Quantum Computing Stocks Rally 1,900% Amid Hype

Quantum computing stocks have surged over 1,900% in the past year despite minimal revenue and long commercialization timelines. Rigetti Computing and D-Wave Quantum each command valuations above $10 billion, trading at more than 500 times projected revenue and burning cash on R&D with limited commercial income. Investors liken the trend to early biotech, betting on breakthroughs in drug design, climate modeling and cryptography. Political and corporate backing has intensified: the Trump administration prioritized quantum computing, Fidelity invested in Quantinuum at a $10 billion valuation, and Google claims quantum supremacy. Yet, critics warn that frothy valuations and momentum-driven buying resemble past tech bubbles. Harrington Alpha’s Bruce Cox has shorted Rigetti amid a 34% pullback from recent highs, which erased about $12 billion in combined market value. Analyst sentiment remains largely positive—six of seven covering Rigetti and all ten covering D-Wave recommend buys—but extreme market volatility and uncertain product rollouts pose significant downside risk. Crypto traders should weigh the hype in quantum computing stocks against fundamentals and monitor developments in quantum cryptography that could affect blockchain security.