Quantum computing stocks are speculative, pre-profit bets, well outside core-portfolio territory, on a technology that even NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) CEO Jensen Huang once suggested is likely at least 15 years away from large-scale commercialization. All three names below routinely swing in double-digit percentages on no news and trade at extreme price-to-sales multiples that have been reported as high as ~109 for IonQ, ~836 for Rigetti, and ~791 for D-Wave by one source, with smaller but still extreme readings from others. Source variance is wide. Treat these as aggressive position-sized lottery tickets on a multi-year technology curve.
That said, the operating data underneath the hype has materially improved in 2026. Bookings, remaining performance obligations, and cash positions are stronger than at any prior point for the publicly traded quantum pure-plays. Here are three US-listed names worth a look in July for investors who can stomach the volatility.
IonQ (NYSE: IONQ)
IonQ (NYSE:IONQ) is the scale leader of the group, with a market cap of roughly $20.11 billion and the most aggressive revenue ramp. Q1 FY26 revenue hit $64.67 million, up 755% year over year, beating the midpoint of its own guidance by 30%. Management raised full-year guidance to $260 million to $270 million and pointed to organic growth above 100% YoY.
The bull case rests on three things. First, remaining performance obligations exploded to $470 million, up 554% YoY, providing real revenue visibility. Second, IonQ booked its first 256-qubit Tempo system sale to the University of Cambridge, signaling a shift from R&D-grade testing to commercial-scale systems. Third, the balance sheet shows $493.54 million in cash, plus the pending SkyWater acquisition expected to close in Q2 or Q3 2026. CEO Niccolo de Masi called it “the biggest quarter in our company’s history”.
Risk/caveat: This is a speculative, aggressive-investor-only position. The stock is already down 25% over the past month, and FY26 adjusted EBITDA loss guidance sits at negative $330 million to negative $310 million. Q1 stock-based compensation alone was $128.52 million, with operating cash burn of $151.02 million. Dilution risk is real.
Rigetti Computing (NASDAQ: RGTI)
Rigetti Computing (NASDAQ:RGTI) is the technology-purity bet. The company’s 108-qubit Cepheus-1-108Q system reached general availability across Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid this quarter, with median 99.8% two-qubit gate fidelity at 40-nanosecond gate speeds, and up to 99.9% on prototypes. Q1 FY26 revenue nearly tripled to $4.40 million from $1.47 million a year earlier.
The thesis: Rigetti’s chiplet-based superconducting architecture is producing measurable performance gains, and the balance sheet has $569 million in cash and investments with no debt, funding a planned $100 million UK investment over three to four years targeting a 1,000+ qubit system. CEO Subodh Kulkarni described Cepheus-1-108Q as “one of the most powerful generally available gate-based quantum computers in the world.” Market cap sits at roughly $6.35 billion, the smallest of the three.
Risk/caveat: Aggressive-investor-only. Revenue is still tiny relative to valuation, operating losses widened to $25.95 million and insider activity raises eyebrows. CTO David Rivas disposed of 499,328 shares at $25.396 on May 29, and Director Ray Johnson sold over 207,000 shares in early-to-mid June. Shares are down about 12% year to date.
D-Wave Quantum (NYSE: QBTS)
D-Wave Quantum (NYSE:QBTS) is the dual-modality wildcard. It is the only company pursuing both annealing and gate-model quantum computing, and the bookings line is exploding. Q1 FY26 bookings reached $33.40 million, up nearly 2,000% YoY, anchored by a $20 million Florida Atlantic University system deal and a $10 million Fortune 100 QCaaS agreement. Remaining performance obligations jumped to $42.40 million, up 563% YoY.
Headline revenue of $2.86 million was down 81% YoY, but the decline is mechanical: the prior-year period included a $12.6 million system sale. The Quantum Circuits acquisition accelerates the gate-model roadmap toward a 17-qubit dual-rail system in 2026 and 100 logical qubits targeted by 2032, while the Advantage3 annealer aims at 100,000 qubits. Cash stood at $588.4 million, with market cap near $8.79 billion. CEO Alan Baratz said the company is “uniquely positioned to participate in the full addressable quantum computing market.”
Risk/caveat: Speculative, aggressive-investor-only. Revenue is lumpy and dependent on large discrete system sales. Adjusted EBITDA loss widened to negative $32.8 million from negative $6.1 million and GAAP operating expenses rose 125% YoY. Shares are down about nearly 9% over the past month.
What to watch in July
Position sizing is the entire game here. The June drawdowns across all three (IonQ down 25%, Rigetti down 24%, D-Wave down 21% on the month) underscore how quickly sentiment shifts. Q2 earnings in early August will test whether the bookings momentum is durable or whether the sector is repricing toward the longer commercialization timeline that skeptics keep flagging. Keep an eye on the stock action around any government contract announcements and any updates on the SkyWater and Quantum Circuits integrations.
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