IonQ, Rigetti, and D-Wave Quantum Are Down 30% in a Month. Is More Pain Coming for Quantum Computing Stocks?

David Moadel

Wed, July 29, 2026 at 10:04 PM GMT+3 4 min read

Quick Read

IonQ (IONQ) plunged 39% and D-Wave (QBTS) dropped 30% in a month as investors fled high-multiple, pre-profit quantum stocks sector-wide.
IonQ's SkyWater (SKYT) acquisition closes July 31, while AT&T (T) expanded D-Wave's technology across network operations, giving bulls two near-term catalysts.
IonQ reports its Q2 2026 earnings on August 5, but Polymarket gives just 6.5% odds of IonQ beating its next quarterly print.
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There's no denying it: the quantum-computing sector has been unwound. Over the past month, pure-play quantum stocks have sold off sharply as investors pulled capital out of high-multiple and often pre-profit tech. For example, IonQ (NYSE:IONQ) shares are down 39% over the trailing month, with the stock changing hands midday Wednesday at $32.86.

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Rigetti Computing (NASDAQ:RGTI) shares are down 30% over the same stretch, and D-Wave Quantum (NYSE:QBTS) shares are also down 30%. Meanwhile, Quantum Computing (NASDAQ:QUBT) shares have slid 24% in a month. The pain has been broad, but not uniform.

Sector-Wide De-Risking Drives the Slide

The selloff in IonQ, Rigetti, D-Wave, and Quantum Computing shares looks less like a company-specific story and more like a sentiment reset across speculative tech. Investors have trimmed exposure to high-multiple, pre-profit names as AI-infrastructure and semiconductor valuations were re-priced. Quantum pure-plays sit at the far end of that risk spectrum.

The valuation setup makes the reaction easier to understand. IonQ stock carries a trailing 12-month P/E ratio of 84.26x, while Rigetti, D-Wave, and Quantum Computing stocks have no meaningful trailing 12-month P/E ratios because they were unprofitable during that time frame. When multiples reset, names anchored to future-scale narratives can take the biggest hit.

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The fundamentals reinforce that story. IonQ posted Q1 2026 revenue of $64.67 million, up 755% year over year (YoY), but its adjusted EBITDA loss guide for the year sits at -$330 million to -$310 million. D-Wave reported Q1 2026 revenue of $2.86 million, down 81% YoY on lumpy system-sale timing, though bookings jumped 2,000% YoY. Rapid growth, deep losses, and heavy stock-based compensation are difficult for investors who want to see profits.

The Bull Case Hasn't Vanished

Recent catalysts complicate the "more pain" thesis. IonQ received final regulatory approval to complete its acquisition of SkyWater Technology (NASDAQ:SKYT), a large U.S.-based semiconductor foundry, with closing expected Friday, July 31. IonQ frames the combination as a vertically integrated, full-stack quantum platform with a secured domestic chip supply.

D-Wave shares popped earlier in the month after AT&T (NYSE:T) agreed to expand use of D-Wave's quantum computing technology across its network operations. Rigetti stock and peers rallied in sympathy. AT&T stock, for context, is up 10% over the past month, a reminder that defensive telecom is exactly what quantum is not.

Moreover, policy tailwinds remain in play for IonQ, Rigetti, D-Wave, and Quantum Computing. In May, the U.S. Department of Commerce signed letters of intent to provide more than $2 billion in federal incentives to nine quantum-related companies in exchange for minority equity stakes. That kind of federal support gives the sector a structural bid the broader market lacks.

The ETF Is Holding Up Better

The Defiance Quantum ETF (NASDAQ:QTUM) is down 16% over the past month, well less than the pure-plays. The QTUM ETF's basket spans quantum and adjacent computing names, so single-stock blowups get diluted. It's not leveraged, and it carries an expense ratio of 0.4%, offering thematic exposure without single-name volatility.

Concentration risk cuts the other way for the pure-plays. The prediction markets on Polymarket peg IonQ's odds of beating its next quarterly print at just 6.5%, even as Wall Street analysts hold an average price target of $68.41 on IonQ stock. That gap between crowd sentiment and sell-side optimism is where the next move gets decided.

What to Watch Next

Traders can watch for the SkyWater deal close on July 31, IonQ's Q2 2026 earnings report on August 5, and D-Wave and Rigetti reports on August 6. Given the beta profile, investors may want to size their positions carefully.

The next two weeks could define whether this correction is a pause or the start of a deeper reset for IonQ, Rigetti, and D-Wave. You can monitor the QTUM ETF as a sector barometer, and pay close attention to guidance updates alongside the headline prints.

For now, the setup rewards patience over conviction. Traders chasing bounces should respect the volatility, while long-term believers may find better entries if the sector-wide de-risking continues into August.