Quantum Computing Stocks: The Next Nvidia?

As Nvidia’s multi-trillion-dollar market capitalization demonstrates the wealth creation potential of technological disruption, quantum computing is emerging as the next white-hot segment gathering steam. McKinsey & Company forecasts that ballooning investments coupled with burgeoning demand could catapult the quantum computing market to $100 billion in as soon as one decade. This projection underscores why excitement surrounding quantum computing stocks is now rivaling that of AI, with investors potentially uncovering the next Nvidia if they pay attention to this emerging field.

The quantum computing sector represents the latest chapter in technology innovation that never sleeps, following market disruptors like Bitcoin and generative AI-powered chatbots. Savvy investors who time these phenomena correctly are being rewarded handsomely, and there appear to be more gains to go around as experts inch closer to making quantum supercomputers accessible to the masses. The intense demand in quantum computing hasn’t been seen since the rise of AI, creating a compelling investment thesis for those willing to look beyond established tech giants.

IonQ stands out as one of the most promising quantum computing stocks, with performance metrics that echo Nvidia’s early growth trajectory. The stock has run up 82% year-to-date and has been even more impressive over the past 12-month stretch, skyrocketing by approximately 700% as of Q2 2025. Wall Street analysts appear bullish on IONQ’s prospects, with six analysts maintaining a “strong buy” rating and price targets stretching as high as $100 per share, suggesting the stock could still be undervalued despite its dramatic rise.

The company’s fundamental performance supports this optimism. In Q2 2025, IonQ surpassed the top end of its internal revenue forecast range by 15% to $20.7 million. While the company operates at a net loss as it pursues its growth strategy, management predicts achieving profitability by 2030, giving investors a clear timeline for when it might more closely resemble Nvidia stock. IonQ’s recent acquisition of Vector Atomic further bolsters its quantum technology capabilities by adding expertise in atomic clocks, inertial sensors, and synchronization hardware to its already robust technology stack.

However, investors should note the recent executive shakeup where Peter Chapman resigned as executive chairman, replaced by president and CEO Niccolo de Masi. This leadership transition comes at a critical juncture as quantum computers haven’t yet hit the mainstream, suggesting that when they do, IonQ will be strategically positioned to ride the demand wave similar to how Nvidia rode the AI wave under Jensen Huang’s dual role as CEO and chairman.

Rigetti Computing represents another quantum computing contender experiencing extraordinary market performance. Trading for approximately $44.40 per share as of Q2 2025, the stock has close to doubled in value year-to-date, resulting in a market cap of $14.3 billion. More remarkably, over the past 12 months, RGTI stock has soared over 5,600%, demonstrating the massive expectations building around quantum computing names.

The company’s business model focuses on manufacturing quantum computers as well as the processors that power them, positioning it as a comprehensive player in the quantum ecosystem. Despite the astronomical run-up, Wall Street analysts believe there might be more room for growth. Benchmark Analyst David Williams has attached a $50 price target on RGTI, suggesting upside potential of 12.6%. However, the average analyst price target sits at a more conservative $26.42, indicating that some believe the stock is currently overheated.

Rigetti’s recent business developments provide fundamental support for investor enthusiasm. The company secured purchase orders for a pair of quantum computing systems worth $5.7 million, demonstrating real commercial traction. With quantum computing technology R&D accelerating worldwide, Rigetti appears to have the wind at its sails, though potential investors might want to watch for any pullback to more reasonable levels based on analyst estimates before establishing positions.

D-Wave Computing distinguishes itself by building quantum computers of both the annealing and gate-model variety, offering versatility in quantum computing approaches. QBTS stock trades for approximately $35.75 per share and has more than tripled year-to-date. Mirroring the rally in its quantum computing peers, D-Wave Computing has soared by 3,800% over the past 12 months, capturing investor imagination about quantum computing’s potential.

What sets D-Wave apart is its focus on demonstrating real-world applications for quantum technology. The company recently made headlines for developing a joint proof-of-tech project with the North Wales Police to improve the location of police vehicles so they can respond more quickly to emergencies. This practical implementation showcases the tangible benefits quantum computing could deliver beyond theoretical applications, potentially accelerating mainstream adoption.

Wall Street analysts remain largely bullish on QBTS stock, with nearly a dozen “buy” ratings attached, though the average price target suggests the stock may be currently overbought. D-Wave’s inclusion in the Defiance Quantum Computing ETF (QTUM) provides additional validation, with the ETF recently exceeding $2 billion in assets under management amid intense demand for quantum computing exposure. This institutional interest mirrors the early institutional enthusiasm that propelled Nvidia during its formative years, suggesting quantum computing may be following a similar trajectory.