Quantum Computing Stocks Surge Amid Speculative Frenzy Despite Lack of Fundamentals

Rigetti and D-Wave have seen their stock prices skyrocket over 1,900%, catapulting each company's valuation beyond $10 billion. This surge persists despite minimal revenue and no clear path to profitability, drawing comparisons to the most speculative corners of tech investing.

The companies' quantum computing machines remain in experimental stages, with commercial applications years away. Yet market enthusiasm has outpaced reality—their combined worth now eclipses established firms like Campbell's Soup while generating less than 1% of its revenue.

"If it works, it's going to be huge and explosive. If not, it could go to zero," says Cantor Fitzgerald's Troy Jensen, capturing the binary gamble investors are making. The technology promises revolutionary capabilities in drug discovery, climate modeling, and data processing—if the physics can be mastered at scale.

This trading frenzy mirrors patterns seen in cryptocurrency markets, where narratives about disruptive potential often decouple from near-term fundamentals. Like early blockchain projects, quantum computing ventures are being priced for perfect execution despite formidable technical hurdles.