contract with the Air Force Research Laboratory to work on superconducting quantum networking with Dutch startup QphoX. [20]
Key risk for investors
Between the Q3 miss, loss of DARPA Phase B funding and parabolic valuation, Rigetti is a classic high‑beta quantum name: potentially rewarding if its chiplet roadmap pays off, but extremely vulnerable to any shift in sentiment or funding conditions.
3. D‑Wave Quantum (NYSE: QBTS) – Revenue Momentum vs. Brutal Drawdown
Why D‑Wave stands out today
D‑Wave is the only listed pure play focused on quantum annealing rather than gate‑based systems. Today, it’s in the news for two reasons: robust Q3 revenue growth and bookings — and a steep technical correction in the stock after its latest hype cycle. [21]
Fresh catalysts
- Q3 results: revenue doubles, losses balloon.
- D‑Wave’s Q3 2025 revenue hit $3.7 million, up 100% year over year, with bookings rising to $2.4 million, an 80% sequential increase. [22]
- GAAP net loss, however, widened to about $140 million, driven largely by $121.9 million of non‑cash warrant‑related charges rather than day‑to‑day operations. [23]
- High‑profile European contract.
- The company recently announced a roughly €10 million deal for half of the capacity of its Advantage2 annealing system in Lombardy, Italy, spanning five years and potentially expandable to a full system sale. [24]
- Stock under technical pressure.
- A German technical analysis note today points out that D‑Wave’s shares have fallen from an all‑time high of about $46.75 in mid‑October to the low‑$20s, after earlier surging from just $0.40 in May 2023. The author suggests the stock is now approaching a potential support zone in the $20–21 range after repeated boom‑and‑bust cycles. [25]
Broader narrative around D‑Wave
Constellation’s sector overview describes D‑Wave as an annealing specialist with: [26]
- Q3 revenue of $3.7 million and a $140 million net loss.
- Around $836 million in cash and equivalents to fund its roadmap.
- A base of 100+ revenue‑generating customers, many on its Leap cloud platform.
Its CEO has been outspoken in defending annealing as “real quantum” and positioning the company as focused on commercial customers today, including airlines, banks, pharma companies and foundries, rather than just government R&D. [27]
At the same time, the Nasdaq analysis flags D‑Wave’s trailing price‑to‑sales multiple — around 350x — as another example of bubble‑level valuation, grouping it with IonQ, Rigetti and QUBT as names that could fall 50% or more if the market continues to re‑rate the sector. [28]
Key risk for investors
D‑Wave is one of the very few quantum companies with meaningful recurring revenue and paying customers, but the combination of heavy losses, outsized valuation and a violent stock correction makes it a pure high‑risk/high‑reward play hinging on the adoption of annealing‑based quantum solutions.
4. Quantum Computing Inc. (NASDAQ: QUBT) – Earnings Tonight and Photonics Hype
Why QUBT is a must‑watch name today
Unlike the larger players, Quantum Computing Inc. (QUBT) sits at the micro‑cap end of the quantum spectrum — but its stock has turned into a speculative favorite ahead of Q3 earnings scheduled for this afternoon, November 14, after the close. [29]
Fresh catalysts
- Q3 2025 earnings after the bell.
- TipRanks notes that QUBT will release Q3 2025 results today after market close, with analysts expecting an EPS of around ‑$0.06 on revenue of roughly $117,000, up from $61,000 in Q2. [30]
- The company’s own investor‑relations page confirms a shareholder call and webcast at 4:30 p.m. Eastern to review Q3 progress. [31]
- Massive share‑price move and bullish analyst call.
- Over the past year, QUBT’s stock is up 300%+, according to TipRanks, drawing attention from traders and retail investors. [32]
- Lake Street’s Max Michaelis — a five‑star‑rated analyst on TipRanks — recently reaffirmed a Buy rating and sees over 100% upside, with an average Street price target around $32, implying roughly 187% potential from current levels. [33]
- Photonics and TFLN story.
- Michaelis and other bullish commentators highlight QUBT’s focus on photonic quantum hardware and thin‑film lithium niobate (TFLN) technology, arguing these could become key pieces of future semiconductor and AI connectivity infrastructure. [34]
Underlying fundamentals and financing
QUBT’s own releases paint the picture of a company still very early on the revenue curve but aggressively building infrastructure: [35]
- It is collaborating with POET Technologies to co‑develop 3.2 Tbps optical engines for co‑packaged optics and next‑gen AI connectivity (press release dated November 11).
- It recently completed an oversubscribed private placement of common stock for about $500 million, on top of earlier raises, to fund its quantum photonic chip foundry in Tempe, Arizona and related product lines.
- Its press history is full of contracts and pilots with NASA, major banks and research labs, but revenue remains tiny relative to valuation.
That disconnect is exactly what critics point to. The Nasdaq article on quantum stocks cites QUBT as sporting a trailing price‑to‑sales ratio near 6,000x, the most extreme of the group — and a prime candidate for a sharp de‑rating as the sector cools. [36]
Key risk for investors
QUBT combines micro‑cap liquidity, minimal revenue, heavy dilution from frequent capital raises and extreme valuation — yet also owns genuine photonic IP and a purpose‑built chip foundry that could be valuable if photonic quantum hardware takes off. That mix makes tonight’s earnings and commentary especially important for traders trying to judge whether the momentum has gone too far.
5. Churchill Capital Corp X (NYSE: CCCX) – Infleqtion SPAC as the Next Quantum Listing
Why CCCX belongs on a quantum watchlist today
While Churchill Capital Corp X is a SPAC, not a traditional operating company, it’s become one of the purest ways for public‑market investors to bet on Infleqtion, a privately held neutral‑atom quantum company. A new StockTwits interview today with Infleqtion’s CEO, Matt Kinsella, puts CCCX firmly in the quantum spotlight. [37]
Fresh catalysts
- SPAC listing in the pipeline.
- Infleqtion plans to go public via a merger with Churchill Capital Corp X (CCCX). The CEO says the current U.S. government shutdown has likely pushed the listing into Q1 2026, but the SEC paperwork is already in progress via a confidential S‑4 filing. [38]
- Big move in the SPAC stock.
- Since the deal was announced, CCCX shares are up roughly 60%, reflecting rising enthusiasm for another listed quantum name — even as other quantum stocks are correcting hard. [39]
- $160 billion total addressable market.
- Citing McKinsey research, Kinsella pegs Infleqtion’s combined quantum sensing + quantum computing TAM at around $160 billion, including about $30 billion for sensing and $130 billion for computing. [40]
What makes Infleqtion different
The interview and related coverage highlight several differentiators that are driving interest in CCCX as a pre‑deal quantum vehicle: [41]
- Infleqtion focuses on neutral‑atom quantum computing and claims a record 1,600 physical qubits in commercial systems, aiming for 100 logical qubits by 2028.
- Quantum tech, in Kinsella’s telling, covers much more than computing: quantum sensors, clocks, RF antennas and gravimeters are already approaching performance levels “orders of magnitude” better than classical equivalents.
- The U.S. government is its largest customer, accounting for more than half of revenue via the Department of Defense and other agencies.
- Industry observers expect consolidation, with Infleqtion aiming to be one of a small handful of major quantum platforms globally.
Constellation’s sector piece also notes the Infleqtion‑CCCX transaction as part of a broader wave of quantum pure plays coming to public markets — and underscores that these newcomers will be competing with giants like Google, IBM and Quantinuum, which are rapidly rolling out new processors such as IBM’s Nighthawk and Google’s Willow. [42]
Key risk for investors
Like most SPAC situations, CCCX carries both deal risk (the transaction could be delayed or re‑priced) and valuation risk (the market may assign Infleqtion a bubble‑level multiple at listing that later compresses). For now, though, it’s arguably the most important “pre‑IPO quantum stock” on traders’ radars.
How to Think About Quantum Stocks on November 14, 2025
Today’s headlines paint a paradoxical picture:
- On the technology side, quantum companies are posting genuine milestones: IonQ’s 99.99% gate fidelity, D‑Wave’s revenue doubling and European system deal, QUBT’s photonic foundry, and Infleqtion’s neutral‑atom roadmaps all show real progress. [43]
- On the market side, valuations in the pure‑play group remain extreme, with price‑to‑sales ratios in the hundreds or thousands and articles openly comparing the space to the dot‑com bubble — or forecasting 50%+ further downside even after a $30 billion value wipe‑out. [44]
For long‑term investors, that means:
- Treat quantum stocks as venture‑style bets in public‑market form, not as mature “tech stocks” with predictable fundamentals.
- Diversification (for example via broader quantum/AI ETFs) and position‑sizing are critical tools for managing risk in such a speculative corner of the market. [45]
- Big‑tech names like IBM, Alphabet, Microsoft and Honeywell/Quantinuum, which are also making aggressive quantum moves, may offer more balanced exposure to the theme — albeit with far less pure‑play upside. [46]
As always, anyone considering these stocks should do their own due diligence, stress‑test their assumptions and be comfortable with the possibility of substantial losses, including the risk that some early‑stage quantum companies may never reach profitability.
References
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