Shares of companies in the quantum computing sector closed higher on Friday, February 15, 2026, staging a rebound ahead of a long holiday weekend and pivotal financial updates scheduled for later in the month. The rally was broad-based, with several key players posting notable gains.
Friday's Market Movers
Rigetti Computing led the advance, with its stock climbing 7.2% to close at $16.09. IonQ followed closely, rising 8.8% to finish the session at $34.11. D-Wave Quantum added 4.6%, settling at $19.67, while Quantum Computing Inc. saw a more modest gain of 3.6%, ending the day at $8.47. The positive movement provided a reprieve following a volatile week for the speculative technology segment.
Analyst Action and Sector Scrutiny
The gains occurred despite a notable analyst downgrade for Rigetti. TD Cowen analyst Krish Sankar moved his rating on the company from Buy to Hold, characterizing the current risk-reward profile as "balanced." Sankar highlighted Rigetti's premium valuation relative to peers and pointed to potential future capital needs to fund a new semiconductor fabrication plant, or fab, as competition in the quantum hardware space intensifies.
Broader sector conversations continue to reference Rigetti's omission from the Defense Advanced Research Projects Agency's (DARPA) Quantum Benchmarking Initiative Stage B. DARPA recently selected 11 companies to advance to this phase, which aims to demonstrate a path to "utility-scale" quantum computing by 2033, where computational benefits definitively outweigh costs.
Upcoming Catalysts: Earnings in Focus
Investor attention now shifts to upcoming quarterly financial reports. IonQ is scheduled to release its fourth-quarter and full-year 2025 results after the market closes on Tuesday, February 25. A conference call with management is set for 4:30 p.m. ET. Analysts and investors are expected to focus on demand trends for its quantum systems and any updates to the company's spending roadmap.
D-Wave Quantum will report its own Q4 and full-year 2025 figures before the market opens on Wednesday, February 26. An earnings call featuring CEO Alan Baratz and CFO John Markovich is scheduled for 8:00 a.m. ET. Key areas of focus will likely include the company's rate of cash consumption and momentum in acquiring new customers—critical metrics for early-stage technology firms.
Strategic Moves and Acquisition News
Separately, Quantum Computing Inc. confirmed the completion of its acquisition of Luminar Semiconductor, a deal valued at approximately $97.5 million in cash. According to a recent Form 8-K filing, the transaction closed on February 2, with $11.0 million placed in escrow until February 2027 to cover potential indemnification obligations.
In a statement, QCi CEO Yuping Huang emphasized the strategic rationale, noting the acquisition supports the development of "chip-scale quantum hardware that operates at room temperature." This approach contrasts with mainstream quantum systems that require complex cryogenic cooling. Luminar Semiconductor will operate as a wholly-owned subsidiary, maintaining its existing customer relationships in the aerospace, defense, and industrial sectors.
In a related industry move, IonQ announced in late January an agreement to acquire SkyWater Technology for roughly $1.8 billion. The company stated the planned acquisition is designed to internalize semiconductor manufacturing capabilities, a strategic step to bolster its hardware development, particularly with an eye on federal and defense contracts.
Market Context and Forward Risks
U.S. equity markets will be closed on Monday, February 17, in observance of Presidents Day, with trading resuming Tuesday. The extended break often leads to heightened volatility in thinly traded sectors like quantum computing upon reopening, as investors digest weekend developments.
While Friday's rally offered optimism, the sector remains fraught with execution risks. Sharp gains can quickly reverse if companies miss earnings expectations, issue warnings about needing to raise additional capital—which dilutes existing shareholders—or report setbacks on technical milestones such as qubit count, error rates, or product delivery timelines. The upcoming earnings reports from IonQ and D-Wave will be critical tests of both business momentum and investor sentiment for this emerging and capital-intensive industry.
