Overview
- Shares of IonQ, Rigetti, D‑Wave, and Quantum Computing Inc. posted extreme gains in 2025, at times up about 5,400% on a trailing 12‑month basis.
- High‑profile investors are favoring a major household‑name tech company for quantum exposure rather than betting on the smaller pure‑play developers.
- Financial strain remains pronounced: Rigetti reported negative free cash flow of $67.6 million over the last year and IonQ burned $263.6 million, following 2025 equity raises of $350 million and $2 billion, respectively.
- Insider trading activity in these hot quantum names has been flagged in coverage as a worrisome signal for investors.
- Strategies continue to diverge, with D‑Wave focusing on quantum annealing, skipping a DARPA project, and pursuing optimization uses such as its Classiq partnership supporting Comcast’s broadband network lab.