Sep. 1 at 11:56 PM
$RGTI
The biggest risk for quantum computing stocks is their high valuations, even compared to other types of risky technology stocks. Software companies such as C3.ai (NYSE: AI) and BigBear.ai (NYSE: BBAI) are also losing money and depend on future growth, but they trade at 6.9 times and 10.1 times forward sales, respectively.
IonQ has stronger commercial traction than most pure-play quantum computing companies. Its revenue jumped 287% year over year to
$80.1 million in the second quarter. Its remaining performance obligations (RPO), a measure of contracted revenue that has not yet been recognized, rose 297% year over year to
$485 million. Management now expects revenues for 2026 in the range of
$280 million to
$290 million, up from the previous guidance range of
$260 million to
$270 million.
Despite this solid performance, IonQ is trading at nearly 52 times forward sales. Hence, the stock is already pricing in significant anticipated future growth, leaving less of a cushion if it has execution problems, or if investors become more cautious about speculative technology stocks.
Rigetti Computing's valuation looks even more demanding. It trades at more than 223 times forward sales. Rigetti Computing generated only
$5.1 million in revenue in the second quarter while posting a
$28.1 million operating loss.
D-Wave Quantum trades at nearly 148.8 times forward sales. The company's second-quarter revenue was only
$3.1 million. However, there are signs that demand is improving. The company's remaining performance obligations were up 668% year over year to
$40.7 million, while bookings in the first half of 2026 rose 1,120% year over year to
$35.5 million.
https://www.nasdaq.com/articles/prediction-if-september-sell-hits-speculative-ai-stocks-quantum-computing-falls-first
$IONQ $QBTS $INFQ
