Buy, Sell, Hold: D-Wave, IonQ, and Rigetti Explained

In the intense world of cutting-edge technology, quantum computing stands out as a major player.emerged again into the investor spotlightin the last month, fueled by a surge of advancements that mirror the initial AI hype. Stocks such asIonQ (NYSE:IONQ), Rigetti Computing (NASDAQ:RGTI), and D-Wave Quantum(NYSE:QBTS) have each risen 80% to 90% since mid-August 2025, driven by regulatory approvals, business collaborations, and technological achievements.

For example, IonQ’s stock surged from approximately $37 to $70, RGTI increased from $12 to $28, and QBTS jumped from $15 to $27. These rises are due to real advancements: IonQ’s acquisition clearances, Rigetti’s defense agreements, and D-Wave’s expansion into the Asia-Pacific region.

However, with full commercial feasibility probably still years off — experts estimate fault-tolerant systems for 2030 or later — uncertainty remains significant. The industry’s potential to transform drug development, refinement, and encryption attracts high-risk investments, but financial losses and rivalry from major technology companies likeIBM (NYSE:IBM) and Google introduce risk.

As the excitement around quantum technology aligns with actual progress, should investors purchase during declines, sell during surges, or maintain a long-term position?

IonQ (IONQ)

IonQ has taken the lead in the sector this month, with its stock surging 91% due to a series of successes that highlight the advantages of its trapped-ion technology in terms of precision and expansion. The standout achievement wasfinal U.K. regulatory clearanceFor its $1.075 billion purchase of Oxford Ionics, a step that combines IonQ’s cloud-based systems with Ionics’ method of producing qubits similar to semiconductor technology. This could reduce expenses and accelerate IonQ’s plan to reach 256 high-accuracy qubits by 2026 and millions by 2030.

Fueling the growth, IonQ signed a U.S. Department of Energy memorandum on September 17 to implement quantum technology in space, collaborating withHoneywell(NYSE:HON) for orbital uses such as secure communications and sensing — opening up possibilities for future NASA and Department of Defense contracts. Its Analyst Day on September 12 impressed with advancements in synthetic diamond technology for qubit cooling, along with the introduction of its IonQ Federal operations to attract government clients.

Revenue increased by 82% compared to the same period last year in the second quarter, but net losses remain due to higher research and development expenses.

For investors looking for a long-term quantum computing venture, IonQ is a recommended purchase. Analysts favorBenchmark and Cantor Fitzgeraldregard it as the specialist leader, surpassing competitors in fidelity records. With current valuations at 15x forward sales, it’s expensive but supported by its $100 million in cash and cloud collaborations withAmazon‘s (NASDAQ:AMZN) AWS and Microsoft“Microsoft” (NASDAQ:MSFT) Azure. If you dislike fluctuations, however, this stock may not be suitable for those who prefer stability.

Rigetti Computing (RGTI)

Rigetti Computing’s 85% surge in stock seems like a quantum entanglement of excitement and technological effort, fueled by agreements that solidify its position in the superconducting qubit market. On September 18, a $5.8 million, three-year contract with the Air Force Research Lab caused shares to rise 14%, assigning Rigetti the task of expanding quantum networks in collaboration with a Dutch company.QphoX. 

This follows a September 2nd memorandum of understanding with India’sC-DACRegarding hybrid systems, focusing on government laboratories and academics as Asia experiences a surge in quantum advancements. Previously, Rigetti introduced its 36-qubit Cepheus system in July, reducing error rates to 99.5% accuracy and aiming for over 100 qubits by the end of the year.

Q2 results revealed $572 million in cash, supporting multi-chip developments that avoid limitations of single-processor systems.

Hold Rigetti if you have a diversified portfolio in quantum exchange-traded funds such asDefiance Quantum ETF (NYSEARCA:QTUM), where it is the ETF’s top holding. Analysts have differing opinions on RGTI, with some being optimistic due to contracts but others concerned about margins and dilution risks. At $28, it has tripled in the past six months and has increased by almost 3,300% over the past year, butRigetti lags IonQin commercial application. This makes RGTI stock appealing to long-term investors, but a recommendation to sell for others due to implementation challenges.

D-Wave Quantum (QBTS)

D-Wave Quantum’s 78% surge reflects the speculative excitement within the industry, as its stock reached record highs due to its focus on annealing technology optimization. The rise began with a Sept. 2 partnership with C-DAC, similar to Rigetti’s initiative in India, where they are developing hybrid solutions for logistics and AI. Following that, it made its debut at Qubits Japan 2025 last week, D-Wave’s first user conference in the APAC region, resulting in an 83% increase in regional bookings for its Advantage systems.

New CISO Stan Black’s appointment strengthens the quantum computing stock’s cybersecurity reputation, while its record $15 million revenue in Q1 from pharmaceutical and defense pilots indicates it is starting to make an impact. However, negative pre-tax margins andannealing’s narrower scopecompared to gate-model universality, indicates that caution is required.

Unless you’re fully committed to niche victories, QBTS is a candidate for selling. Despite 11 “Buy” recommendations from Wall Street,Forbes warns of a potential plummet to $1Regarding cash burn and intense competition, it has increased by 2,200% year-over-year due to the overflow from AI, but with a valuation of 20 times sales, it’s still overvalued. Secure your profits now before the annealing bubble pops.