While the rise of artificial intelligence (AI) has dominated Wall Street headlines for much of the past three years, it’s quantum computing stocks that are stealing the show in 2025.
In mid-October, trailing 12-month returns for Wall Street’s favorite quantum computing stocks ranged from a low of 670% to a high of 6,217%. IonQ (NYSE: IONQ), Righetti Calculation (NASDAQ: RGTI)and D wave quantum (NYSE: QBTS). Visionary investors who see the game-changing potential of quantum computers are generating life-changing returns in a year or less.
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But as is the case with parabolic stock moves tied to the next big trend, it’s never recommended to count your chickens before they hatch. While there are clear catalysts to explain why quantum computing stocks are soaring, there are also $615 million red flags associated with the trio, courtesy of those who know IonQ, Rigetti Computing, and D-Wave Quantum best.
The trailing 12-month returns for IonQ, Rigetti Computer and D-Wave Quantum clearly indicate that investors are excited about the potential of quantum computers in the real world. These specialized computers can solve problems that traditional computers cannot handle. They are also much faster than the world’s fastest supercomputers.
Some of the more exciting applications of quantum computing include running simulations of molecular interactions to improve the success rate of new drug development and speeding up the learning curve of artificial intelligence algorithms.
Analysts at the Boston Consulting Group believe that this technology could create $450 billion to $850 billion in economic value globally by 2040. Meanwhile, online publication Quantum Insider predicts that the exploitable opportunity for quantum computers will reach $1 trillion by 2035. If existing available opportunities approach these estimates, first movers have the potential to thrive.
Arguably as exciting as the technology’s real-world use cases is the investment potential behind it. IonQ, Rigetti Computing and D-WaveQuantum surged in October after becoming the largest U.S. bank by total assets, JPMorgan Chasereleased a $1.5 trillion security and resiliency plan. The report initially identifies 27 sub-sectors for funding and/or investment over the next 10 years, including quantum computing.
Finally, investors are encouraged by early commercial applications of quantum computers from some of the most influential companies on the stock market. For example, Amazon’s quantum cloud service (Braket) gives users access to quantum computers from IonQ, Rigetti and D-Wave. Landing brand clients and signing multi-year contracts with reputable entities is a big step forward for the trio.
While the long-term outlook for quantum computing is promising, the same cannot be said for pure-play stocks that stand to benefit greatly from the trend. Perhaps the biggest red flag comes from insiders at IonQ, Rigetti Computer and D-Wave Quantum.
An “insider” is a senior executive, board member or beneficial owner who owns at least 10% of a company’s outstanding shares. These individuals may possess non-public information and are therefore required to disclose any trading activity (via Form 4) to the U.S. Securities and Exchange Commission (SEC), including the exercise of stock options.
While not every Form 4 filing with the SEC tells a story, Quantum Computing Insider’s Form 4 does.
The cumulative net selling activity by insiders over the past 12 months ended February 14, 2026 is as follows:
Overall, insiders at Wall Street’s most popular quantum computing company sold about $615 million more of their own company stock than they bought last year.
Note that this data is not as simple as it seems. Since most senior executives and board members are compensated through stock and options, it is not uncommon for insiders to sell part of their holdings (including exercising options and then selling stock) to pay federal and/or state tax liabilities. There are a variety of reasons why insiders sell company stock, and not all of them are necessarily malicious.
But on the other hand, insiders buy shares in a company for one reason only: they expect the share price to rise. Not one Rigetti Computing insider has spent a dime on shares in the company over the past year, and D-Wave Quantum’s only purchase was 82 shares from a director for a total of $1,795. At the same time, two IonQ directors purchased shares totaling approximately $2.1 million.
If insiders aren’t buying, it could be a sign that they don’t think the company’s shares are valued at an attractive price. Quantum computing stocks trade at astronomical price-to-sales ratios, with billions of dollars of stock issued in total last year to fund their operations.
These companies also face historical headwinds. Every game-changing innovation of the past three decades experienced a bubble bursting event early in the expansion phase. Investors tend to overestimate the adoption and/or optimization of new technologies – and quantum computing definitely fits the bill. The technology is still in the early stages of commercialization, and it could take years for companies to optimize quantum computers to maximize sales and profits.
Internal activity at IonQ, Rigetti Computer and D-Wave Quantum portends potential trouble.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Sean Williams works at Amazon. The Motley Fool owns and recommends Amazon, IonQ, and JPMorgan Chase. The Motley Fool has a disclosure policy.
Quantum computing stocks IonQ, Rigetti Computing and D-Wave Quantum have issued a can’t-miss $615 million warning to Wall Street Originally published by Motley Fool