3 Quantum Computing Stocks Have Issued a $63 Million Warning This Year That Wall Street Cannot Ignore

Quantum computing has gone from a pipe dream to a sector the market believes could become reality, perhaps more quickly than initially expected.

Quantum computers are built on qubits in a constant state of superposition that can process much more data than traditional computers and explore many answers simultaneously. Experts believe quantum computing will one day be much more capable than even the most advanced supercomputers available today, and also that the technology could be commercialized.

This has excited investors in the age of artificial intelligence (AI), where just about anything seems possible from a technical perspective. While the prospects are certainly quite intriguing, three quantum computing stocks have issued Wall Street a $63 million warning this year that is hard to ignore.

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Quantum is exciting, but not yet front and center

Three of the main quantum computing stocks that have burst onto the scene in recent years are Rigetti Computing (NASDAQ: RGTI), IonQ (NYSE: IONQ), and D-Wave Quantum (NASDAQ: QBTS). Betting big on these stocks in late 2024 made investors a ton of money.

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These stocks traded much higher in the middle and toward the end of 2025 and have since sold off from their highs. While seemingly in the same arena as AI, I would argue that quantum computing is a tougher sell.

That's because people can work with AI every day right now and even see things like autonomous driving and AI-powered robots online, if not in the real world. Even if the technology still has kinks, investors can see the potential right in front of their eyes.

Quantum computing is different because the computers aren't commercialized, so ordinary people can't use them yet. While you hear about their potential use cases and that venture capital and patents for quantum have accelerated in recent years, it's still not in front of your face and feels very much theoretical.

The warning: Insiders aren't buying much quantum-related stock

Wall Street has also seen a major warning, as insiders at prominent quantum companies such as Rigetti, IonQ, and D-Wave Quantum have been selling a lot of stock.

Insider sales are those made by key C-suite executives, such as the president, CEO, and CFO, members of the board of directors, and investors with over a 10% stake in the company. Sales among these three companies this year alone have surpassed $63 million.

• D-Wave Quantum: $39.4 million
• Rigetti: $22.9 million
• IonQ: $1.02 million

Interestingly, there have been virtually no insider stock purchases this year. In fact, the only open-market buy was from one director at IonQ, who purchased over $115,000 of stock in February.

Now, insider selling doesn't necessarily mean the people selling their stock are bearish on the company. Insiders sell stock all the time for the simple reason that they need the money. However, the level of insider selling, coupled with the low level of insider buying, is a warning that's hard for Wall Street to ignore.

Additionally, insider ownership among these three companies is overall weak, according to proxy reports from April that show collective ownership among current executive officers and board directors, as a percentage of outstanding common stock:

• D-Wave Quantum: 1.3%
• Rigetti: 1.6%
• IonQ: Less than 1%

Why insiders are likely selling

While nobody will ever know exactly why insiders and board members are selling so much stock and not buying, I think a fair assumption is that the market has probably gotten ahead of itself on quantum.

Now, that doesn't mean quantum won't work, but it does make the risk-reward proposition much less attractive.

Rigetti trades at a market cap of over $5 billion; D-Wave Quantum over $6 billion; and IonQ over $15 billion, yet all three of these companies are not profitable and don't even make that much revenue relative to their market caps.

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All three trade at massive forward sales multiples, and insiders may be aware that even if quantum works down the line, these stocks could still experience a significant pullback before that.

This is what investors need to realize. Yes, if quantum computing is commercialized, all three of these stocks are likely to go much, much higher. But that's still a big if, as the sector faces many challenges. If quantum doesn't pan out as expected or takes far too long, these stocks could get hammered.

Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends IonQ. The Motley Fool has a disclosure policy.