Quantum Computing Stocks This Week (Nov 16–21, 2025): IonQ Slide, QUBT Spike, Rigetti and D‑Wave in Focus

Quantum computing stocks just wrapped up another wild week on Wall Street. Between fresh earnings, insider selling, and new bullish and bearish analyst calls, the four key pure‑play names — IonQ (IONQ), Quantum Computing Inc. (QUBT), Rigetti Computing (RGTI) and D‑Wave Quantum (QBTS) — all saw sharp moves as traders tried to price in a very uncertain future.

This roundup looks at news published between 16 and 21 November 2025, plus how these headlines shaped sentiment by the market close on Friday, 21 November.

Disclaimer: This article is for information only and is not investment advice.

Key takeaways for the week

IonQ fell hard this month but stabilized into the weekend, even as it was honored in Deloitte’s Technology Fast 500 and highlighted as a sector leader. ^[1]
Quantum Computing Inc. (QUBT) posted just $384,000 in Q3 revenue but swung to a profit and rallied sharply, thanks to a huge capital raise and its new photonics‑based Neurawave platform. ^[2]
Rigetti remained the most hotly debated pure play: one Motley Fool piece flagged it as the quantum stock to sell, while other analysts raised price targets — and insiders took profits. ^[3]
D‑Wave’s fundamentals improved but its CFO sold $4.6 million of stock, adding another caution flag for a company that is growing fast but still deeply unprofitable. ^[4]
Across the sector, several commentators argued that big‑tech names such as Alphabet may be the “safer” quantum bet, even as pure plays remain the most volatile way to trade the theme. ^[5]

Sector backdrop: from roller‑coaster trading to “real revenue”

Earlier in November, Reuters summed up the mood by describing quantum stocks as a “roller‑coaster ride” for speculators — massive long‑term potential, but violent swings on every new headline. ^[6]

This week reinforced that view:

A Zacks/Nasdaq piece on 21 November argued that IonQ, D‑Wave and Rigetti are finally showing “real contracts” and tangible revenue visibility, marking a shift from pure hype to early commercialization. ^[7]
At the same time, another set of commentators — including short‑seller Andrew Left of Citron Research — warned that many quantum names are overvalued after triple‑digit gains in 2025, singling out Rigetti and D‑Wave as shorts. ^[8]

Overlay that with rising government interest (DARPA, the U.S. Department of Energy and national security programs) and a potential future IPO from Honeywell’s Quantinuum at a reported $10 billion valuation, and you get a sector where the story is improving while valuations remain stretched. ^[9]

Against that backdrop, here’s what actually happened name by name this week.

IonQ (IONQ): recognition, dilution hangover and a fragile bounce

1. Deloitte Fast 500 and technical strength

On 19 November, IonQ announced it is the only quantum company included in Deloitte’s 2025 Technology Fast 500, boasting revenue growth of nearly 2,000% from 2021 to 2024 as adoption of its trapped‑ion systems ramped across enterprise and government customers. ^[10]

Key points from the press release:

Recognition alongside high‑growth software names like Snowflake and CrowdStrike
Management stressing that 2025 revenue is significantly ahead of initial expectations
Highlight of technical milestones, including 99.99% two‑qubit gate fidelity and plans to reach multi‑million‑qubit systems by 2030 ^[11]

Separately, Investor’s Business Daily reported on 18 November that IonQ’s Relative Strength (RS) Rating jumped to 92, putting it in the top echelon of all stocks based on 12‑month price performance. ^[12]

2. But the stock is still digesting a big equity raise

Despite the good news, IonQ’s share price has been under pressure:

Over the last month, IonQ has fallen about 31%, according to a Trefis analysis published on 21 November. ^[13]
The same piece points to a $2 billion equity raise in October as a major reason — the new shares boosted IonQ’s cash “war chest” but diluted existing shareholders and triggered profit‑taking. ^[14]

Price‑wise, data from Investing.com show:

IonQ closed $47.79 on 17 November and $41.71 on 21 November, a drop of roughly 12–13% over the week, even after a 1.7% gain on Friday. ^[15]
Friday’s session saw the stock trade between $38.00 and $42.76, with heavy volume (over 29 million shares). ^[16]

MarketBeat flagged IonQ as one of the “Best Quantum Computing Stocks To Watch Today” on 21 November, citing high dollar trading volume alongside D‑Wave and Quantum Computing Inc. ^[17]

Bottom line on IonQ this week: fundamentally strong messages (Deloitte recognition, high RS rating, robust cash) are being overshadowed near‑term by dilution and broader risk‑off moves in speculative tech. The modest rebound on Friday hints that some investors see the pullback as an opportunity, but volatility remains extreme.

Quantum Computing Inc. (QUBT): tiny revenue, giant capital raise and a momentum spike

If there was a single “story stock” in quantum this week, it was Quantum Computing Inc. (QUBT).

1. Q3 2025 earnings: $384k in revenue, but a swing to profit

On 17 November, QUBT reported third‑quarter 2025 revenue of $384,000, up from just $101,000 a year earlier and $61,000 in Q2, according to coverage from Barron’s and MarketBeat. ^[18]

A deeper breakdown from an Investing.com analysis (via The Tokenist) highlights: ^[19]

Revenue up 280% year‑over‑year
A swing from a $36 million net loss in Q2 to a $2.4 million net profit in Q3 — largely driven by mark‑to‑market gains tied to new financing
A massive $1.5 billion capital raise, leaving the company with over $550 million in cash and a long runway for its photonics roadmap

2. Neurawave and the photonics‑AI story

The same analysis notes that the rally was powered by the upcoming debut of Neurawave, a photonics‑based reservoir computing platform scheduled to be showcased at SuperCompute25. Neurawave is designed to slot into a standard PCIe slot and run at room temperature, targeting edge‑AI tasks such as time‑series forecasting and pattern recognition. ^[20]

This positions QUBT not just as a “quantum computer” vendor, but as a hybrid photonics + AI play — a narrative that has clearly resonated with speculative growth investors.

3. Stock reaction and valuation concerns

MarketBeat’s “Best Quantum Computing Stocks To Watch Today – November 21st” again put QUBT on the radar, describing it as an integrated photonics company with portable Dirac machines, QRNG devices and quantum authentication tools. ^[21]

At the close on 21 November, Investing.com shows: ^[22]

QUBT at $10.20, down 0.68% on the day
A one‑year gain of more than 100% according to Trefis data, despite a 23% drop from May to late November as the stock digests earlier spikes. ^[23]

However, several follow‑up pieces from outlets tracked by Finviz and MarketBeat described QUBT as extremely expensive on a forward price‑to‑sales basis, warning that the company’s tiny revenue base doesn’t yet justify its multi‑billion‑dollar valuation. ^[24]

Bottom line on QUBT: the company delivered a genuine operational step‑up (more revenue, more cash, a clearer roadmap), but most of the week’s price action reflects multiple expansion and momentum, not fundamentals. Commentators are almost unanimous that QUBT is a high‑risk, high‑volatility bet at current levels.

Rigetti Computing (RGTI): analysts warn, insiders sell, traders still chase the story

No quantum name split opinion more this week than Rigetti.

1. “Stock to sell” after an 1,800% run

On 19 November, a widely shared Motley Fool article — syndicated via Sharewise — argued that Rigetti is the “popular quantum stock to sell before it falls 20%,” citing a Wall Street analyst’s call. ^[25]

Key points in that piece:

Rigetti shares have risen roughly 1,800% over the last year, making it a poster child of the quantum‑AI trade
The author suggests the rally has far outpaced fundamentals and that risk‑reward now skews negative

That call came on top of Business Insider’s 13 November interview with short‑seller Andrew Left, who disclosed he is short Rigetti and D‑Wave, highlighting high R&D costs, intense competition from Alphabet’s quantum program and heavy insider selling. ^[26]

2. Mixed Q3 results and new price targets

Rigetti’s Q3 2025 results, reported earlier in the month, remain central to the debate:

Revenue of $1.9 million, below analyst expectations of around $2.2 million, according to Barron’s coverage. ^[27]
A smaller‑than‑expected adjusted loss of $0.03 per share, showing some cost control even as operating losses widened. ^[28]

A StocksToTrade analysis published on 21 November noted that: ^[29]

Alliance Global Partners lifted its RGTI price target from $20 to $37, citing government‑backed programs (including DARPA milestones expected by early 2026).
B. Riley downgraded the stock from Buy to Neutral while still maintaining a relatively high target around $42, highlighting both upside potential and elevated risk.
Talks between Rigetti and the U.S. Commerce Department regarding possible federal funding — potentially in exchange for equity stakes — underscore that Washington views quantum as strategically important, but also raise questions about future dilution.

3. Insider selling on November 21

Adding fuel to the bears’ case, TipRanks reported fresh insider sales on 21 November: ^[30]

CFO Jeffrey Bertelsen sold 3,702 shares (~$97,500).
CTO David Rivas sold 41,935 shares (~$1.1 million).

The same report described RGTI’s overall financial profile as weak (declining revenues and large losses), even as technical indicators and trading momentum screens still flash Buy.

4. How the stock actually traded

According to Investing.com, Rigetti closed 21 November at $23.59, up 3.46% on the day, after trading between $21.00 and $23.68. The stock is up dramatically from its 52‑week low of $2.10, but far below its recent high of $58.15. ^[31]

A MarketBeat piece on the same day noted that even as SG Americas Securities increased its holdings, Rigetti shares were still down more than 10% from recent highs, underlining how sensitive the stock remains to any shift in sentiment. ^[32]

Bottom line on Rigetti: the company is making genuine technical and partnership progress, but valuation, insider selling and visible short interest are now central to the story. This week’s news flow leans more cautious than bullish, even as traders continue to play the volatility.

D‑Wave Quantum (QBTS): strong growth, deep losses, and a big CFO sale

1. Q3 results show revenue growth but heavy losses

D‑Wave’s fundamental backdrop actually looks better than headlines about insider selling might suggest. MarketBeat’s 21 November write‑up on the company notes that in Q3: ^[33]

Revenue climbed 105.6% year‑over‑year to $3.74 million, beating consensus estimates.
EPS came in at ‑$0.05 vs. expectations of ‑$0.07, a narrower‑than‑expected loss.
However, the company still posted a staggering net margin of about ‑1,650% and negative return on equity near ‑98%, underscoring how early‑stage the business remains.

Analysts tracked in the same article largely maintain Buy‑leaning ratings, with an average price target near $28.67, well above current levels. ^[34]

2. CFO cashes out $4.6 million

What dominated D‑Wave headlines this week, though, was insider activity:

On 20 November, CFO John Markovich sold 200,000 shares at about $22.94, for proceeds of roughly $4.59 million, trimming his stake by nearly 12%. ^[35]

The timing — shortly after strong year‑to‑date gains and Q3 earnings — raised eyebrows among investors already nervous about quantum valuations.

3. Price action

Investing.com data show QBTS closed Friday at $20.41, down about 0.5% on the day, with a range between $18.55 and $20.75 and a 52‑week window between $2.50 and $46.75. ^[36]

Taken together with Andrew Left’s disclosed short position against D‑Wave, some traders now see the stock as a battleground between growth believers and valuation skeptics. ^[37]

Bottom line on D‑Wave: operational progress is real — revenue is growing triple‑digits — but the combination of large insider selling and ongoing deep losses kept sentiment cautious this week.

Big Tech vs pure plays: Alphabet emerges as the “ultimate” quantum stock?

While most of the week’s fireworks centered on the four small‑cap pure plays, one of the most widely read quantum articles of the week came from a Motley Fool piece syndicated on Nasdaq: “The Ultimate Quantum Computing Stock Is Hiding in Plain Sight.” ^[38]

Published on 16 November, it argued that:

IonQ, Rigetti and D‑Wave may be exciting, but none can match the funding, reach and ecosystem of Alphabet (Google). ^[39]
Alphabet’s “Willow” quantum processor, initially launched with 105 qubits and improved error rates, is part of a broader Google Cloud platform that can bundle quantum services with AI, storage and classical compute. ^[40]
For long‑term investors, owning Alphabet provides quantum exposure without betting the portfolio on a single speculative small cap.

That theme dovetails with the Zacks/Nasdaq piece on 21 November, which framed IonQ, D‑Wave and Rigetti as leaders of the “next wave” of quantum commercialization, but also highlighted Honeywell’s Quantinuum as a private‑market heavyweight that could reset public valuations when it eventually lists. ^[41]

Takeaway: mainstream coverage is increasingly splitting the landscape into:

Pure‑play quantum small caps (IonQ, QUBT, Rigetti, D‑Wave) — explosive upside, extreme downside, heavy dilution risk.
Large diversified techs (Alphabet, IBM, Microsoft, Amazon, Nvidia) — slower but more durable quantum exposure wrapped in already profitable businesses.

What this week’s quantum stock news means for investors

Putting all the headlines together, a few themes stand out from 16–21 November 2025:

Fundamentals are slowly catching up to the hype.
- IonQ’s inclusion in Deloitte’s Technology Fast 500 and its strong RS rating show that at least one pure play is converting hype into real revenue growth. ^[42]
- QUBT, D‑Wave and Rigetti all reported meaningful year‑over‑year revenue gains, even if absolute numbers are still small. ^[43]
Valuation and dilution are now the core risk.
- IonQ’s $2 billion equity raise and QUBT’s $1.5 billion capital boost have beefed up balance sheets but at the cost of shareholder dilution. ^[44]
- Articles from Barron’s, The Motley Fool and others repeatedly highlight that many quantum names are priced for perfection despite minimal revenue. ^[45]
Insiders and short‑sellers are blinking.
- Rigetti’s CFO and CTO selling stock on 21 November, and D‑Wave’s CFO cashing out $4.6 million the same week, show insiders are happy to take money off the table after huge rallies. ^[46]
- Andrew Left’s short positions in RGTI and QBTS reinforce the idea that some sophisticated investors view the current quantum trade as overheated. ^[47]
Policy and government funding are emerging as major catalysts.
- Discussions reported this week about U.S. Commerce Department funding in exchange for equity stakes, DARPA milestones, and DOE research centers all point to quantum as a strategic national priority — but also as a space where political risk and public‑sector timelines matter. ^[48]
Big Tech may be the stealth winner.
- With Alphabet, IBM and others pushing forward with large‑scale, fault‑tolerant systems, several analysts now argue that diversified giants might capture most of the value even if pure plays lead the headlines. ^[49]

How to approach quantum stocks after this week

Without making any recommendations, here are some practical ways investors are digesting this week’s news:

Treat pure‑play quantum names as speculative positions. Position sizing, risk limits and time horizon matter more here than precise valuation models.
Track dilution and insider activity. New at‑the‑market (ATM) offerings, secondary raises and insider selling have been major drivers of downside in the past month.
Watch for real contracts, not just demos. Zacks and others repeatedly emphasize that the most important differentiator now is who is turning pilots into multi‑year revenue. ^[50]
Don’t ignore big tech. If you want quantum exposure but can’t tolerate this level of volatility, the case for names like Alphabet grew stronger this week.

Quantum computing remains one of the most exciting — and speculative — themes in the market. This week’s news shows a sector maturing slowly on the business side while staying extremely dangerous on the trading side. For now, the only certainty is that the headlines (and price swings) aren’t going away.