U.S.-listed quantum computing stocks are back in focus in Friday’s premarket session as traders digest a burst of company-specific headlines—new contracts and partnerships, an M&A-driven photonics land grab, and a new wave of Wall Street coverage that’s putting ambitious 2026 price targets on some of the market’s most volatile tech names.
The result: familiar tickers—IonQ (IONQ), D-Wave Quantum (QBTS), Rigetti Computing (RGTI) and Quantum Computing Inc. (QUBT)—are seeing early moves as investors weigh near-term catalysts against the longer-term question that still defines the entire theme: How fast can “quantum promise” turn into durable, recurring revenue?
Premarket snapshot: where key quantum stocks are trading now
As of early Friday premarket (Dec. 19, 2025), the key U.S. pure-play quantum names were modestly higher:
- IonQ (IONQ):$46.99, up $0.55 (+1.18%) in premarket trading (per Public’s premarket feed). [1]
- Rigetti Computing (RGTI):$22.96, up $0.14 (+0.61%) in premarket trading. [2]
- D-Wave Quantum (QBTS):$25.24, up $0.35 (+1.41%) in premarket trading. [3]
- Quantum Computing Inc. (QUBT):$10.44, up $0.10 (+0.97%) in premarket trading. [4]
(Prices can shift quickly in thin premarket liquidity; these reads are best viewed as directional rather than definitive.)
What’s driving quantum computing stocks on Dec. 19: the headline stack investors are trading
Quantum stocks often trade less like “steady compounding” tech and more like an event-driven basket—reacting sharply to any mix of partnerships, contract wins, analyst initiations, or high-profile institutional buys. This week has delivered all four.
1) IonQ expands a Swiss partnership—and Wall Street raises the ceiling
IonQ’s latest catalyst is a partnership expansion with QuantumBasel that was described as a $60 million deal extension, with plans stretching out through 2029. The update outlines deployment and commercialization efforts around IonQ systems in Switzerland and frames the collaboration as a multi-year push to bring enterprise-grade quantum access closer to European customers. [5]
In parallel, analysts are turning more assertive on IonQ’s long-term optionality. Jefferies initiated coverage with a Buy rating and a street-high $100 price target, according to a widely circulated roundup of the call. [6]
Why this matters for the stock today: IonQ has become the “benchmark” pure-play for many investors—large enough to attract institutional attention, but still early enough that partnership headlines can materially move sentiment. Barron’s also highlights IonQ’s debt-free balance sheet and a roster of commercial and government relationships as key pillars behind bullish coverage. [7]
2) Rigetti posts new system orders—right as coverage ramps up
Rigetti has its own tangible catalyst: purchase orders totaling $5.7 million for two 9‑qubit Novera quantum computing systems, with delivery targeted for the first half of 2026, based on the company announcement. [8]
At the same time, Wedbush initiated coverage on Rigetti with an Outperform rating and a $35 price target, arguing the company’s experience in superconducting qubits and its ecosystem position justify a more constructive view. [9]
The nuance: not all bullish coverage is equal. Barron’s notes a split view between firms—Wedbush is more aggressive on Rigetti, while Jefferies is more cautious, pointing to Rigetti’s historical reliance on government-driven demand and the unpredictability of funding cycles. [10]
3) D-Wave rides “new coverage + new products + new buyers” momentum
D-Wave has been one of 2025’s most dramatic quantum momentum names—and it’s entering Friday with multiple overlapping narratives:
- Jefferies initiated D‑Wave at Buy with a $45 target, while other firms have also published high targets (including Evercore and others) in recent weeks, reflecting a broader sell-side shift from “watchlist” to “modeled coverage.” [11]
- Wedbush has also been constructive on the name with a $35 target cited in sector coverage recaps. [12]
- A separate attention-grabber: a Motley Fool report notes Citadel increased its D-Wave stake meaningfully in the latest disclosed 13F period, amplifying the “institutional adoption” storyline that quantum bulls want to see. [13]
Some commentary outlets are also tying D-Wave’s momentum to product/rollout headlines—particularly around Advantage2 availability and the company’s government-facing initiatives—adding to the perception that D-Wave’s commercialization path may be “nearer-term” than gate-based rivals (even if the end markets differ). [14]
4) QUBT’s photonics M&A becomes a major storyline as Luminar restructures
Quantum Computing Inc. (QUBT) has been moving on perhaps the most dramatic corporate event in the group: an agreement to acquire Luminar Semiconductor, Inc. (a subsidiary of Luminar Technologies) in an all-cash transaction valued at $110 million, per QCi’s announcement. [15]
That transaction is hitting tape against the backdrop of Luminar’s Chapter 11 filing, which has widened mainstream coverage of the deal beyond the usual quantum investor audience. [16]
Why traders care: QUBT is positioning the acquisition as a way to deepen control over critical photonic components, IP, and engineering talent—aiming to strengthen its supply chain and accelerate its roadmap for compact, integrated systems. [17]
Forecasts and price targets: what analysts are projecting into 2026
Quantum computing is still a “small revenue, big expectations” sector, which makes new analyst coverage disproportionately influential—especially when it introduces bold valuation frameworks and multi-year adoption narratives.
Here are the most-cited targets shaping sentiment right now:
The big, headline-grabbing targets
- IonQ: Jefferies’ $100 target stands out as one of the most aggressive. [18]
- Rigetti: Wedbush $35. [19]
- D-Wave: Jefferies $45; other firms have recently published targets in the mid‑$30s to $40s range. [20]
- QUBT: Wedbush’s sector recap cited $12. [21]
What the “consensus” looks like (one-year outlook snapshots)
For investors looking past the loudest targets, consensus aggregators still show meaningful dispersion—reflecting how uncertain commercialization timelines remain:
- IonQ: average target shown around $68.57 (consensus snapshot). [22]
- D-Wave: average target shown around $31.50. [23]
- Rigetti: average target shown around $29.38. [24]
- QUBT: average target shown around $20.75. [25]
These figures can update frequently as new initiations land—so the key takeaway isn’t the exact number, but the range: the Street is increasingly willing to model these businesses, yet still disagrees widely on how quickly demand scales and what margins look like once it does.
The deeper investment debate: are quantum stocks trading on progress—or on positioning?
For all the excitement, even bullish analysts acknowledge the sector’s unusual profile:
- It’s early-stage and often still unprofitable, meaning “fundamental gravity” can reassert itself quickly after momentum runs. [26]
- Sentiment tends to move as a basket on ecosystem catalysts—one strong partnership or government headline can lift multiple architectures at once, even if the underlying technologies differ. [27]
That’s why today’s premarket action matters beyond the tape: it reflects whether investors are rewarding companies for specific execution (contracts, deployments, components, customers) or for category exposure (own any quantum ticker, ride the wave).
A key “bull” argument gaining traction
Wedbush’s framing—echoed across coverage recaps—is that quantum computing can become a force-multiplier for AI and advanced compute workloads by the end of the decade, and that the pure-plays are effectively the only direct public-market vehicles for that theme today. [28]
A key “bear” argument that hasn’t gone away
Skeptics continue to point to valuation risk after big multi-month runs and the still-small scale of revenue in the sector. Even some bullish coverage warns that volatility is structural, not incidental—because the market is pricing long-dated outcomes with limited near-term data. [29]
The “safer” quantum angle: why some strategists steer investors toward Big Tech
Not everyone wants pure-play volatility. A separate line of analysis argues that the most pragmatic “quantum stock” exposure could be through mega-cap platforms building quantum tooling and cloud distribution—rather than the small-cap specialists.
MarketWatch recently made that case directly, highlighting Alphabet, IBM, and Microsoft as ways to participate in quantum’s potential with broader revenue bases, and pointing to an estimate that the quantum computing market could reach $97 billion by 2035. [30]
That matters for today because as quantum pure-plays swing, some investors rotate between:
- High-beta pure plays (IONQ, QBTS, RGTI, QUBT) for momentum and catalysts, and
- Platform incumbents (IBM, MSFT, GOOGL) for longer-duration exposure with less single-theme risk. [31]
What to watch for the rest of Friday’s session
Premarket moves can fade fast once liquidity increases, but today’s quantum setup has several “live wires” that traders will keep watching into the open:
- Follow-through on deal headlines: IonQ’s Europe footprint story and QUBT’s photonics acquisition narrative are the kind of catalysts that can extend beyond a single session if new details or analyst notes hit tape. [32]
- New/updated analyst notes: With Jefferies and Wedbush actively initiating coverage, incremental target changes or “first takes” from additional firms can move prices disproportionately. [33]
- Volatility in thin names: Barron’s notes these stocks remain early-stage and retail-heavy—conditions that often amplify swings on both good and bad news. [34]
- QUBT/Luminar restructuring headlines: Because the Luminar situation is now widely covered, any bankruptcy-court or transaction updates could spill over into QUBT trading. [35]
Bottom line
On Dec. 19, 2025, U.S. quantum computing stocks are trading premarket not on a single “sector story,” but on a stack of specific, tradable catalysts: an IonQ partnership expansion and fresh high-end targets, Rigetti system orders plus a Wedbush initiation, D-Wave’s surge in sell-side attention and institutional visibility, and QUBT’s big photonics acquisition tied to Luminar’s restructuring. [36]
For investors, the near-term question is whether these headlines translate into sustained contract flow and repeatable deployments in 2026—not just higher price targets. For traders, the question is simpler: does today’s premarket strength survive the opening bell?
This article is for informational purposes only and is not investment advice.
References
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