NEW YORK, July 13, 2026 – Shares of quantum computing companies experienced a sharp decline on Monday, with IonQ Inc. (NYSE:IONQ) leading the downturn. The stock fell 9.4% to $38.82 in afternoon trading, contributing to a broader selloff that also hit D-Wave Quantum (NYSE:QBTS), Rigetti Computing (NASDAQ:RGTI), and Quantum Computing Inc. (NASDAQ:QUBT). By 1:53 p.m. EDT, the four companies had collectively lost an estimated $2.51 billion in market value, with no apparent company-specific news triggering the move.
Market Context and Triggers
The selloff was driven by external factors rather than company fundamentals. Renewed geopolitical tensions between the U.S. and Iran in the Gulf region pushed crude oil futures up about 5%, while the Invesco QQQ Trust (NASDAQ:QQQ), a proxy for large-cap technology stocks, fell 1.8%. “Money is leaving this part of the market today,” said Robert Pavlik, senior portfolio manager at Dakota Wealth. Investors are now focused on Tuesday’s U.S. consumer price index report and Federal Reserve Chair Kevin Warsh’s congressional testimony, which could further impact interest rate expectations for companies with distant profit horizons.
Valuation Disparities Among Peers
Despite the synchronized decline, the underlying financials of these quantum computing firms reveal significant differences. The combined market capitalization of the four companies stood at $28.24 billion, against just $75.7 million in first-quarter revenue. Multiplying that quarter by four to estimate an annualized run rate yields a staggering 93-times sales multiple. However, IonQ contributed about 86% of the group’s revenue but represented only 51% of its market value, highlighting a potential valuation gap.
IonQ’s cash-adjusted annualized sales multiple stands at 43.7 times, far lower than Rigetti’s 261 times and D-Wave’s 549 times. Quantum Computing Inc. (QUBT) appears cheaper at 27.2 times, but that is largely because cash and investments equal about 78% of its market value. Notably, QUBT noted that most of its first-quarter revenue growth came from acquisitions in February and March.
Earnings and Operational Metrics
IonQ’s trailing price-to-earnings ratio of roughly 100 times provides a weak anchor due to a large noncash gain. The company reported $804.6 million in first-quarter net income, which included a $1.06 billion gain from marking warrant liabilities to market. Excluding that, operations lost $271.5 million. The operating story is stronger but still early: IonQ has $470 million in remaining performance obligations and forecasts $260 million to $270 million in 2026 sales. Its recent push into security and space includes the Clavis XG Multiplex, which allows quantum and conventional data to travel over the same metropolitan fiber, and a commercial service for millimeter-scale ground-motion monitoring.
D-Wave reported $33.4 million in first-quarter bookings, including a $20 million system order, against just $2.9 million in recognized revenue. CEO Alan Baratz cited “strong execution, expanding commercial adoption.” Rigetti made its 108-qubit Cepheus system generally available, but its $4.4 million quarterly revenue remains modest relative to its $5.16 billion market cap.
Outlook and Risks
The path forward remains uncertain. A cooler inflation reading or easing Gulf tensions could trigger a rebound in sentiment-driven shares. Conversely, high interest rates and potential technical delays pose downside risks. IonQ targets an operational 256-qubit system in the fourth quarter of 2026; any delay could push customer installations and revenue recognition further out. The ultimate test for IonQ will be converting contracted work and new products into revenue quickly enough to narrow a valuation gap that remains large even after the selloff.
