NEW YORK — December 18, 2025 (around midday ET) — Quantum computing stocks on U.S. markets are attempting a bounce Thursday after a sharp, sentiment-driven pullback that hit high-beta tech names. As of the latest available pricing near midday (11:42 a.m. ET timestamps), the four U.S.-listed “pure-play” quantum names are all higher on the session, with traders reacting to a mix of partnership news, M&A headlines, and fresh analyst coverage that frames quantum as a long-duration “compute” theme tied to the AI buildout.
At the same time, today’s coverage makes clear the debate is still wide open: bulls argue quantum becomes a meaningful slice of future compute spending, while skeptics point to thin current revenues, high valuations, and the sector’s tendency to move violently on headlines. [1]
Midday snapshot: how the main U.S. quantum computing stocks are trading
Prices below reflect the latest available quotes around 11:42 a.m. ET on Dec. 18, 2025.
- IonQ (IONQ): $47.23, up about 3.0% on the day; intraday range $46.70–$48.67; volume ~7.29M.
- Rigetti Computing (RGTI): $22.95, up about 2.1%; intraday range $22.56–$23.94; volume ~16.35M.
- D-Wave Quantum (QBTS): $24.96, up about 4.9%; intraday range $24.21–$25.81; volume ~13.42M.
- Quantum Computing Inc. (QUBT): $10.52, up about 2.9%; intraday range $10.33–$10.85; volume ~6.27M.
A key context point for today’s move: a widely shared narrative in morning coverage is that quantum names were recently pressured alongside broader tech as “AI bubble” worries resurfaced—setting up the kind of oversold-to-bounce action that has defined the group for much of 2025. [2]
What’s driving quantum stocks on Dec. 18: the three headlines traders are pricing in
1) IonQ expands its QuantumBasel deal to “over $60 million” through 2029
IonQ is in the spotlight Thursday after news coverage highlighted an expanded agreement with QuantumBasel that lifts the partnership’s total value to over $60 million and extends IonQ’s on-site presence in Switzerland through 2029. The structure matters for investors because it’s not just a pilot: the updated contract includes ownership for QuantumBasel of an existing IonQ Forte Enterprise system and secures a next-generation IonQ Tempo system—reinforcing the narrative that IonQ’s commercial roadmap is moving from “access” toward “installed systems” and longer-term commitments. [3]
IonQ and QuantumBasel also tied the partnership directly to hybrid quantum–classical workstreams and AI model optimization—explicitly referencing efforts around improving large language models (LLMs) and near-term hybrid methods. For the market, that kind of language has become a catalyst: it connects quantum to the most investable theme in tech (AI infrastructure), even if most near-term revenue still comes from early-stage adoption and experimentation. [4]
2) Wall Street coverage is pushing “quantum as compute” — even while warning about near-term volatility
One of the most-read sector takes this morning: a Wedbush-led bull case that argues quantum computing transitions from science project to material compute spending over time. In that framing, quantum doesn’t have to “replace” classical compute—it becomes another layer in the stack for problems that benefit from quantum approaches, with the AI era acting as a demand accelerant. [5]
In the same coverage, Wedbush put specific numbers on the table, initiating ratings and publishing price targets for the four U.S.-listed pure plays:
- IonQ: $60 target
- Rigetti: $35 target
- D-Wave: $35 target
- Quantum Computing Inc.: $12 target [6]
Importantly, that bullish view was paired with an acknowledgment that downbeat sentiment could persist in the near term—a point that resonates with traders who watched these names sell off sharply before trying to stabilize today. [7]
3) Quantum Computing Inc. (QUBT) gets a major photonics M&A headline — and a reminder that analysts aren’t aligned
QUBT’s most consequential fundamental headline today is a deal to buy Luminar Semiconductor, Inc. (LSI)—a photonics and chips unit of lidar maker Luminar Technologies (LAZR)—in an all-cash transaction valued at $110 million. The strategic logic, according to published analysis, is to bring in core photonic technologies, patents, and technical talent that could accelerate QUBT’s roadmap while also supporting LSI’s existing customer base. [8]
Two details investors are focusing on:
- Closing mechanics and timing: because Luminar is in bankruptcy proceedings, the transaction is expected to close only after customary conditions and bankruptcy court approval, with closing anticipated by January 2026 in published coverage. [9]
- Why LSI matters: industry reporting describes LSI as a portfolio of photonic components (including items like laser and detector technologies and other integrated photonics building blocks) that could fit directly into QUBT’s push toward more integrated quantum/photonics systems. [10]
At the same time, analyst tone around QUBT is noticeably more mixed than for some peers. In one widely circulated note from this morning, Cantor Fitzgerald reiterated a Neutral rating and a $15 price target, pointing to leadership clarity (removal of “Interim” from CEO Dr. Huang’s title) and emphasizing the company’s liquidity position and longer-run opportunity—while still effectively labeling the stock a “prove it” story at today’s valuation. [11]
Cantor’s model-driven view goes long-dated: the note discussed the possibility of QUBT capturing 5% of the quantum hardware/software/services market by 2035, which it framed as a path to $375 million in sales in that timeframe (presented as a scenario rather than a guarantee). [12]
D-Wave (QBTS): new coverage highlights upside — but the financial profile remains the debate
For D-Wave, the day’s key “forecast” input is a coverage-initiation recap: Wedbush initiated at Outperform with a $35 price target, while MarketBeat’s roundup shows a broader analyst set clustering targets in the low-$30s (and some higher), with a consensus rating described as “Moderate Buy.” [13]
What investors are weighing alongside those targets:
- Momentum vs. model: published recaps highlight rapid year-over-year revenue growth off a small base and better-than-expected quarterly results, but also underline that the company remains unprofitable with very large negative margin and ROE figures. [14]
- Insider selling as a narrative risk: today’s analyst recap also flags notable insider selling activity in recent weeks/quarters, which can become an overhang in stocks where retail sentiment plays a large role. [15]
The setup is familiar for quantum traders in 2025: price targets and long-term TAM narratives can lift the tape, but the market still punishes anything that looks like dilution risk, slowing bookings, or “not yet” commercialization.
Rigetti (RGTI): no single headline today, but the stock is moving with the theme—and the “coverage wave” is still echoing
Rigetti doesn’t have an IonQ-style partnership headline or a QUBT-style acquisition story dominating today’s news cycle. Instead, RGTI is trading as a high-beta proxy for the sector’s broader narrative: analyst initiations, shifting sentiment around AI infrastructure spending, and ongoing debate about how quickly quantum becomes commercially durable.
Two “today” data points showing up in feeds:
- A MarketBeat filing-driven recap notes institutional ownership and highlights a mix of analyst ratings, including references to recent price targets from multiple firms—illustrating that the stock remains heavily “Wall Street narrative” driven even between major company releases. [16]
- MarketBeat’s forecast page places the stock in a Moderate Buy consensus bucket with a $29.30 consensus price target (methodology-driven aggregation rather than a single-firm call). [17]
For investors, the practical takeaway is less about “what happened to Rigetti today” and more about how Rigetti trades: when quantum sentiment turns risk-on, it can move fast; when the market worries about speculative excess, it can give back gains just as quickly.
The QTUM ETF: a “basket” approach is also rallying today
Not every investor wants single-stock exposure to quantum pure plays. The Defiance Quantum ETF (QTUM) is also higher in midday trading, up about 2.3% at the latest quote, reflecting a broader lift in the quantum/AI compute basket.
Holdings data published by the issuer (dated 12/18/2025) shows QTUM is diversified across semiconductors, defense, and large-cap tech names alongside smaller quantum-linked companies—and it lists QUBT as one of the positions (with a sub-1% weight in the disclosed snapshot). [18]
That structure can cut both ways: diversification may reduce single-name blowups, but it can also dilute upside if the pure plays rip higher on a breakthrough headline.
What investors are watching next: catalysts and risks into the close and into 2026
Near-term catalysts (days to weeks)
- More analyst actions: Initiations and target changes are clearly moving this group; additional notes can shift sentiment quickly. [19]
- Deal details and timelines: For QUBT, traders will watch for updates related to court approval and integration plans around the Luminar Semiconductor purchase. [20]
- Commercial announcements: system deployments, government/enterprise contracts, and cloud/partner expansion remain the most “marketable” proof points for revenue credibility—especially when the sector is being sold as “AI-adjacent compute.” [21]
The three risks that keep quantum stocks volatile
- Valuation sensitivity: With small current revenue bases, tiny changes in growth assumptions can produce big swings in implied value—one reason targets vary widely across firms and why these stocks gap on headlines. [22]
- Financing/dilution fears: Quantum remains capital intensive. Even strong technology roadmaps can be overshadowed if the market expects equity raises.
- Theme rotation: Today’s bounce doesn’t erase the core point from today’s coverage: quantum stocks have been trading in the gravitational field of broader “AI bubble” sentiment, which can turn quickly. [23]
Bottom line at midday: a rebound attempt, powered by headlines—and a sector still priced on the future
At around midday on December 18, 2025, quantum computing stocks are higher across the board, with IonQ, D-Wave, Rigetti, and Quantum Computing Inc. all participating in a rebound attempt as traders digest a meaningful IonQ partnership extension, QUBT’s photonics acquisition plan, and a fresh wave of analyst framing that positions quantum as part of the next decade’s compute stack. [24]
For investors and readers following “quantum computing stocks” as an emerging theme, today is a reminder of the sector’s defining feature: the story can change quickly, and the stocks often move first—well before fundamentals settle the debate.
This article is informational and reflects publicly available reporting and market data as of the time noted above; it is not investment advice.
References
1. www.investopedia.com, 2. www.investopedia.com, 3. investors.ionq.com, 4. investors.ionq.com, 5. www.investopedia.com, 6. www.investopedia.com, 7. www.investopedia.com, 8. www.nasdaq.com, 9. www.nasdaq.com, 10. www.optica-opn.org, 11. www.investing.com, 12. www.investing.com, 13. www.marketbeat.com, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.defianceetfs.com, 19. www.investopedia.com, 20. www.nasdaq.com, 21. investors.ionq.com, 22. www.nasdaq.com, 23. www.investopedia.com, 24. investors.ionq.com
