In 2025, pure-play quantum computing stocks such as Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) initially saw significant returns, with QBTS rising 157% and RGTI gaining 49% from January to September. However, from October 2025 to the present, performance has declined, with QBTS rising just 2.3% and RGTI dropping 24.9%. This shift has coincided with growing investor interest in established tech companies like Amazon and IBM, whose quantum initiatives are integrated into broader, profitable business models.
As 2026 approaches, analysts caution against further declines in pure-play stocks due to uncertain revenue visibility and profitability timelines. In contrast, Amazon and IBM are positioned to leverage their quantum advancements within their cash-generating operations, with Amazon’s AWS gaining 5.9% and IBM increasing by 8.1% since October 2025. Both companies are projected to experience earnings growth in 2026, with Amazon at 9.5% revenue growth and IBM at 4.9%.
