IonQ (NYSE:IONQ | IONQ Price Prediction) shares are down roughly 7%, D-Wave Quantum (NYSE:QBTS) stock is off 8%, and shares of Rigetti Computing (NASDAQ:RGTI) and Quantum Computing (NASDAQ:QUBT) are dropping 10%. No single company-specific catalyst is driving the move.
All four names reported earnings over the past two weeks with strong revenue growth and bullish commentary, fueling a sector rally that now appears to be unwinding. Even IonQ, which entered today up 20.1% over the past month and up 15.8% year to date, is selling off alongside weaker peers like D-Wave and Rigetti.
The one-year picture remains constructive. IonQ shares were up 59.7% over the past year, D-Wave Quantum up 84.5%, Rigetti up 54.7%, and Quantum Computing up 13.7%. Today’s drawdown trims those gains but doesn’t break the longer-term uptrend.
Profit-Taking After a Hot Run
Technical readings support the profit-taking thesis. IonQ’s 14-day RSI peaked at 77.95 on April 20 and spent seven consecutive sessions in overbought territory before fading to 58.58 by May 15. Quantum Computing’s RSI hit 71.09 on May 12 before dropping to 56.61 three sessions later, a rapid momentum reversal.
D-Wave’s RSI collapsed from 66.09 on May 11 to 50.19 by May 15, consistent with today’s weakness. Rigetti’s RSI slid from 63.88 on May 11 to a neutral 49.99 by May 15. With each name shedding overbought conditions in lockstep, today’s price action reflects coordinated risk-off across the quantum basket rather than idiosyncratic moves.
IonQ’s Moving Average Convergence Divergence (MACD) histogram peaked at 0.83 on May 12 before contracting to 0.41 by May 15. That’s a classic sign that bullish momentum is fading even as the MACD line remains above its signal.
Earnings Were Mostly Strong
IonQ reported Q1 2026 revenue of $64.67 million, up 755% year over year and raised full-year guidance to $260 million to $270 million. CEO Niccolo de Masi called it the “fourth consecutive quarter of record-breaking results.”
D-Wave disclosed Q1 2026 revenue of $2.86 million, down 81% year over year against a tough prior comp, but bookings surged 2,000% to $33.4 million. The company closed its acquisition of Quantum Circuits and has an Investor Day scheduled at the NYSE on June 1.
Rigetti revealed Q1 2026 revenue of $4.4 million, nearly tripling year over year, with a non-GAAP loss of $0.04 per share and a $569 million cash position. Quantum Computing posted Q1 2026 revenue of $3.69 million, up 5,950% and beat EPS estimates.
Competitive Overhang and Valuation Reset
Quantinuum is reportedly preparing an IPO, introducing a better-capitalized pure-play competitor to public markets. Infleqtion is also moving toward a public listing. Big-tech incumbents pose a bigger long-term threat, operating their own quantum hardware programs with vastly larger R&D budgets than these pure-plays can field.
Valuation concerns persist with these quantum computing stocks. For example, Rigetti trades at a price-to-sales ratio of 592x and D-Wave trades at 606x, leaving little margin for execution slippage.
D-Wave holds $588.4 million in cash following capital raises, while Rigetti holds $569 million with no debt. That liquidity buys runway, yet each stock-funded spending round dilutes existing shareholders, a recurring complaint among quantum investors.
What to Watch
D-Wave’s Investor Day on June 1 is the next scheduled catalyst, and any roadmap or commercial update could reset sentiment. Watch for whether IonQ stabilizes by the close.
Analyst sentiment remains constructive. IonQ carries an average price target of $66 against 11 buy or strong buy ratings, D-Wave’s consensus sits at $35 with 13 buy or strong buy calls, Rigetti’s target is $29, and Quantum Computing’s is $18.
Prudent investors may want to size positions modestly here. The long-term quantum thesis is intact and the named pure-plays have real technical IP, yet cash burn, dilution, and incumbent competition are durable risks that won’t resolve in a single trading session.
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