The quantum computing sector is currently experiencing a phase of euphoria, which, however, is characterized by strong fluctuations. Particularly, the stocks of D-Wave Quantum (QBTS) and IonQ (IONQ) on the NYSE are in focus for private investors, as they exemplify the volatility and potential of this technology branch.
Price Development and Market Movements
D-Wave Quantum (QBTS):
- Price Rally: In May 2025, QBTS saw a significant increase following a surprisingly positive quarterly report. The stock rose by as much as 60% in one day after the company reported a revenue increase of over 500% year-on-year to approximately $15 million.
- Losses Shrink: The quarterly deficit was significantly reduced – from $17.3 million to now $5.4 million.
- Volatility: Despite these successes, QBTS remains a risky investment. The valuation stands at an extremely high P/E revenue multiple of about 238 times revenue.
- Analyst Opinions: Analyst targets for QBTS currently range from $3 to $14 per share; the average is significantly below the current price level.
IonQ (IONQ):
- Performance YTD: IonQ has lost about -48.8% year-to-date and is among the weaker stocks in the quantum sector.
- Market Environment: IonQ benefits from the overall hype surrounding quantum technology but suffers from the same uncertainties as D-Wave.
Sector Overview: Euphoria vs. Reality
The entire quantum computing sector is characterized by strong price fluctuations, high valuation multiples, and dependency on the market environment.
Importance for Private Investors
- Opportunities: Participation in a promising technology with possibilities for speculation and diversification.
- Risks: Lack of profitability, high volatility, and dependency on access to capital markets.
Conclusion
The recent highs of D-Wave Quantum demonstrate the potential of the quantum sector as well as the subsequent setbacks of its risks. Private investors should be aware of the speculative nature.