Two Quantum Computing Stocks Quietly Accelerate Commercialization
0h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
quantum-computingemerging-technology
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Two quantum computing companies demonstrated significant, underappreciated progress toward commercialization in the first quarter of 2026, according to financial disclosures and market analysis. Rigetti Computing reported a 40% quarter-over-quarter increase in its commercial quantum processing unit (QPU) reservation backlog, reaching $12 million in committed contracts. D-Wave Quantum also disclosed a 30% sequential revenue increase, driven by its hybrid quantum-classical annealing services for logistics optimization. These developments occurred amidst a broader sector retrenchment, highlighting a potential inflection point for real-world application deployment.
The quantum computing sector experienced a significant valuation correction throughout 2024 and 2025, as investor patience for long-term research and development timelines waned. The Nasdaq CTA Artificial Intelligence and Robotics Index declined 18% from its 2025 peak, pressuring speculative tech stocks. This macro backdrop forced a strategic pivot, with surviving firms shifting focus from theoretical quantum volume benchmarks to tangible, near-term revenue opportunities in specific problem domains. The recent progress reflects a maturation of the supply chain, with improved qubit coherence times and more accessible software development kits enabling practical application development. The catalyst is a convergence of enterprise demand for optimization solutions in finance and logistics with more stable hardware platforms.
Financial results for Q1 2026 provide concrete evidence of commercialization momentum. Rigetti Computing's booked backlog of $12 million represents a substantial commitment from a diversified client base, including a major financial institution and an automotive manufacturer. The average contract value increased to $1.5 million, up from $900,000 in the prior quarter. D-Wave Quantum's revenue reached $3.2 million, with its annealing service accounting for 75% of the total. The company's gross margin improved to 42%, a 10-point increase year-over-year, indicating improved operational use.
| Metric | Rigetti Computing (Q1 2026) | D-Wave Quantum (Q1 2026) |
|---|---|---|
| Commercial Revenue/Backlog | $12M (backlog) | $3.2M (revenue) |
| QoQ Growth | +40% | +30% |
| Key Metric | QPU Reservations | Annealing Service Revenue |
This performance contrasts with the iShares Semiconductor ETF (SOXX), which posted a flat return for the same period, underscoring the niche growth.
The accelerating commercialization path for these firms has clear second-order effects. Companies in complex logistics, such as FedEx (FDX) and UPS, stand to benefit from more efficient routing algorithms, potentially reducing operational costs by 3-5% upon adoption. In finance, JPMorgan Chase (JPM) and Goldman Sachs (GS) are active in exploring quantum solutions for portfolio optimization and risk modeling. A primary risk is the nascent state of the technology; a single quarter of progress does not guarantee a sustainable business model, and both companies remain unprofitable on a GAAP basis. Institutional flow data indicates early-stage venture capital and specialist tech funds are building positions, while generalist large-cap funds remain on the sidelines pending larger contract announcements.
The next significant catalyst is Rigetti Computing's announcement of its next-generation 144-qubit QPU performance benchmarks, expected before the end of Q3 2026. For D-Wave, the key event is its partnership update with a Fortune 100 logistics company, scheduled for disclosure in August 2026. Investors should monitor the companies' cash burn rates against their current reserves; a drop below 12 months of runway would signal significant financing risk. Technical levels for the Global X Quantum Computing ETF (QCLN) show strong support at the $18.50 level, a break below which could indicate renewed sector-wide pessimism. A sustained move above its 200-day moving average near $22.50 would confirm a bullish technical breakout.
Quantum annealing is a specific approach to quantum computing optimized for finding the lowest energy state, which translates to solving complex optimization problems. D-Wave's annealers are being applied to real-world challenges like minimizing fuel consumption for airline fleets, optimizing last-mile delivery routes for e-commerce, and improving supply chain resilience. This contrasts with gate-model quantum computers, which are targeting broader applications like cryptography and drug discovery but are generally considered further from widespread commercial use.
Revenue generation is currently focused on hybrid models. Companies like Rigetti provide cloud-based access to their quantum processors, charging for compute time reserved by research institutions and corporate R&D departments. D-Wave sells access to its quantum annealing service bundled with classical computing resources to solve specific optimization problems. Both models are essentially "quantum-as-a-service," allowing clients to experiment and build applications without the capital expenditure of owning a quantum computer.
A $12 million booked backlog for a pre-revenue deep-tech company is a significant milestone. It is comparable to the early commercialization phase of cloud computing giants like Salesforce in the early 2000s, where securing multi-year enterprise contracts validated the software-as-a-service model before the company reached profitability. This level of committed revenue de-risks the business model and provides a tangible metric for investors to assess market demand beyond technological promise.
Rigetti and D-Wave are transitioning from R&D to revenue generation faster than the market appreciates.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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