Quantum Computing Stocks IonQ, Rigetti Computing, and D-Wave Quantum Have Created Shockwaves With This $930 Million Warning to Wall Street

Although artificial intelligence has been the hottest trend on Wall Street in recent years, it's not the only game-changing technology that's turning heads and enticing investors to open up their wallets. The advent of quantum computing has definitely intrigued investors.

As of mid-October 2025, quantum computing stocks IonQ (NYSE: IONQ), Rigetti Computing (NASDAQ: RGTI), and D-Wave Quantum (NYSE: QBTS) had gained between 670% and 6,217% over the trailing 12-month period.

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This overwhelming optimism was fueled by the prospect of big-time investments -- JPMorgan Chase unveiled its $1.5 trillion, 10-year Security and Resiliency Initiative in mid-October -- and early stage collaborations/contract wins. For instance, Amazon has given its customers access (through its Braket service or via Amazon Web Services) to IonQ's, Rigetti's, and D-Wave's quantum computers. Landing Amazon as a client is noteworthy.

The projected ceiling for quantum computing is also a big deal. Analysts at Boston Consulting Group believe quantum computers will add $450 billion to $850 billion in global economic value by 2040.

But amid this flurry of optimism comes a warning from those who know IonQ, Rigetti Computing, and D-Wave Quantum best.

IonQ, Rigetti, and D-Wave send a $930 million shockwave rippling through Wall Street

Although the management teams for all three companies are highly optimistic about their respective long-term prospects, Form 4 filings with the Securities and Exchange Commission (SEC) tell a different story.

By law, insiders (high-ranking executives, board members, and beneficial owners holding at least 10% of outstanding shares) are required to report any trades in their stock, including the exercising of option contracts, to the SEC within two business days of the transaction. According to Form 4 filings, quantum computing insiders can't sell their positions fast enough.

Over the trailing five years, cumulative net selling by insiders has totaled:

• IonQ: $575.7 million
• Rigetti Computing: $60.3 million
• D-Wave Quantum: $294.5 million

Collectively, more than $930 million in net stock has been sold since mid-March 2021.

The asterisk to the above data is that not all insider selling is inherently bad. Since most public companies pay their executives and board members in common stock and/or options, it's perfectly normal for insiders to sell some of their stake in order to cover their federal or state tax liability. Insider selling for tax purposes shouldn't be concerning for investors.

However, this selling activity has also been marked by very little in the way of insider buying. While there are several reasons to sell shares of a public company, not all of which are nefarious, there's only one reason to buy: the belief that shares will head higher. Over the same trailing five-year timeline, insider buys have totaled just $3.35 million for IonQ, $625,000 for Rigetti, and just over $309,000 for D-Wave.

If insiders aren't buying, it's possible they don't view their respective stock as a bargain. With quantum computers still years away from being more cost-effective than classical computers, this trio is likely to lose money, burn cash, and trade at exorbitant (and arguably unjustifiable) price-to-sales ratios.

Although quantum computing has a bright long-term outlook, shares of IonQ, Rigetti Computing, and D-Wave Quantum may have jumped the gun.

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, and JPMorgan Chase. The Motley Fool has a disclosure policy.