Quantum computing stocks just erased all their Nvidia-induced losses thanks to D-Wave’s surge

Call it the quantum comeback.

The cumulative market capitalization of pure-play quantum computing stocks IonQ, D-Wave Quantum, Rigetti Computing, and Quantum Computing hit an all-time high on Thursday, surpassing its closing level on January 6.

That’s the session before Nvidia CEO Jensen Huang opined that it would likely be decades before quantum computers would be “very useful” — remarks that caused traders to flee the group and sparked intense criticism from executives at these companies, like D-Wave CEO Dr. Alan Baratz.

Now, they’re all the way back, and then some. While all of these stocks are well off their 2025 lows, there’s only one that has a higher market cap than it did on January 6: D-Wave, which has seen its value more than double over this period.

In our conversations with Baratz, he emphasized the idea that D-Wave’s approach to quantum (which is more annealing-centric than gate-oriented, though the firm uses both models) has allowed for the company to be much further along in the commercialization process than its peers.

It looks like the message, and the operational results, are resonating.

D-Wave has enjoyed massive gains over the past month, a period in which it booked record quarterly revenues linked to the sale of a quantum computing system in addition to announcing that the next generation of this system is now accessible for potential customers. The company generated more first-quarter revenues than the other three aforementioned firms combined.