Shares of IonQ (IONQ), Rigetti Computing (RGTI), D-Wave Quantum (QBTS), and Infleqtion (INFQ) climbed in premarket trading on Tuesday after BTIG released a bullish report on the quantum computing industry. The firm expects the market to grow from about $1.75 billion today to $7 billion-$10 billion by 2030.
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Explore QBTX for 2X leverage on QBTSBTIG said quantum simulation is likely to become the industry’s first commercial application. The firm expects more commercial uses to emerge over the next few years. It also said public roadmaps point to early fault-tolerant quantum computers between 2028 and 2030.
Quantum Stocks Extend Their Rally
Today’s gains come after a strong session on Monday, when quantum computing stocks rallied ahead of this week’s earnings. IonQ climbed about 7%, Rigetti gained 7%, Infleqtion gained 11%, and D-Wave rose 10% as investors positioned for the upcoming results.
The rally also followed a bullish note from Wedbush analyst Matt Bryson. The analyst said investors should spend less time focusing on quarterly revenue. Instead, he believes the earnings calls will provide a better view of each company’s long-term progress.
Bryson rates IonQ, Rigetti, and D-Wave as Outperform. He has price targets of $75 for IonQ and $40 each for Rigetti and D-Wave.
Earnings Remain in Focus
Besides the BTIG report, investors are also looking ahead to a busy week of earnings for the sector. IonQ will report second-quarter results on August 5. Rigetti and D-Wave will follow on August 6, while Infleqtion is scheduled to report on August 12.
Wall Street expects IonQ to report revenue of $66.47 million. Rigetti’s revenue is projected to rise 185% year over year to $5.13 million. D-Wave is expected to post revenue of $4.02 million, while analysts expect Infleqtion to report revenues of about $10.64 million.
Investors will be watching for updates on new customers and contracts. They will also look for progress on each company’s technology plans. Any changes to management’s full-year outlook will be closely watched.
Which Is the Best Quantum Computing Stock?
We used the TipRanks Stock Comparison Tool to see which quantum computing stocks are most favored by Wall Street analysts.
Quantinuum, Infleqtion, D-Wave Quantum, and IonQ all carry Strong Buy consensus ratings. Meanwhile, Rigetti Computing has a Moderate Buy rating but offers the highest upside in the group at 91.72%.
