Quantum Computing Stocks IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. Have Served Up an $840 Million Warning for Wall Street

Although artificial intelligence (AI) has been Wall Street's No. 1 catalyst over the last three years, AI stocks took a back seat to an even hotter group of stocks in 2025.

On a trailing 12-month basis at select points last year, shares of pure-play quantum computing stocks IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), and Quantum Computing Inc. (NASDAQ: QUBT) had risen by up to 5,400%! Investors who had the conviction to pile into early stage quantum computing stocks in mid-to-late 2024 generated potentially life-altering gains.

Utilizing specialized quantum computers to solve complex problems that classical computers aren't capable of is a global addressable opportunity that could reach $1 trillion by 2035, according to online publication The Quantum Insider. But while this technology demonstrates plenty of promise, the people who know IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. best have given Wall Street and investors reason to be skeptical.

Image source: Getty Images.

Quantum computing stocks went parabolic in 2025

Aside from the sizable long-term addressable opportunity for quantum computing, what's arguably excited investors most is the potential for these pure-play stocks to land high-profile clients or forge brand-name partnerships.

For example, subscribers to Amazon's Braket service and Microsoft's Quantum Azure have access to IonQ's and Rigetti's quantum computers. Subscribers can utilize this service to run rapid simulations or to test their quantum hardware. Aside from generating early stage revenue, IonQ and Rigetti are earning recognition for their innovations by some of Wall Street's most influential businesses.

Meanwhile, D-Wave Quantum partnered with privately held Classiq in September to assist legacy media goliath Comcast with a quantum lab to improve broadband network management. Although AI is already helping Comcast manage the performance of its network, quantum computers can enhance these benefits.

Quantum computing pure-play stocks also soared during the fourth quarter of 2025 following the release of a report from JPMorgan Chase, which outlined its $1.5 trillion Security and Resiliency Initiative. The nation's largest bank by total assets plans to "facilitate, finance and invest in industries critical to national economic security and resiliency," with these investments occurring over 10 years.

Although JPMorgan Chase didn't specify any companies in its report, 27 sub-areas were initially identified as meeting the criteria of being important to economic security and resiliency. One of these 27 sub-areas mentioned was quantum computing.

Lastly, investors appear to be enamored with the sustained triple-digit annual sales growth potential of IonQ, Rigetti, D-Wave, and Quantum Computing Inc. Keeping in mind that Wall Street analyst estimates are highly fluid for early stage companies, Rigetti Computing is expected to see its sales climb from less than $8 million in 2025 to $152 million by 2029. As for D-Wave Quantum, its full-year revenue is projected to rise from less than $26 million in 2025 to $219 million in 2029.

Though quantum computing might look like a can't-miss opportunity for Wall Street and investors, the actions of insiders tell a different story.

Image source: Getty Images.

Quantum computing insiders have a potentially stark warning for Wall Street

An "insider" is a high-ranking company executive, member of the board of directors, or beneficial shareholder who may have non-public information. Insiders are required to report all of their trading activity (via Form 4 to the Securities and Exchange Commission), including the buying and selling of their company's stock, as well as the exercising of options, within two business days of a transaction.

Although insider buying and selling activity isn't always meaningful, sometimes it can tell quite a story.

Over the trailing three-year period, as of Jan. 9, 2026, Form 4 filings show that quantum computing stock insiders have been decisive sellers of their respective company's shares:

• IonQ: $460.8 million in net selling activity
• Rigetti Computing: $53.5 million in net selling activity
• D-Wave Quantum: $292 million in net selling activity
• Quantum Computing Inc.: $33.2 million in net selling activity

In aggregate, quantum computing pure-play insiders have disposed of approximately $840 million more in stock than they've purchased over the last three years.

However, the above data deserves an asterisk. The reason is that most high-ranking executives and board members are primarily compensated in stock and options. To cover their federal and/or state tax liability, it's perfectly normal for insiders to sell a portion of their stock holdings. Selling for tax reasons or to diversify their portfolio isn't worrisome for investors.

But there's another side to insider trading activity that should be explored -- the buy side. While there are several reasons for insiders to sell, not all of which are nefarious, the only reason to buy shares is if they expect their company's stock to head higher.

Form 4 filings show there's been little in the way of insider buying activity for these pure-play stocks. Quantum Computing Inc. and Rigetti Computing have had no insider buying over the trailing three-year period. Meanwhile, D-Wave Quantum's insider buying is limited to an 82-share purchase totaling just $2,195 from a director.

Insiders not buying can serve as a warning that shares of these companies aren't attractive following their parabolic ascent in 2025. All four are trading at astronomical price-to-sales (P/S) ratios that historically can't be justified. Even if investors choose to use analysts' revenue forecasts from 2028 or 2029, the P/S ratios of these pure-play stocks wouldn't fall out of perceived-to-be bubble territory.

Furthermore, every next-big-thing trend for more than three decades has required plenty of time to mature and evolve. While quantum computing has several real-world use cases on paper, it will take years before this technology can be used for practical problem-solving and become more cost-efficient than classical computers. The recipe for a bubble to form and subsequently burst is apparent, and the actions of quantum computing insiders may hint at history repeating.

JPMorgan Chase is an advertising partner of Motley Fool Money. Sean Williams has positions in Amazon. The Motley Fool has positions in and recommends Amazon, IonQ, JPMorgan Chase, and Microsoft. The Motley Fool recommends Comcast and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.