Quantum Computing Pure-Play Stocks IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. Just Issued a $749 Million Warning to Wall Street

There's little question that artificial intelligence (AI) has been one of the primary reasons Wall Street's major stock indexes have rallied to new all-time highs in 2025. The long-term use cases for AI, along with its sky-high addressable opportunity, have investors salivating.

But it'd be a mistake to attribute Wall Street's rally this year solely to AI stocks. A strong argument can be made that quantum computing is the hottest thing since sliced bread, with trailing-12-month returns for quantum computing pure-play stocks IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), D-Wave Quantum (NYSE: QBTS), and Quantum Computing Inc. (NASDAQ: QUBT) clocking in between 260% and 2,710%, as of the closing bell on Nov. 7.

Though optimistic investors expect this technology to take off, the people who know these quantum computing stocks best are sending a markedly different message to Wall Street.

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Quantum computing stocks have taken Wall Street by storm

In simple terms, quantum computers use the theories of quantum mechanics to run rapid, simultaneous calculations that classical computers, including the world's fastest supercomputers, can't perform, or can't complete in a timely manner. These specialized computers may have the ability to improve weather forecasting, can speed up the learning process of AI algorithms, and can be used to run molecular interaction simulations to aid drug-developers, among other real-world use cases.

While the addressable market for quantum computing doesn't hold a candle to the $15.7 trillion estimated global opportunity for AI, per the analysts at PwC, Boston Consulting Group still expects quantum computing to create $450 billion to $850 billion in worldwide economic value by 2040. This would be a big enough opportunity for a laundry list of companies to benefit.

Perhaps the most exciting aspect of quantum computers has been the early stage utility from select members of the "Magnificent Seven."

Amazon's quantum cloud-computing service known as Braket, along with Microsoft's Azure Quantum service, are both allowing their subscribers access to IonQ's and Rigetti's quantum computers. This offers a real-world application of quantum simulations, as well as a way for subscribers to test their quantum hardware.

Investors are likely also enamored with the triple-digit sales growth potential for quantum computing stocks. IonQ delivered $39.9 million in sales for the September-ended quarter, representing a 222% increase from the prior-year period. Meanwhile, D-Wave Quantum generated approximately $3.7 million in third-quarter sales, which equates to 100% growth from the comparable period last year. Sales can ramp up in parabolic fashion for these pure-play stocks throughout the remainder of the decade.

While investor hype is plainly evident for IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc., so are the warning signs.

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Quantum computing insiders are heading for the exit

There are a number of historical red flags that can prove problematic for the rise of quantum computing. But the biggest concern of all might just come from within.

When an "insider" -- a high-ranking executive, board member, or beneficial owner of 10% of more of a company's outstanding shares -- at a public company buys or sells stock, or even so much as exercises options, they're required to file Form 4 with the Securities and Exchange Commission within two businesses days of their transaction. This filing is done for the sake of transparency for the investing community.

To be fair, not all insider trading activity has a deeper meaning. For example, most executives and board members of public companies receive the bulk of their compensation in the form of common stock and options. To cover their federal and/or state tax liability for this compensation, some insiders may sell stock from time to time.

Yet on occasion, insider activity can speak volumes.

Based on filed Form 4s over the trailing year (ended Nov. 7, 2025), net-selling activity has been pronounced for this quartet of quantum computing stocks:

• IonQ: $446.5 million in net-selling activity from insiders
• Rigetti Computing: $45.6 million in net-selling activity from insiders
• D-Wave Quantum: $224 million in net-selling activity from insiders
• Quantum Computing Inc.: $33.2 million in net-selling activity from insiders

Collectively, we're talking about roughly $749 million in net sales from the people who know the quantum computing revolution best.

The other side of the coin is equally disturbing. Insiders at Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. haven't spent a single cent to purchase shares of their own company's stock over the trailing year. Meanwhile, one insider purchase was undertaken by an IonQ director in March totaling approximately $2.03 million.

Although multiple reasons exist to sell stock, not all of which are inherently bad news for investors, the only reason for an insider to buy shares is if they expect their company's stock to head higher. This is a pretty clear message that quantum computing insiders don't view their respective company's stock as a good value.

To build on this point, quantum computing stocks are trading at stratospheric price-to-sales (P/S) ratios. Historically, P/S ratios above 30 have signaled an eventual bubble-bursting event for businesses on the cutting edge of next-big-thing innovations. Even looking two to four years down the road, sales estimates for IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. place all four stocks well above this arbitrary bubble threshold.

While not all insider activity is consequential, quantum computing insiders are giving Wall Street and investors ample reason to be concerned.

Sean Williams has positions in Amazon. The Motley Fool has positions in and recommends Amazon, IonQ, and Microsoft. The Motley Fool 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.