Quantum Computing Stocks IonQ, Rigetti, and D-Wave Have Soared Up to 72% in 7 Trading Sessions -- and You'll Likely Regret Chasing This Rally
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By Sean Williams – Apr 24, 2026 at 5:06AM ESTKey PointsPure-play quantum computing stocks are once again on fire, with shares of IonQ, Rigetti Computing, and D-Wave Systems soaring.However, history has proven unkind to game-changing technologies for more than three decades.Additionally, the barrier to entry in the quantum computing space may be considerably smaller than investors realize.Although artificial intelligence (AI) is Wall Street's largest addressable opportunity, it's not the only technological leap forward capturing the attention and capital of Wall Street and investors. The advent of quantum computing is also turning heads. Over seven trading days (from the closing bell on April 9 through the close on April 20), shares of pure-play quantum computing stocks IonQ (IONQ 7.82%), Rigetti Computing (RGTI 8.27%), and D-Wave Systems (QBTS 9.09%) soared by 72%, 37%, and 56%, respectively. Image source: Getty Images. Quantum computing stocks have given investors several reasons to be excited, including a sky-high addressable market of up to $850 billion by 2040, according to Boston Consulting Group, as well as several early stage partnerships. For instance, Amazon has given its Braket quantum cloud service customers access to quantum computers from IonQ, Rigetti, and D-Wave. Landing a member of the "Magnificent Seven" as a client is a big deal. But whether this short-term rally in pure-play quantum computing stocks has legs is a different story. Though growth stocks have exhibited exceptional strength in recent weeks, investors wagering on a continuation of this rally will likely be disappointed. Three reasons the quantum computing bubble appears destined to burst The biggest enemy for quantum computing stocks is history. Although several next-big-thing trends since the mid-1990s have been highly successful for investors over long periods, early stage bubbles have been a given. For decades, investors have been overestimating the adoption and/or optimization of game-changing technologies. Quantum computing faces issues on both fronts: quantum computers are still very early in their commercialization, and businesses are nowhere close to optimizing this technology to boost sales and profits. History suggests a quantum computing bubble-bursting event is inevitable. History also points to quantum computing stock valuations as unsustainable. IONQ PS Ratio data by YCharts. PS Ratio = price-to-sales ratio. Prior to the dot-com bubble bursting, companies at the leading edge of the internet-driven expansion, such as Cisco Systems and Microsoft, topped out at price-to-sales (P/S) ratios of 30 to 45. This arbitrary range has commonly served as a ceiling for next-big-thing stocks and alerted investors to bubbles in the making. As of April 20, IonQ, Rigetti Computing, and D-Wave Systems were sporting trailing 12-month P/S ratios of 106, 870, and 283, respectively. Even with high double-digit or triple-digit sales growth, these three stocks are the textbook example of bubble territory. But history isn't the only issue for IonQ, Rigetti, and D-Wave. The barrier to entry for pure-play quantum computing stocks may be considerably smaller than investors realize. ExpandNYSE: IONQIonQToday's Change(-7.82%) $-3.71Current Price$43.66Key Data PointsMarket Cap$16BDay's Range$41.92 - $47.8252wk Range$25.89 - $84.64Volume1.6MAvg Vol26MGross Margin-2267.11% This trio is currently losing money hand over fist and is reliant on dilutive share issuances to effectively keep the lights on. Meanwhile, most members of the Magnificent Seven have foundational operating segments, are highly profitable, and possess fortress-type balance sheets that allow them to make aggressive investments in game-changing technologies. For example, Microsoft and Alphabet have already debuted quantum processing units since late 2024. The point being that first-mover advantages in this space may be tenuous, at best. If you chase this rally in IonQ, Rigetti Computing, and D-Wave Systems, you'll likely regret it.Read NextApr 21, 2026 •By Keithen DruryWhere Will IonQ Be in 5 Years?Apr 18, 2026 •By Keithen Drury3 Red-Hot Growth Stocks That Could Turn $5,000 Into $50,000 by 2030Apr 17, 2026 •By Geoffrey SeilerBull vs Bear: Is IonQ Stock a Buy or Sell?Apr 17, 2026 •By Sean WilliamsWall Street's Biggest Bubble Stocks Are Bouncing Back (and I'm Not Talking About AI) -- Don't Take the BaitApr 16, 2026 •By Keithen DruryCould IonQ Be the Next Multibagger?Apr 15, 2026 •By Emma NewberyStock Market Today, April 15: IonQ Surges Over 20% on String of Good NewsAbout the AuthorSean Williams is a data-driven Motley Fool contributing analyst who's been investing for 27 years and has penned north of 15,000 articles. You'll find him at the intersection of politics and investing tackling macroeconomic topics of interest (Social Security and Donald Trump's economic/tax policies), analyzing which stocks billionaire investors (e.g., Warren Buffett) are buying and selling, and digging into how the world's most-influential businesses and trends -- everything from the evolution of artificial intelligence (AI) to the next stock split -- are changing Wall Street. He holds a B.A. in Economics from the University of California, San Diego.TMFUltraLongX@AMCScamStocks MentionedIonQNYSE: IONQ$43.66(-7.82%)-$3.71MicrosoftNASDAQ: MSFT$416.03(-3.90%)-$16.89AlphabetNASDAQ: GOOGL$338.89(-0.13%)-$0.43AmazonNASDAQ: AMZN$255.09(-0.11%)-$0.27Cisco SystemsNASDAQ: CSCO$88.59(-1.35%)-$1.21AlphabetNASDAQ: GOOG$337.75(+0.01%)+$0.02D-Wave QuantumNYSE: QBTS$19.31(-9.09%)-$1.93Rigetti ComputingNASDAQ: RGTI$16.82(-8.52%)-$1.57*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.