NEW YORK — Dec. 16, 2025 (early afternoon ET) — Quantum computing stocks are back in the spotlight Tuesday as a fresh wave of Wall Street coverage lands on the sector and deal news adds another catalyst for the most speculative names. The headline driver: Jefferies initiated coverage on key “pure-play” quantum computing companies, handing Buy ratings to IonQ (IONQ) and D-Wave Quantum (QBTS) while starting Rigetti (RGTI) at Hold. [1]
The moves are happening even as the broader market trades with a cautious tone after economic data, with IonQ specifically highlighted among notable movers on the day. [2]
Quantum stocks snapshot (U.S.-listed) — prices as of ~2:26 p.m. ET
Below are the latest available quotes near early afternoon trading:
- IonQ (IONQ): $48.96, up ~$2.89 (+~6.27%); day range $45.65–$49.46; volume ~10.9M
- D-Wave Quantum (QBTS): $24.92, up ~$1.18 (+~4.97%); day range $23.37–$25.295; volume ~18.7M
- Rigetti (RGTI): $23.56, up ~$0.03 (+~0.13%); day range $23.00–$24.36; volume ~18.8M
- Quantum Computing Inc. (QUBT): $11.17, up ~$0.26 (+~2.38%); day range $10.72–$11.31; volume ~10.2M
- Arqit Quantum (ARQQ): $24.45, up ~$0.10 (+~0.41%); day range $23.75–$25.12; volume ~269K
Why this matters: In a theme-driven corner of the market like quantum, analyst initiations can move stocks quickly—especially when the float is smaller, the narratives are powerful, and the investor base is heavy on momentum and “future tech” positioning.
The big catalyst today: Jefferies launches coverage on quantum pure plays
Jefferies’ initiation is straightforward but influential: it’s a major sell-side firm putting a framework around a sector that many investors admit is hard to value today.
Jefferies’ calls (Dec. 16, 2025)
- IonQ (IONQ): Buy, $100 price target [3]
- D-Wave Quantum (QBTS): Buy, $45 price target [4]
- Rigetti (RGTI): Hold, $30 price target [5]
Using the early-afternoon prices above, those targets imply potential upside of roughly:
- IONQ: ~$100 vs. ~$48.96 (about +104%) [6]
- QBTS: ~$45 vs. ~$24.92 (about +81%) [7]
- RGTI: ~$30 vs. ~$23.56 (about +27%) [8]
These aren’t “forecasts” in the sense of guaranteed outcomes—rather, they’re Jefferies’ base-case valuation and execution assumptions for a sector where adoption timing is still debated.
What Jefferies is betting on — and what it’s warning about
D-Wave (QBTS): near-term “use cases” first, plus a longer runway
Jefferies’ thesis emphasizes D-Wave’s focus on quantum annealing for optimization problems today, alongside a longer-term push into gate-based quantum computing. It also points to the commercial availability of D-Wave’s Advantage2 system as a key element supporting customer education, bigger experimentation budgets, and pilots that can eventually convert into production workloads. [9]
Jefferies also flags balance-sheet positioning heading into 2026—citing substantial cash, limited debt, and a simplified equity structure after warrant redemptions—as strategic flexibility while the company executes its roadmap. [10]
Investor takeaway: The “D-Wave case” is often about whether optimization workloads + an enterprise on-ramp can produce enough real commercial pull before the market demands fault-tolerant gate-model breakthroughs.
IonQ (IONQ): trapped-ion differentiation and a push toward fault tolerance
On IonQ, Jefferies highlights the company’s trapped-ion architecture, arguing it offers advantages in coherence, fidelity, and connectivity. [11]
Just as importantly for long-term investors, Jefferies frames IonQ’s roadmap as increasingly geared toward fault-tolerant systems, with milestones targeting hundreds of qubits in the nearer term and a path toward large-scale logical qubits later in the decade. It also notes IonQ’s expansion beyond computing into quantum networking and sensing, supported by government and enterprise partnerships. [12]
Investor takeaway: If you’re buying IonQ on the “next platform shift” story, today’s coverage is a reminder that the market is rewarding clear roadmaps—and punishing anything that looks like perpetual R&D without a commercialization bridge.
Rigetti (RGTI): promising tech, but execution and revenue-mix concerns
Jefferies started Rigetti at Hold, describing a more balanced risk/reward profile. While acknowledging progress (including chiplet-based architecture), it flags execution risk and a revenue mix that remains heavily weighted toward government contracts. Jefferies also notes that past roadmap delays mean sustained delivery is critical to rebuild credibility, even with strong liquidity supporting ongoing investment. [13]
Investor takeaway: Rigetti still trades as a high-beta quantum proxy, but today’s initiation underscores what skeptics focus on: delivery consistency and repeatable commercial revenue beyond government-heavy mixes.
Deal-driven headline: Quantum Computing Inc. (QUBT) and the Luminar Semiconductor acquisition
While IONQ/QBTS/RGTI are moving on analyst coverage, Quantum Computing Inc. (QUBT) remains in focus because of an acquisition tied to a very different headline: bankruptcy proceedings at Luminar Technologies.
What’s been announced
Quantum Computing Inc. said it signed an agreement to acquire Luminar Semiconductor, Inc. (LSI)—a wholly owned subsidiary of Luminar Technologies—in an all-cash transaction valued at $110 million, subject to customary adjustments. QCi says the acquisition would bring core photonic technologies, patents, and engineering talent, strengthening supply chain depth and accelerating compact, integrated quantum systems aimed at commercial deployment. [14]
From Luminar’s side, the company publicly announced it initiated voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas and described a court-supervised sale process. Luminar said it had an agreement for QCi to purchase the equity of LSI for $110 million in cash, subject to higher or better offers under a Section 363process. It also outlined a proposed timeline anticipating completion by the end of January 2026, subject to court approval and other customary conditions. [15]
Major media also reported the Chapter 11 filing and connected it directly to QCi’s planned purchase of Luminar Semiconductor. [16]
What QUBT investors are really weighing today
This is not a typical “quantum acquires quantum” deal—it’s quantum optics / photonics capability being acquired out of a distressed situation. The bull case is that QCi is buying industrial photonics assets and talent that can accelerate productization; the bear case is that anything touching a bankruptcy process can introduce timing risk, process risk, and headline volatility.
For investors who follow sell-side targets, aggregated analyst forecasts currently show a wide target range on QUBT, with some services listing an average target in the low-to-mid $20s (with wide dispersion). [17]
(Note: target-price aggregations vary by source and update cadence.)
The debate widens: are quantum pure plays the “right” way to invest?
Today’s price action and research notes land in a market that is already split into two camps:
Camp 1: “Buy the picks-and-shovels—Big Tech is the safer quantum exposure”
A MarketWatch analysis argues that as quantum approaches commercial viability, Big Tech may be the smarter routefor most investors because pure plays can be volatile and revenue-light. It points to major platforms and players such as Microsoft, Alphabet (Google), and IBM, and cites an estimate of the global quantum industry reaching $97 billion by 2035, with computing as the dominant component. [18]
How that changes the playbook: If your goal is exposure to quantum’s upside without the single-name execution risk, this view favors diversified cash-flow machines that can fund quantum R&D through cycles.
Camp 2: “Valuation risk is real—today’s market caps may be pricing in too much”
Two separate Seeking Alpha contributor analyses published today underscore a key tension: the market is trading quantum pure plays as if commercialization is nearer than many fundamentals suggest.
- One analysis argues IonQ’s share price surge may overstate future revenue opportunities, suggesting the company’s market cap can exceed estimated total addressable market and warning that early wins don’t guarantee long-term success. [19]
- Another points to IonQ’s acquisition-driven growth strategy and flags shareholder dilution, a higher cash balance, a larger adjusted EBITDA loss estimate, and a valuation framed as very rich versus forward revenue targets. [20]
Practical takeaway: Even investors who believe in quantum as a 2030s story are increasingly forced to answer a 2025 question: how much future is already priced in today?
Camp 3: “Quantum isn’t ‘product’ yet—some investors are too early”
A TipRanks feature citing an interview with deep-tech fund manager Pablos Holman argues quantum is still stuck in an “invention gap” between lab research and real-world use—more science than engineering—and notes that classical computing is advancing rapidly, potentially reducing near-term urgency for quantum in some applications. The piece also suggests quantum sensing may be closer to market demand than general-purpose quantum computing hardware. [21]
Why this resonates now: It’s a reminder that “quantum” is not one market—computing, networking, sensing, and security each have different adoption curves, customers, and commercialization timelines.
What to watch next (the short list for the rest of 2025 and into early 2026)
If you’re tracking quantum stocks as a sector rather than as isolated tickers, the next catalysts typically fall into a few buckets:
- Pilot-to-production conversions
Jefferies’ central idea is that enterprise experimentation is rising and can translate into more durable commercial opportunities—especially if pilots become repeatable workloads. [22] - Hardware roadmap execution (and credibility)
Roadmaps matter—but delivery matters more. Jefferies explicitly flags this for Rigetti, pointing to the importance of sustained execution after past delays. [23] - Balance-sheet strategy vs. dilution risk
Quantum companies often fund long R&D cycles with capital raises and stock issuance; commentary today highlights how dilution and cash needs can collide with premium valuations. [24] - The QUBT–Luminar Semiconductor transaction timeline
Luminar’s filings and press releases describe a court-supervised sale process targeting completion by late January 2026, subject to approvals and bidding procedures. That makes the next several weeks a key window for headlines that can move both LAZR and QUBT. [25] - “Who should own quantum?” institutional positioning
MarketWatch’s framing—Big Tech as the steadier quantum bet—matters because institutional flows can reshape how the market values pure plays versus platform incumbents. [26]
Bottom line for quantum stocks today
Quantum stocks are trading like a classic emerging-tech theme: big narratives, thin certainty, and fast-moving sentiment. Today’s action is being driven less by new lab breakthroughs and more by Wall Street coverage and corporate deal mechanics—the kind of catalysts that can amplify momentum in both directions.
Jefferies’ initiation gives bulls a clean talking point (named winners and price targets), while a steady stream of commentary highlights the counterweight: commercial timelines, valuation, and dilution risk. [27]
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
References
1. www.investing.com, 2. www.barrons.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.investing.com, 8. www.investing.com, 9. www.investing.com, 10. www.investing.com, 11. www.investing.com, 12. www.investing.com, 13. www.investing.com, 14. quantumcomputinginc.com, 15. investors.luminartech.com, 16. www.wsj.com, 17. www.marketbeat.com, 18. www.marketwatch.com, 19. seekingalpha.com, 20. seekingalpha.com, 21. www.tipranks.com, 22. www.investing.com, 23. www.investing.com, 24. seekingalpha.com, 25. investors.luminartech.com, 26. www.marketwatch.com, 27. www.investing.com
