Pure-play quantum computing equities such as D-Wave Quantum (QBTS Quick QuoteQBTS - Free Report) and Rigetti Computing (RGTI Quick QuoteRGTI - Free Report) spent the first quarter of 2026 under pressure, reflecting a broader risk-off environment that weighed heavily on high-duration, pre-profit technology assets. During the January-March quarter, both stocks declined sharply, QBTS by 44.9% and RGTI by 36.7%, as elevated interest rates, inflation concerns and tighter financial conditions reduced investor appetite for speculative growth stocks. This trend was consistent with wider drawdowns across emerging technology segments, particularly those with longer commercialization timelines.

However, April marked a notable shift in sentiment. Despite little immediate change in macroeconomic indicators, QBTS rebounded 26.6% and RGTI gained 14.5% month to date. This divergence suggests that capital is beginning to rotate back into quantum computing, driven less by macro relief and more by structural and thematic catalysts.

QBTS: RGTI- April 2026 Stock Performances

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AI Integration and Policy Tailwinds Revive Interest in QBTS, RGTI

A key factor behind this renewed interest is the increasing convergence of quantum computing and artificial intelligence. Recent developments by major technology players like NVIDIA (NVDA Quick QuoteNVDA - Free Report) and Cisco Systems (CSCO Quick QuoteCSCO - Free Report) have supported the long-term relevance of quantum systems within next-generation computing stacks. underscoring the value of hybrid quantum-classical architectures, where quantum processors work alongside classical computing and AI systems. NVIDIA’s focus on integrating quantum workflows with accelerated computing platforms and Cisco’s exploration of quantum networking and infrastructure point to a future where quantum is not standalone but part of a broader computing stack. This approach improves near-term usability and strengthens long-term relevance.

At the same time, ongoing government-backed initiatives, such as national quantum programs in the United States, Europe and China, continue to provide foundational support through funding, research infrastructure and public-private collaboration.

Against this backdrop, the April recovery in QBTS and RGTI appears less speculative and more indicative of a reviving market narrative.

D-Wave Near-Term Outlook: Bookings vs. Volatility

D-Wave’s first-quarter 2026 results (to be released on May 12) are expected to reflect a growing commercial footprint, with more than 100 enterprise, government and research customers using its systems and cloud-based Leap platform, signaling steady adoption of its annealing and hybrid solutions. Investor sentiment is supported by early 2026 bookings of roughly $32.8 million and a strong liquidity position, suggesting improving demand visibility and sufficient capital to fund operations and R&D.

While first-quarter revenue expectations remain modest, the focus will be on bookings conversion and enterprise deal momentum rather than near-term profitability. Over the next few months, with initiatives such as continued emphasis on dual-platform (annealing + gate-model) capabilities, D-Wave appears positioned to support its commercialization agenda through 2026, although execution risks and lumpy revenue recognition may continue to drive volatility.

Meanwhile, the Zacks Consensus Estimate for the first-quarter earnings is pegged at a loss of 8 cents per share (300% wider year over year) on revenues of $5 million (a 66.6% projected decline year over year).

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Rigetti Near-Term Outlook: Technical Progress Amid Timing Challenges

Rigetti is set to report its first-quarter 2026 results on May 11. The company has emphasized progress in its superconducting, gate-based architecture, including advancements toward its 108-qubit Cepheus system, though earlier press updates indicate delays to ensure performance and fidelity targets are met. This highlights strong technical progress offset by execution timing risks.

Over the next few months, its stock performance is likely to remain sensitive to updates on system commercialization and partnerships. For 2026, Rigetti’s outlook depends heavily on translating its modular architecture into scalable, revenue-generating deployments, making technological execution, rather than macro factors, the key.

The Zacks Consensus Estimate for first-quarter earnings is pegged at a loss of 5 cents per share (37.5% narrower year over year) on revenues of $3.3 million (a 128.8% projected improvement year over year).

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Short-Term Price Target: QBTS, RGTI

QBTS: Based on short-term price targets offered by 14 analysts, the average price target represents an increase of 102.1% from the last closing price.

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RGTI: Based on short-term price targets offered by 11 analysts, the average price target represents an increase of 92.79 from the last closing price.

Image Source: Zacks Investment Research

Our Take

While near-term outlooks are likely to remain uneven, improving investor sentiment driven by AI-quantum convergence, government support and rising enterprise interest provides a constructive backdrop for these two Zacks Rank #3 (Hold) stocks. D-Wave’s growing bookings momentum and commercial traction, alongside Rigetti’s advancing technology roadmap, support long-term optionality. However, execution risks, timing uncertainties and volatile revenue recognition warrant caution. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.