Quantum Stocks Bleed Out — Rigetti, D-Wave Down More Than 30%

The month of November delivered a harsh reality check to the highly speculative quantum computing sector, resulting in a significant “bleed out” for pure-play stocks like IonQ, Inc. (NYSE:IONQ), Rigetti Computing, Inc. (NASDAQ:RGTI), D-Wave Quantum, Inc. (NYSE:QBTS) and Quantum Computing Inc. (NASDAQ:QUBT).

The Great Quantum Correction

While these stocks saw massive gains throughout much of 2025, November marked a steep correction. By the end of the month:

• IonQ plunged roughly 25% from its October high, trading well off its recent peak of over $82, despite posting triple-digit revenue growth.
• Rigetti fell sharply, declining around 40% from its early November price.
• D-Wave experienced significant volatility, ultimately dropping by more than 30% during the month.
• Quantum Computing was also hit hard, falling over 25% as it grappled with market skepticism and corporate challenges.

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Why Quantum Stocks Bled Out 

The downturn was triggered by a combination of financial and market pressures that exposed the sector’s deep structural risks:

1. Fundamentals: Quantum computing companies operate with minimal revenue and report deep net losses. This created an unsustainable gap between lofty market caps and actual business fundamentals, with Price-to-Sales (P/S) ratios soaring far above healthy market averages.
2. Dilution and Cash Burn: Companies aggressively raised capital to fund their high cash-burn rates. IonQ completed a massive equity offering, and Quantum Computing stock was pressured by plans to offload shares, leading to investor concerns about equity dilution.
3. Risk-Off Sentiment: Quantum stocks are very sensitive to market-wide shifts. As enthusiasm for high-growth, unprofitable tech stocks faded, capital rotated out of the quantum names, creating heavy selling pressure that caused the stocks to bleed lower.

November’s sharp correction confirms that the quantum market remains a high-risk, speculative sector where investors continue to pay for the decades of potential that may lie ahead rather than quarters of profit.

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