New York, February 15, 2026, 12:58 ET — Market’s wrapped for the day.
- Quantum computing stocks finished up, with Rigetti out front following a choppy week.
- TD Cowen’s downgrade thrust funding pressures and renewed rivalry among the smaller players back into the spotlight.
- Coming up: the markets pause for Presidents Day, with quarterly numbers from IonQ and D-Wave expected before the month wraps.
Quantum computing names climbed on Friday. Rigetti Computing jumped 7.2% to close at $16.09. IonQ advanced 8.8%, ending at $34.11. Shares of D-Wave Quantum tacked on 4.6% to $19.67. Quantum Computing Inc edged 3.6% higher, settling at $8.47.
U.S. markets will stay shuttered Monday for Presidents Day, pushing trading into Tuesday. That leaves investors with just weekend headlines to chew over—often a recipe for sharp moves in pockets of the market where volume runs thin. The spotlight now shifts to the next batch of company news, notably earnings and financing chatter.
TD Cowen’s Krish Sankar downgraded Rigetti from Buy to Hold, describing the current risk-reward profile as “balanced” and highlighting what he sees as a “premium valuation” compared to rivals. Sankar also noted Rigetti may need to raise more cash for a new semiconductor “fab”—industry shorthand for chip plant—with competition heating up. TipRanks
Rigetti not making the cut for DARPA’s Quantum Benchmarking Initiative Stage B keeps surfacing in sector conversations. Out of the pool, DARPA announced 11 companies advancing to Stage B—the phase targeting proof that any technology can hit “utility-scale” quantum by 2033, where the payoff outweighs the expense. darpa.mil
IonQ’s set to report its fourth-quarter and full-year 2025 numbers on Feb. 25, right after the closing bell, with management taking questions on a 4:30 p.m. ET call. Investors are expected to zero in on demand trends and any tweaks to spending, especially following a flurry of recent deals across the industry.
D-Wave Quantum is set to release its fourth-quarter and full-year 2025 numbers on Feb. 26 ahead of the opening bell. An earnings call is scheduled for 8:00 a.m. ET, featuring CEO Alan Baratz and CFO John Markovich. Investors are expected to zero in on cash burn and customer momentum—topics that tend to top the list for unprofitable small caps.
Quantum Computing Inc, a stock known for its big price swings, said in a Form 8-K it wrapped up the Luminar Semiconductor buyout on Feb. 2. The deal cost roughly $97.5 million in cash, with $11.0 million put into escrow—set aside until February 2027 to cover certain indemnification obligations, according to the company.
QCi CEO Yuping Huang, in a separate statement, pointed to the acquisition’s role in backing “chip-scale quantum hardware that operates at room temperature.” That’s a direct contrast with cryogenic models and is meant to set QCi apart. The company added that Luminar Semiconductor will stay a wholly owned subsidiary, keeping its ties to aerospace, defense, and industrial customers. Quantum Computing Inc.
IonQ’s push for vertical integration took shape in late January, when the company struck a deal to acquire SkyWater Technology for roughly $1.8 billion. The planned purchase, IonQ said, is aimed at internalizing semiconductor manufacturing as it expands its hardware footprint—especially with federal and defense contracts in mind.
Still, the risks are obvious. Sharp rallies often evaporate if earnings growth stalls, or if executives warn they’ll have to tap markets for more funds, putting shareholder value at risk. Misses on technical fronts — whether that’s qubit counts, error rates, or postponed deliveries — continue to weigh heavily on investor sentiment.
Markets stay closed Monday, putting the spotlight on Tuesday, Feb. 17 to see if Friday’s rebound sticks. The focus quickly turns to IonQ’s Feb. 25 update and D-Wave’s Feb. 26 numbers, both eyed for any signs on demand, cash levels, and how fast spending is running in this industry that still hasn’t firmly established itself.
