To The Moon

Quantum computing stocks have seen a sharp rise in investor interest recently. In May, D-Wave Quantum (QBTS), IonQ (IONQ), and QUBT all posted significant share price gains, driven by renewed optimism around the future of quantum technology. As excitement builds, some investors are beginning to wonder: is this a genuine inflection point for the industry—or just the latest speculative wave?

D-Wave Quantum Inc. (QBTS)

IONQ Inc. (IONQ)

Quantum Computing Inc. (QUBT)

Quantum Developments Continue

D-Wave recently announced the launch of Advantage2, its most advanced quantum computing system yet. Touted as a major step forward for both the company and the broader industry, Advantage2 might offer improved scalability and performance. D-Wave’s CEO described the launch as a “pivotal moment” for quantum computing, highlighting the company’s progress toward real-world commercial applications.

While the technical developments are impressive, the investment implications are more nuanced.

The Quantum Buzz Meets Financial Reality

Despite the growing buzz, many quantum computing companies remain early-stage and pre-profit, with limited revenue and ongoing operational losses. Their business models are still evolving, and much of their value proposition is tied to long-term possibilities rather than current results.

Many of these companies also do not pay dividends, and their financials tend to reflect high R&D spending and modest top-line growth. Much of their current valuation depends on the expectation that quantum computing will eventually become commercially viable and widely adopted—a future that may still be many years away.

Are Expectations Getting Ahead of Reality?

From my perspective, while the technology is exciting, I remain cautious as an investor. It feels like a lot of the optimism is based on speculative future growth, with limited grounding in near-term fundamentals. When a sector starts moving quickly on momentum alone, it's often a sign to pause and reassess.

We've seen similar patterns in other emerging tech spaces—where valuations ran far ahead of actual business performance, only to eventually correct when investor expectations proved too optimistic.

Final Thoughts: A Watchlist, Not a Buy List

Quantum computing could be transformative over the long term. But at this stage, the companies involved still face many hurdles—technical, financial, and commercial. For now, I prefer to keep these stocks on my watchlist, rather than in my portfolio.

There’s nothing wrong with being excited about innovation. But personally, I’d rather invest in companies that are already generating strong, consistent results, rather than chase hype in a sector that’s still years from maturity.