As of December 6, 2025, Quantum Computing Inc (NASDAQ: QUBT) sits at the center of one of Wall Street’s most speculative stories. The stock closed at about $12.84 on December 5, down roughly 5% on the day, yet still up well into triple digits over the past year, with a 52‑week range of $4.37–$27.15 and a market capitalization around $2.9 billion. [1]
Over the last few weeks, QUBT has delivered a Q3 2025 earnings beat, raised more than $1.25 billion via oversubscribed private placements, announced a landmark commercial quantum‑cybersecurity deal with a top‑five U.S. bank, and attracted new institutional buyers. At the same time, it faces an active securities class‑action lawsuit, harsh scepticism over its minimal revenue and sky‑high valuation, and fresh warnings that quantum stocks could be the next bubble to burst. [2]
This article brings together the latest news, forecasts, and analysis on QUBT as of December 6, 2025, to help readers understand what’s driving the stock and what to watch heading into 2026.
Latest Quantum Computing Inc (QUBT) coverage
QUBT stock today: A hyper‑volatile member of the “Quantum 4”
Data from MarketBeat and StockAnalysis show QUBT changing hands around $12.84 after Friday’s close, with heavy trading volume and a 52‑week high of $27.15. [31] The stock’s beta near 3.8 underscores just how sensitive it is to swings in risk appetite. [32]
Fundamentals remain tiny relative to the valuation:
- Trailing‑12‑month revenue: about $546,000
- Trailing‑12‑month net loss: roughly $68 million
- Market cap: ~$2.88 billion
That implies a price‑to‑sales ratio above 5,000x, a level more often seen in manias than in mature businesses. [33]
Investor’s Business Daily recently highlighted QUBT as a stock showing “market leadership,” noting that its Relative Strength (RS) Rating has been upgraded into the low‑90s, meaning its 12‑month price performance ranks among the top stocks in the market. However, the same piece cautioned that the stock is not in a traditional buy zone, emphasizing that traders should watch for better technical setups rather than chasing momentum. [34]
A Reuters feature on “futuristic quantum computing stocks” groups Quantum Computing Inc with IonQ, Rigetti, and D‑Wave as the so‑called “Quantum 4” – pure‑play names that have delivered eye‑popping returns but are extremely difficult to value. Strategists quoted in the piece compared quantum valuations to a “magic act,” pointing to peers trading at 1,000x sales or more and warning that the timeline to meaningful profits could be far longer than many retail investors expect. [35]
Q3 2025: 280% revenue growth from a very small base
On November 14, 2025, Quantum Computing Inc reported third‑quarter 2025 results that sparked a flurry of headlines: [36]
- Revenue: approximately $384,000, up 280% year‑on‑year from $101,000
- Gross margin: ~33% (vs 9% a year ago)
- Operating expenses:$10.5 million, nearly double the year‑earlier quarter
- Bottom line:net income of $2.4 million, or $0.01 per share, versus a $0.06 loss a year ago
Crucially, that net profit was not the result of the core business turning profitable. Management explains that the positive bottom line was driven mainly by:
- A $9.2 million non‑cash gain from revaluing a derivative liability tied to prior warrants
- $3.5 million in interest income earned on the company’s growing cash and investment balances [37]
Operationally, the quarter did mark several milestones:
- First U.S. commercial quantum‑cybersecurity sale: a purchase order from a top‑five U.S. bank for QCi’s quantum security solutions
- Initial cloud revenue from Dirac‑3, its quantum optimization system, delivered via cloud access
- Continued progress on a NASA Langley project applying Dirac‑3 to clean up solar noise in space‑based LiDAR data
- Ongoing work to stabilize processes at its Tempe, Arizona thin‑film lithium niobate (TFLN) photonic chip “Fab 1” and early planning for a larger “Fab 2” foundry [38]
A trading‑oriented piece on StocksToTrade noted that QUBT’s Q3 revenue beat Street expectations of roughly $100,000, and highlighted the jump in EPS from a loss of $0.06 to a profit of $0.01 as the stock spiked more than 7% during the trading session. [39]
Balance sheet transformation: $1.5B+ in cash and investments
Perhaps the most startling figures in QUBT’s Q3 release are on the balance sheet: [40]
- Cash and cash equivalents (Sept 30, 2025): ~$352 million
- Investments: ~$461 million
- Total assets: ~$898 million
- Total liabilities: just $20 million, partly due to a sharp drop in the derivative warrant liability
- Shareholders’ equity: ~$878 million
During Q3, the company completed a $500 million private placement, then followed up after quarter‑end with an additional $750 million oversubscribed private placement, giving Quantum over $1.5 billion of liquidity to pursue its roadmap. [41]
A detailed report on the October 6 transaction notes that QUBT issued roughly 37.2 million new shares to raise the $750 million, initially sending the stock up more than 30% intraday before profit‑taking and dilution concerns triggered a sharp pullback. The article frames the raise as a “war chest” to fund commercialization, acquisitions, and scaled manufacturing through 2028 – but also reminds readers that such large capital raises in early‑stage sectors often amplify volatility. [42]
For bullish investors, this balance sheet is a key part of the thesis: huge cash, minimal debt, and a long runway. For sceptics, it makes the valuation even harder to justify, given that the enterprise value still sits far above the company’s tiny revenue base.
New products, partnerships and conference visibility
Beyond the raw numbers, several recent developments have kept QUBT in the headlines:
- Neurawave reservoir computing platform:
StocksToTrade reports that Quantum is preparing to roll out “Neurawave,” a photonics‑based reservoir computing system aimed at high‑performance computing and AI‑adjacent workloads. The announcement has been framed as a potential new growth engine that could leverage QUBT’s photonic approach to accelerate certain machine‑learning tasks. [43] - POET Technologies partnership:
The same coverage highlights a collaboration with POET Technologies to co‑develop 3.2 Tbps optical engines built on thin‑film lithium niobate, aiming to push data‑transfer speeds for AI and data‑center applications. Analysts quoted in the piece describe the partnership as a possible catalyst for long‑term growth if the joint technology gains traction. [44] - UBS Global Technology and AI Conference:
PR‑linked listings on StockAnalysis and MarketBeat show that Quantum is scheduled to participate in the UBS Global Technology and AI Conference in late November, putting management in front of institutional investors and strategists focused on AI and frontier computing. [45]
Taken together, these moves support the company’s narrative that it can turn its room‑temperature photonic quantum technology and TFLN foundry into a broader quantum‑AI and cybersecurity platform over the next several years. [46]
Institutional buying, insider selling and ownership trends
In fresh data published December 6, MarketBeat reports that Sassicaia Capital Advisers LLC has taken a new position in Quantum Computing Inc, buying 83,161 shares in Q2 valued around $1.59 million. That stake represents roughly 1% of Sassicaia’s portfolio and about 0.05% of QUBT’s shares outstanding, with total institutional ownership around 4.3%. [47]
MarketBeat’s news feed over the past two weeks also shows a string of filings indicating that: [48]
- Ensign Peak Advisors, XTX Topco, Rockefeller Capital Management, Intech Investment Management, Geode Capital, and the Police & Firemen’s Retirement System of New Jersey all disclosed new or increased positions in QUBT.
- At the same time, SG Americas Securities reduced its holdings.
The Sassicaia piece notes that company insiders sold about 117,000 shares last quarter, worth roughly $1.8 million, even as institutions were buying. The article also points out that the stock is currently trading below both its 50‑day and 200‑day moving averages, emphasizing how far QUBT has already fallen from its recent peak. [49]
Interestingly, MarketBeat’s snapshot describes the analyst consensus as a “Hold” with a $23.67 price target, while other data providers label the same analyst set “Strong Buy,” highlighting how different platforms can present identical numbers with different labels. [50]
Analyst ratings and stock forecasts: Targets from $15 to $40
How do Wall Street analysts see QUBT after the Q3 print and capital raises?
12‑month price targets
Across StockAnalysis, MarketWatch, TradingView, and Public.com, the picture is broadly consistent: [51]
- Number of covering analysts: 3–4
- Consensus rating: between “Buy” and “Strong Buy” / “Overweight”
- Average 12‑month price target:$23.67
- Target range:$15–$40
From current levels around $12–13, the average target implies roughly 80–90% upside, while the high‑end $40 target implies potential upside north of 200% if everything goes right. [52]
Recent price‑target updates include:
- Edward Woo (Ascendiant Capital) raised his target from $22 to $40 on October 3, 2025, citing expectations of “strong” revenue growth in 2025 and 2026, the company’s large private placements, and its differentiated photonic technology. [53]
- Max Michaelis (Lake Street) set a $24 target in mid‑September.
- Troy Jensen (Cantor Fitzgerald) sits at $15, still above today’s price but far more conservative than the $40 call. [54]
A TipRanks article just before Q3 earnings highlighted that one top‑ranked analyst expects “100%+ upside” and sees QUBT reaching an inflection point in 2026–2027, as revenue from its photonics and TFLN foundry begins to scale. [55]
Revenue and EPS forecasts
StockAnalysis’ forecast page shows just how early‑stage the business remains even under optimistic assumptions: [56]
- 2025 revenue (consensus): ~$415,000
- 2026 revenue (consensus): ~$2.1 million
- 2027 revenue (consensus range): roughly $1.5–2.7 million
That translates into triple‑digit percentage growth, but on an absolute level the numbers are still tiny compared to the company’s multibillion‑dollar valuation. Analysts generally expect continued losses through at least 2027, with EPS forecasts clustered around –$0.20 to –$0.30 per share. [57]
“264% upside” – and bubble talk
A widely shared Nasdaq/Motley Fool syndication piece on December 5 notes that IonQ, Rigetti, D‑Wave, and Quantum Computing Inc have each rallied hundreds of percent over the last year, and suggests that select Wall Street analysts see potential gains of 113–264% in 2026 for these quantum pure‑plays, citing QUBT’s $40 price target as one example. At the same time, the article warns that “seemingly insurmountable headwinds” could make 2026 a rough year for the group if sentiment turns. [58]
Another column – “Prediction: Wall Street’s Biggest Bubble Will Burst in 2026 (and I’m Not Talking About Artificial Intelligence)” – singles out quantum computing stocks as candidates for a painful repricing. It points to Boston Consulting Group estimates of $450–$850 billion in long‑term economic value for quantum computing by 2040, but argues that stock prices may have run far ahead of the realistic commercialization timeline. [59]
Algorithmic vs. human forecasts
Non‑analyst forecast sites underline just how uncertain the outlook is:
- TradingView echoes the $23.67 consensus target with a $15–$40 range. [60]
- CoinCodex’s model suggests QUBT might rise about 24% to around $14.94 by early January 2026 – a short‑term, model‑driven view that assumes recent momentum persists. [61]
- Stockscan, by contrast, projects an average QUBT price of just $1.34 in 2026, implying nearly 90% downside from current levels, with a wide range of scenarios between roughly $0.80 and $1.86. [62]
The gulf between these algorithmic forecasts and human analyst targets is a reminder that none of these numbers are guarantees – they are educated (or sometimes naive) guesses about a highly uncertain future.
Bear case: “Still too much hype” and legal overhang
On December 6, a new article on Seeking Alpha – pointedly titled “Quantum Computing: Still Too Much Hype, Staying Sidelined” – captured the sceptical view: [63]
- QUBT is described as a “highly speculative, pure‑play quantum stock with minimal revenue and an excessive valuation.”
- Its photonic, room‑temperature approach is acknowledged as differentiated, but the author stresses that it faces intense competition from giants like Google and IBM, as well as other pure‑plays.
- Even with roughly $1.5 billion of liquidity and a high‑profile bank customer, the article argues that scaled commercialization is “likely years away”.
- The conclusion: stay on the sidelines because the current share price already “bakes in a high probability of success” in a market where technological, execution, and competitive risks remain huge.
Simply Wall St, in a December 3 note, strikes a similar warning tone. It acknowledges QUBT’s “solid” Q3 with expanded R&D contracts, Dirac‑3 cloud income, and its first commercial quantum‑cybersecurity sale – but balances that against “legal scrutiny over alleged past misstatements and related party transactions.” Their valuation work suggests the stock may be overvalued, and highlights that community fair‑value estimates for QUBT span from a few cents to the low‑$20s, illustrating how polarizing the name has become. [64]
Securities class‑action lawsuit
Legal risk is a critical part of the bear case. A securities class action filed earlier this year by law firm Kirby McInerney LLP alleges that, between March 2020 and January 2025, Quantum: [65]
- Overstated the capabilities of its quantum technologies and products
- Exaggerated the scope of its relationship with NASA and related contracts
- Overstated progress and orders for its TFLN foundry and photonic chips
- Failed to disclose that certain revenues came from related‑party entities (notably Quad M and millionways)
- Issued allegedly misleading press releases that helped inflate the stock price
These claims reference prior short‑seller reports from Iceberg Research and Capybara Research, which raised questions about the physical foundry site, the nature of reported NASA work, and the economic substance of certain deals. The lawsuit is at an early stage; no court has ruled on the merits, and the company disputes allegations, but the overhang introduces meaningful headline and governance risk.
Bubble risk in the broader quantum sector
Reuters and several Motley Fool columns emphasize that QUBT’s story can’t be viewed in isolation. Quantum computing stocks in general have: [66]
- Posted “jaw‑dropping gains” over the last year
- Traded at multiples of sales that dwarf even hot AI names
- Sold off sharply at times, including a 30% drop in QUBT during November as the group corrected
The key bear arguments echo across coverage:
- Valuation disconnect: With sub‑$1 million in annual revenue and a multi‑billion‑dollar market cap, traditional metrics like P/S or P/E are essentially unusable – the stock is priced entirely on distant, uncertain hopes. [67]
- Technology & execution risk: Quantum photonics is promising but still largely unproven at commercial scale; there is no guarantee QUBT’s approach will win. [68]
- Competition: Powerful incumbents like Google, IBM, and other deep‑pocketed players are investing heavily in quantum and AI, raising the bar for smaller companies. [69]
- Legal and reputational risks: The class action and prior short‑seller reports may constrain how aggressively institutions can accumulate the stock until there is more clarity. [70]
Bull case: Photonic quantum machines, a unique foundry – and a massive cash pile
Despite the risks, a wide range of articles and analyst notes lay out a compelling bull narrative.
Differentiated technology
Quantum Computing Inc positions itself as an “integrated photonics and quantum optics” company. Rather than relying on superconducting qubits cooled near absolute zero, it focuses on photon‑based quantum machines and thin‑film lithium niobate chips that operate at or near room temperature. Supporters argue this could eventually yield systems that are: [71]
- More compact and energy‑efficient than cryogenic setups
- Better suited to certain workloads, including optimization, AI acceleration, and secure communications
- Easier to integrate into data‑center and telecom environments
The company’s TFLN foundry (“Fab 1”) in Tempe is framed as a strategic asset that could serve both internal needs and external customers, with plans for a larger “Fab 2” if demand materializes. [72]
Early commercial traction
While the numbers are still small, QUBT does have real customers and programs, not just lab demos:
- A top‑five U.S. bank for quantum‑enhanced cybersecurity
- Ongoing NASA Langley work on LiDAR and atmospheric sensing
- Cloud access to the Dirac‑3 optimization system
- Participation in major industry conferences and the Quantum Economic Development Consortium (QED‑C) [73]
Recent headlines also highlight the upcoming Neurawave reservoir computing product and the partnership with POET Technologies on ultra‑fast optical engines – both seen as potential gateways into AI‑heavy markets. [74]
“Fortress” balance sheet and M&A optionality
With over $1.5 billion in cash and investments and little debt, QUBT is unusually well‑funded for a company this small, giving it: [75]
- Capacity to ramp its foundry
- Room to hire aggressively across engineering and manufacturing
- Flexibility to pursue acquisitions in photonics, quantum software, and cybersecurity
- A long runway to absorb operating losses while the technology matures
Bullish analysts essentially argue that today’s valuation reflects the option value on QUBT becoming a leading provider of photonic quantum‑AI and security systems, and that the large cash balance materially reduces bankruptcy risk even if commercialization takes longer than expected. [76]
Momentum and investor interest
Motley Fool and Forbes pieces (referenced via StockAnalysis’ news feed) note that QUBT is now one of the most widely followed quantum stocks, with shares up around 170–270% over the past year despite recent volatility. Some columnists have even speculated about QUBT as a future stock‑split candidate if the share price recovers toward prior highs, though the company itself has not announced any plans. [77]
What to watch in 2026
Given the clash between exuberant forecasts and serious risks, 2026 is shaping up as a pivotal year for QUBT. Key questions include:
- Can revenue meaningfully inflect?
Consensus calls for revenue to rise from hundreds of thousands of dollars to a few million by 2026–2027. Investors will scrutinize each quarter for evidence that Dirac‑3, Neurawave, cybersecurity products, and the TFLN foundry are gaining real commercial traction. [78] - Will new flagship customers emerge?
Additional large banks, hyperscale cloud providers, telecoms, or government agencies signing multi‑year deals could go a long way toward validating QUBT’s technology and justifying current valuations. [79] - Foundry execution and transparency:
After short‑seller allegations and the class‑action filing, many observers want clear, verifiable evidence that Fab 1 and any future Fab 2 are real, scaling, and producing chips for bona fide customers at meaningful volumes. [80] - Legal developments:
Any major motions, settlements, or dismissals in the securities class action could shift sentiment sharply – positively if allegations are resolved in QUBT’s favor, or negatively if damaging new information surfaces. [81] - Sector‑wide sentiment:
Quantum stocks currently sit where many AI names did several years ago: huge promise, limited revenue, and wild valuations. If the broader market embraces the “quantum bubble” narrative and de‑risks, even companies that execute well could see their stock prices compress. [82] - Use of the cash hoard:
How Quantum allocates its $1.5B+ – between R&D, foundry capacity, partnerships, and M&A – will be critical. Disciplined capital allocation could strengthen the bull case; scattershot deals could feed the bears’ concerns about governance and strategy. [83]
Bottom line: A high‑beta bet on quantum photonics – not a widows‑and‑orphans stock
On December 6, 2025, Quantum Computing Inc sits at the crossroads of enormous potential and enormous uncertainty:
- The bull side sees differentiated photonic technology, a rare in‑house foundry, early wins with a top‑five bank and NASA, and more than $1.5 billion in cash as the ingredients for a future quantum‑AI and cybersecurity franchise. Analyst price targets clustered around $24, with a high of $40, reflect that optimism. [84]
- The bear side points to microscopic current revenue, ongoing losses, extreme valuation multiples, fierce competition from deep‑pocketed tech giants, an active securities class action, and the very real possibility that quantum stocks represent the next major bubble. [85]
For now, QUBT remains a high‑beta speculation rather than a conventional fundamentals‑driven investment. Its future will likely hinge on whether management can convert its sizable cash pile and photonics expertise into repeatable, growing revenue before market sentiment cools.
Disclosure & disclaimer: This article is for informational and news purposes only. It does not constitute financial, investment, tax, or legal advice, and it is not a recommendation to buy, hold, or sell any security. Quantum computing stocks are highly volatile and risky; anyone considering an investment should conduct their own research and, where appropriate, consult a licensed financial professional.
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