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Quantum Stocks Are Starting to Choose Sides: Should Investors Do the Same?

Written by Nathan Reiff. Article Posted: 8/19/2026.

As much as enthusiasts might wish otherwise, quantum computing remains a highly speculative investment thesis heading into the second half of 2026. That's not to say companies have yet to make real progress—technological breakthroughs are accelerating across the industry, and even smaller players are achieving important milestones—but a lack of commercial success and profitability has made quantum stocks a tricky bet.

Recent reports from major firms such as Rigetti Computing (NASDAQ: RGTI), IonQ (NYSE: IONQ), and D-Wave Quantum (NASDAQ: QBTS) indicate that these firms are beginning to distinguish themselves in revenue growth and overall financial strength. These differences raise a crucial question for investors accustomed to an industry that has tended to move in lockstep: Is it better to own individual quantum names or build exposure across the sector through dedicated exchange-traded funds (ETFs)? There is no simple answer. The decision depends on an investor's risk tolerance and level of bullishness toward the industry.

Where the Major Players Stand After Mid-Year Earnings

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IonQ may be emerging as a leader in the quantum space based on its stellar Q2 2026 earnings results, which included nearly 300% year-over-year (YOY) revenue growth, driven by strong customer adoption, a successful acquisition strategy, and growing commercial demand. Although D-Wave was a backlog winner for the quarter, IonQ's backlog is expanding as well, giving investors yet another compelling reason to believe this firm is separating itself from others in the space.

Rigetti is also experiencing promising operational momentum, with new customer commitments entering the pipeline and a very solid balance sheet that includes no debt. The firm appears to be behind IonQ in its commercialization efforts, however. At the same time, D-Wave's revenue backslide was disappointing, although the company's bookings performance suggests stronger quarters may be ahead.

ETFs May Offer a More Compelling Risk Profile

For investors who are betting on a resurgence in the quantum computing rally and expect these stocks to continue moving in tandem, a diversified ETF may offer attractive risk mitigation without eliminating opportunities for growth.

The Defiance Quantum ETF (NASDAQ: QTUM) remains a popular choice, and for good reason: With close to $5.5 billion in assets under management (AUM) and one of the highest average trading volumes in the quantum ETF space, QTUM offers an attractive liquidity profile at a modest price. It is worth noting, though, that this fund is not concentrated exclusively in pure-play quantum firms. Instead, it also includes other companies in the industry, such as semiconductor makers and AI infrastructure businesses.

While this means QTUM does not provide pure exposure to quantum names, it also helps reduce company-specific risk. This may be part of the reason QTUM has achieved a year-to-date (YTD) growth rate of more than 35%, even as many pure-play quantum firms have faced a prolonged sell-off during much of 2026.

Though much smaller in terms of AUM and trading volume and with a marginally higher expense ratio, the WisdomTree Quantum Computing Fund (BATS: WQTM) offers diversification advantages similar to those of QTUM. This ETF provides exposure to long-term quantum adoption without taking on the risks associated exclusively with early-stage quantum names.

Individual Stocks May Appeal to Risk-Tolerant Investors

On the other hand, now that companies in the quantum space are beginning to stand out for a wider variety of business reasons, investors may have an opportunity to achieve significant returns if one or more firms break away from the pack. In that case, QTUM or WQTM may benefit, but likely not to the same degree as shares of the individual company that emerges as a leader.

IonQ may currently be best positioned to capitalize on the opportunities expected to emerge in the quantum computing space, but other companies could certainly distinguish themselves as well. Even Rigetti and D-Wave, with their qualified successes and areas for future growth, could catalyze a rally with impressive financial news or a major technological development.

While the latest earnings season confirmed that quantum computing as an industry has not yet achieved broad public awareness or appeal, it also showed that some standout names are building crucial operational momentum. Investors who expect this trend to continue—and are willing to take a chance on select companies—may be rewarded for doing so, although the risks are significant. Those looking to benefit from growing quantum adoption without taking on the same level of risk may still position themselves well with one or more quantum ETFs.