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Quantum Stocks Near Q3 Finish Line: How IONQ, RGTI & QBTS Are Faring
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Key Takeaways
IonQ enters Q3's final stretch after the SkyWater deal, Superion 256 launch and new revenue outlook.
D-Wave's bookings surged 1,120% in the first half, while CHIPS funding supports its quantum ambitions.
Rigetti secured up to $100 million in CHIPS funding and built a team to scale on-premises deployments.
The quantum-computing industry is approaching the end of the third quarter with a striking disconnect. Commercial and technological progress has accelerated while pure-play quantum stocks have struggled to sustain their earlier valuations. IonQ (IONQ - Free Report) , Rigetti Computing (RGTI - Free Report) and D-Wave Quantum (QBTS - Free Report) have all announced significant developments since reporting second-quarter results, yet their shares have remained highly sensitive to concerns about the pace of commercialization and interest rate-related updates.
The broader backdrop has not been particularly supportive. The Federal Reserve raised the federal funds target range to 3.75%-4% on Sept. 16, while its September projections put the median year-end 2026 rate at 4.1%, above the 3.8% projection in June. Meanwhile, August CPI rose 3.4% year over year, with core CPI up 2.4%. These conditions keep financing costs and discount rates elevated for companies whose cash flows remain heavily weighted toward the future.
Q3 Stock Performance So Far
Image Source: Zacks Investment Research
Q3 Brings Policy Support Despite Tough Macro Conditions
The quarter has nevertheless produced stronger government support for quantum commercialization. On Sept. 8, the Commerce Department finalized up to $100 million in CHIPS R&D awards each for Rigetti and D-Wave, targeting superconducting quantum technologies, fabrication and packaging. The Department of Energy subsequently launched its Quantum Genesis Q Competition, with up to $215 million in planned funding to accelerate fault-tolerant quantum systems, alongside another $45 million testbed initiative.
The industry also gained a new public-market benchmark. Quantinuum completed its traditional IPO in the second quarter, raising $1.7 billion, and entered the third quarter with $2.1 billion in cash and short-term investments as of June 30. Its second-quarter revenues rose 279% year over year to $8 million. In September, it finalized another $100 million CHIPS award. The combination of an IPO, fresh capital and government-backed manufacturing programs indicates that funding for quantum development remains available even as investors become more selective.
How Quantum Stocks Are Progressing in Q3
IonQ: It enters the final stretch of the third quarter with a significant change in its financial outlook. It completed the SkyWater acquisition on July 31, adding semiconductor manufacturing and advanced packaging capabilities to its quantum platform. On Sept. 8, IonQ updated its 2026 revenue outlook to $450-$460 million, including SkyWater's contribution from the acquisition date through year-end.
The company also launched its Superion 256 platform, with first customer deliveries expected in 2027. On Sept. 23, IonQ announced that a Superion 256 system is scheduled to be installed at NVIDIA's Accelerated Quantum Research Center in 2027 and connected to NVIDIA's GB200 NVL72 infrastructure.
The quality of IonQ's Q3 performance will largely hinge on whether its expanded manufacturing capabilities, Superion 256 launch and strategic partnerships begin translating into stronger commercial momentum and revenue growth. This Zacks Rank #4 (Sell) stock has declined 17.3% so far during the third-quarter months. However, the Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 22 cents per share, indicating a 93.9% improvement year over year.
D-Wave: It approaches the quarter-end with a key focus on converting its strong booking pipeline into reported revenues. First-half bookings reached $35.5 million, up 1,120% year over year, while production applications accounted for 37.3% of first-half QCaaS revenues. The company also received up to $100 million in CHIPS R&D funding and reported a Nature-published advance involving its superconducting dual-rail architecture and quantum error correction.
These developments strengthen its longer-term technology and funding position, but third-quarter revenues and customer conversion will remain important indicators of whether the booking momentum is translating into financial performance. This Zacks Rank #4 stock has declined 28.5% so far during the third-quarter months. However, the Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 9 cents per share, indicating a 78.1% improvement year over year.
Rigetti: Its third-quarter story has centered more on government-backed technology investment and commercialization infrastructure than near-term revenue acceleration. The Commerce Department finalized up to $100 million in CHIPS R&D funding for the company in September, supporting superconducting quantum-computing development, including fabrication and related technologies. Rigetti also established a dedicated Systems Delivery organization in August to scale on-premises customer deployments. With $541.3 million in cash and investments as of June 30, the company has resources to advance its roadmap.
Rigetti's third-quarter results will largely depend on whether its increased investment in technology and deployment capabilities begins to translate into stronger customer activity and revenue growth. This Zacks Rank #5 (Strong Sell) stock has declined 14.4% so far during the third-quarter months. The Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 5 cents per share, indicating a 66.7% wider loss year over year.
View the Zacks #1 Rank List
Image: Shutterstock
Quantum Stocks Near Q3 Finish Line: How IONQ, RGTI & QBTS Are Faring
Key Takeaways
The quantum-computing industry is approaching the end of the third quarter with a striking disconnect. Commercial and technological progress has accelerated while pure-play quantum stocks have struggled to sustain their earlier valuations. IonQ (IONQ - Free Report) , Rigetti Computing (RGTI - Free Report) and D-Wave Quantum (QBTS - Free Report) have all announced significant developments since reporting second-quarter results, yet their shares have remained highly sensitive to concerns about the pace of commercialization and interest rate-related updates.
The broader backdrop has not been particularly supportive. The Federal Reserve raised the federal funds target range to 3.75%-4% on Sept. 16, while its September projections put the median year-end 2026 rate at 4.1%, above the 3.8% projection in June. Meanwhile, August CPI rose 3.4% year over year, with core CPI up 2.4%. These conditions keep financing costs and discount rates elevated for companies whose cash flows remain heavily weighted toward the future.
Q3 Stock Performance So Far
Image Source: Zacks Investment Research
Q3 Brings Policy Support Despite Tough Macro Conditions
The quarter has nevertheless produced stronger government support for quantum commercialization. On Sept. 8, the Commerce Department finalized up to $100 million in CHIPS R&D awards each for Rigetti and D-Wave, targeting superconducting quantum technologies, fabrication and packaging. The Department of Energy subsequently launched its Quantum Genesis Q Competition, with up to $215 million in planned funding to accelerate fault-tolerant quantum systems, alongside another $45 million testbed initiative.
The industry also gained a new public-market benchmark. Quantinuum completed its traditional IPO in the second quarter, raising $1.7 billion, and entered the third quarter with $2.1 billion in cash and short-term investments as of June 30. Its second-quarter revenues rose 279% year over year to $8 million. In September, it finalized another $100 million CHIPS award. The combination of an IPO, fresh capital and government-backed manufacturing programs indicates that funding for quantum development remains available even as investors become more selective.
How Quantum Stocks Are Progressing in Q3
IonQ: It enters the final stretch of the third quarter with a significant change in its financial outlook. It completed the SkyWater acquisition on July 31, adding semiconductor manufacturing and advanced packaging capabilities to its quantum platform. On Sept. 8, IonQ updated its 2026 revenue outlook to $450-$460 million, including SkyWater's contribution from the acquisition date through year-end.
The company also launched its Superion 256 platform, with first customer deliveries expected in 2027. On Sept. 23, IonQ announced that a Superion 256 system is scheduled to be installed at NVIDIA's Accelerated Quantum Research Center in 2027 and connected to NVIDIA's GB200 NVL72 infrastructure.
The quality of IonQ's Q3 performance will largely hinge on whether its expanded manufacturing capabilities, Superion 256 launch and strategic partnerships begin translating into stronger commercial momentum and revenue growth. This Zacks Rank #4 (Sell) stock has declined 17.3% so far during the third-quarter months. However, the Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 22 cents per share, indicating a 93.9% improvement year over year.
D-Wave: It approaches the quarter-end with a key focus on converting its strong booking pipeline into reported revenues. First-half bookings reached $35.5 million, up 1,120% year over year, while production applications accounted for 37.3% of first-half QCaaS revenues. The company also received up to $100 million in CHIPS R&D funding and reported a Nature-published advance involving its superconducting dual-rail architecture and quantum error correction.
These developments strengthen its longer-term technology and funding position, but third-quarter revenues and customer conversion will remain important indicators of whether the booking momentum is translating into financial performance. This Zacks Rank #4 stock has declined 28.5% so far during the third-quarter months. However, the Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 9 cents per share, indicating a 78.1% improvement year over year.
Rigetti: Its third-quarter story has centered more on government-backed technology investment and commercialization infrastructure than near-term revenue acceleration. The Commerce Department finalized up to $100 million in CHIPS R&D funding for the company in September, supporting superconducting quantum-computing development, including fabrication and related technologies. Rigetti also established a dedicated Systems Delivery organization in August to scale on-premises customer deployments. With $541.3 million in cash and investments as of June 30, the company has resources to advance its roadmap.
Rigetti's third-quarter results will largely depend on whether its increased investment in technology and deployment capabilities begins to translate into stronger customer activity and revenue growth. This Zacks Rank #5 (Strong Sell) stock has declined 14.4% so far during the third-quarter months. The Zacks Consensus Estimate for third-quarter 2026 bottom line is pegged at a loss of 5 cents per share, indicating a 66.7% wider loss year over year.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.