Quantum Computing Inc. (NASDAQ: QUBT) ended the Dec. 24, 2025 session at $11.42, down about 2.6% from the prior close, after trading between roughly $11.18 and $11.83. Volume came in around 7.8 million shares—active, but notably lower than some of the bigger spikes seen earlier this week. [1]
That closing print matters less for the day-to-day “ticker watching” and more for what it symbolizes: QUBT remains one of the market’s most debate-friendly quantum names—part “early commercial traction story,” part “valuation stress test,” and part “trader magnet.” On Dec. 24 specifically, fresh coverage focused on QCi’s latest quarterly results and whether the company’s adoption narrative is finally starting to look like revenue rather than just roadmaps. [2]
What’s new on Dec. 24, 2025: QUBT’s Q3 results framed as “adoption,” not just experimentation
A widely circulated Dec. 24 analysis (published via Nasdaq, sourced to Zacks) put Quantum Computing Inc.’s third-quarter update in a simple frame: growing real-world adoption across its photonic and quantum platform efforts. The write-up cited Q3 revenue of $384,000, attributing the increase to R&D and custom hardware contracts plus early revenue tied to DIRAC‑3 cloud access. [3]
Two details stood out because they’re the kinds of “this moved beyond the lab” breadcrumbs public investors obsess over:
- DIRAC‑3 deployment for space-based LiDAR work aimed at mitigating solar noise—an applied optimization problem in real-world sensing, not a theoretical benchmark. [4]
- A purchase order from a top-five U.S. bank for quantum security solutions, described as the first U.S. commercial sale of QCi’s quantum cybersecurity offering—small in dollars (at least as publicly discussed), but big as a “someone paid money for this” milestone. [5]
The same analysis also emphasized manufacturing scale-up language: QCi discussing longer-term expansion plans for Fab 2 (a larger facility than Fab 1) as workflows mature—exactly the kind of phrase that signals ambition and future execution risk. [6]
The valuation debate didn’t go away—if anything, Dec. 24 made it louder
The Dec. 24 note didn’t just wave the “adoption” flag; it also underlined how aggressively the market has priced the story. It cited QUBT trading at a forward 12‑month price-to-sales (P/S) of 878.62x, versus an industry average of 5.55x—a gap so wide it basically functions as a plot device. [7]
On the forecasting front, the same piece pointed to a modest improvement in estimates: over the past 30 days, the 2025 loss-per-share estimate narrowed by $0.01 to $0.18. That’s the kind of “directionally better” revision traders love, but it also highlights the core tension: estimates can improve while the business still sits at very early revenue scale. [8]
The stock’s recent tape: still volatile, still headline-sensitive
Zooming out just a few sessions shows why QUBT is often treated as a volatility instrument as much as a company: it jumped and dropped in large daily moves through mid-to-late December. For example, QUBT closed $12.29 on Dec. 22 (up sharply that day), fell to $11.73 on Dec. 23, then slid again to $11.42 on Dec. 24. [9]
This kind of action tends to amplify both narratives at once: bulls see “dip-buyable momentum in a revolutionary theme,” while bears see “a stock priced for a future that may arrive late—or arrive for someone else.”
Company headlines shaping the QUBT thesis heading into 2026
While Dec. 24’s freshest analysis centered on Q3 adoption signals, QUBT’s broader December narrative is also being shaped by three corporate threads: an acquisition, a CEO transition, and a major public demo push.
1) Luminar Semiconductor acquisition: photonics horsepower, plus process risk
On Dec. 15, 2025, QCi announced it signed an agreement to acquire Luminar Semiconductor, Inc. (LSI)—a subsidiary of Luminar Technologies—in an all-cash deal valued at $110 million (subject to adjustments). QCi described the logic as strengthening its photonics portfolio, patents, and engineering depth, while also expanding supply-chain control and accelerating its roadmap toward more integrated quantum systems. [10]
But there’s also real-world friction here: the release noted Luminar had initiated Chapter 11 proceedings, LSI itself was not a debtor, and the transaction would require bankruptcy court approval through a Section 363 sale process. Translation: even if the strategic logic is clean, the path to closing and integrating may not be. [11]
2) CEO update: Yuping Huang confirmed as CEO effective Jan. 1, 2026
On Dec. 17, 2025, QCi confirmed Dr. Yuping Huang as Chief Executive Officer, effective Jan. 1, 2026, after serving as interim CEO since April 2025. The company tied the decision directly to scaling: moving from prototype and small-batch work toward industrial-scale manufacturing, expanding Fab 1 operations, and laying groundwork for future capacity. [12]
Leadership matters extra in frontier tech, because execution isn’t just “ship product”—it’s “ship product repeatedly, at yield, with a supply chain that doesn’t burst into flames.” The market often re-prices these stories when it gains confidence (or loses it) in the operational layer.
3) CES 2026: QCi plans live demos in Las Vegas in early January
On Dec. 10, 2025, QCi said it will appear at CES 2026 in Las Vegas (Jan. 6–9, 2026), with live demos at the CES Foundry area. The company positioned the demos as practical showcases—optimization, financial outcomes, and AI training—intended to make quantum photonics feel less like wizardry and more like infrastructure. [13]
Whether CES meaningfully changes fundamentals is debatable, but it can influence visibility, partnerships, and narrative momentum—especially for companies trying to translate “deep tech” into “customer-shaped use cases.”
Analyst forecasts and price targets: bullish ranges, messy disagreement
If you want a snapshot of how conflicted (and speculative) the street’s view is, look at the spread in targets.
As of Dec. 24, one consolidated view shows 4 analysts with a consensus rating of “Buy” and a consensus price target of $17.00 (about +49% upside from the $11.42 close). [14]
But the details underneath that consensus are where the story gets spicy:
- Ascendiant maintained a bullish stance but cut its target from $40 to $25 (reported around Dec. 22–23), which is still optimistic, just less euphoric. [15]
- Other firms have been more cautious; for example, Cantor Fitzgerald has been cited with a Hold/Neutral stance and a $15 target in mid-December summaries. [16]
Meanwhile, a Nasdaq item citing Fintel data described an average one-year target around $20.40, with a wide range (roughly low teens to $42) and projected annual revenue around $3 million (along with a projected non-GAAP EPS loss). [17]
Wedbush coverage: upbeat on the sector, but databases differ on the label
One reason retail investors get whiplash: different outlets sometimes categorize the same initiation differently.
- Investopedia reported that Wedbush initiated coverage of the major pure-play quantum names with “outperform” ratings and included a $12 target for Quantum Computing (QUBT). [18]
- A separate analyst-rating compilation lists Wedbush as initiating at Hold with a $12 target. [19]
The practical takeaway is consistent even when the label isn’t: Wedbush put QUBT’s target near $12 in mid-December, implying limited upside versus some of the more aggressive bulls, while still treating the sector as a long-term transformational theme. [20]
Short interest and positioning: QUBT is heavily bet against
QUBT isn’t just a fundamentals debate—it’s also a positioning battlefield.
Market data cited as of Nov. 28, 2025 shows roughly 45.02 million shares sold short, about 24.89% of the public float, with a days-to-cover figure around 1.4. [21]
High short interest doesn’t automatically mean “short squeeze incoming” (the market loves that fairy tale), but it does mean news can hit harder in both directions. When you combine heavy short positioning with a stock that routinely moves several percent a day, you get what can only be described as a liquidity carnival—fun until it isn’t.
Why QUBT gets lumped into the “Quantum 4” trade—and why that matters
Reuters previously described the challenge of valuing pure-play quantum companies and the resulting volatility, noting that traders have clustered around a handful of names—often dubbed the “Quantum 4”—including Quantum Computing Inc (QUBT) alongside other pure-play peers. [22]
That “basket effect” matters because QUBT can move on sector sentiment even when company-specific news is quiet. When the theme is hot, money floods the bucket; when the theme cools, correlation spikes and fundamentals may not save you in the short run.
Broader forecasts for quantum commercialization: optimism, but the timeline remains the boss fight
One of the most important “forecasts” around any quantum stock is not a price target—it’s the commercialization timeline.
A recent investor-focused sector roundup reported that major banks and research shops increased coverage of pure-play quantum names in 2025 and cited forecasts that point to industry breakthroughs within 12–24 months and more meaningful commercial advances by around 2030. [23]
That kind of timeline aligns with why these stocks trade like long-duration options: if commercialization arrives sooner (or appears nearer), multiples can stay irrational longer; if it slips, valuation compression can be brutal.
What to watch next for Quantum Computing Inc stock
Going into early 2026, the QUBT story has a few concrete “watch items” that investors (and skeptics) tend to track:
- Evidence that the bank purchase order becomes repeatable revenue (follow-on orders, more commercial customers, expanding deployments). The first sale is a milestone; the second and third sales are the business model. [24]
- Manufacturing execution and scale-up progress, including how clearly QCi can outline capacity, yields, and timelines around Fab expansion language (Fab 2 in particular). [25]
- Luminar Semiconductor deal progress—especially the path through required approvals and the integration plan. “Great fit on paper” only becomes “great” after it closes and ships. [26]
- CES 2026 demos and follow-through: do the demos translate into partner interest, pipeline updates, or credible commercial announcements in Q1 2026? [27]
The bottom line on Dec. 24, 2025: QUBT has traction signals—but it’s priced like a prophecy
Dec. 24’s key development for Quantum Computing Inc stock wasn’t a single dramatic headline—it was a reinforcement of the central argument bulls are making: QCi is pointing to early signs of practical adoption (DIRAC-3 access revenue, applied LiDAR optimization work, and a first commercial quantum security order). [28]
At the same time, the valuation metrics highlighted in the day’s analysis—especially the extreme forward P/S figure—underline why bears (and cautious analysts) keep circling back to the same question: how quickly can QUBT grow into its market cap without constant “next big thing” dilution or a narrative reset? [29]
References
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