My Top 3 Quantum Computing Stocks to Buy in December: A 2025 Performance & 2026 Outlook

IonQ is establishing itself as the pure-play leader in gate-based quantum computing, a position backed by strong analyst conviction. The consensus is clear: with a consensus price target of $70.00, representing a forecasted upside of 45.29% from recent levels, Wall Street sees tangible value in its technology. This isn't a speculative bet on distant theory. The company is already demonstrating a path to practical quantum advantage, as evidenced by a landmark 12 percent performance advantage in a medical device simulation over classical high-performance computing. This is the kind of early validation that moves the needle from lab curiosity to commercial relevance.

The competitive moat is built on two pillars: hardware fidelity and strategic partnerships. IonQ's trapped-ion architecture is engineered for high-fidelity qubits, a critical factor for reducing errors and scaling toward fault-tolerant systems. This technical edge is being leveraged through collaborations like the one with Ansys that delivered the medical simulation win. These partnerships are essential for validating the platform against real-world problems and accelerating its adoption curve. In a field where the primary competition is the long-term development of in-house solutions, IonQ's ability to offer a pre-built, high-performance alternative is a significant differentiator.

The bottom line is that IonQ is a high-risk, high-reward bet on a multi-year timeline. The current valuation, priced for success, reflects the market's belief in its technical leadership and the broader quantum computing boom. The sector is attracting billions in investment and is projected for 32.7 percent annual growth. Yet, the path to widespread commercialization remains long. For now, the stock's momentum is driven by the promise of quantum advantage and the strength of its analyst support.

The risk is that the long-term payoff, while potentially transformative, is subject to the same boom-bust cycles that have historically plagued technological inflection points.

D-Wave Quantum (QBTS): The Commercialization Leader

D-Wave Quantum stands apart in the quantum computing sector as the clear commercialization leader. While the broader industry is defined by long-term speculation, D-Wave's quantum annealing approach delivers immediate, tangible value for enterprise customers. This focus on solving real-world problems like optimization and logistics has driven explosive growth, making it the least speculative pure-play in the space.

The financial momentum is staggering. The stock has delivered a 283.2% change YTD, a move that reflects a fundamental shift from hype to revenue. That growth is backed by a surge in sales, with revenue up 235% through the first nine months of 2025, reaching $21.8 million. This acceleration is supported by a maturing customer base, with the company now serving over 100 customers and booking larger, multi-year deals. The ability to move from pilot projects to production-grade contracts is the hallmark of a commercial platform, not a lab experiment.

The valuation, however, prices in perfection. The stock trades at a 335 times analysts' forward revenue estimates, a multiple that leaves no room for execution missteps. This premium reflects the market's bet that D-Wave's current growth trajectory is sustainable and that its annealing technology will maintain a defensible niche. The company remains unprofitable, with adjusted EBITDA losses expanding 15% despite rising sales, as it reinvests heavily in R&D and sales to scale. The bottom line is that D-Wave is executing a classic "first mover in a new market" playbook. It has validated its technology with a diverse customer base and is scaling rapidly. The risk is that its steep valuation demands flawless execution and continued market leadership. For now, its immediate commercial applications provide a tangible anchor that pure gate-based peers, still years from general utility, simply cannot match.

Rigetti Computing (RGTI): The High-Risk, High-Reward Challenger

Rigetti Computing is the pure-play gate-based quantum innovator in this trio, betting on a multi-year technical roadmap to deliver the first commercially viable quantum computers. The company's recent stock pop of 13.13% to $26.88 reflects market optimism for its 2026-2027 Technology Roadmap, which targets a 150+ qubit system by late 2026 with 99.7% gate fidelity. This is a clear, ambitious plan to scale hardware performance, backed by recent catalysts like a $5.7 million purchase order for two 9-qubit systems and a $5.8 million AFRL contract for quantum networking. The stock's move is a classic speculative rally on technical milestones.

Yet the near-term financial reality is stark. In the third quarter of 2025, Rigetti reported a GAAP net loss of $201.0 million on just $1.9 million in revenue. This isn't a scaling software business; it's a capital-intensive hardware venture burning cash to build the future. The company's cash position, while bolstered to about $600 million after warrant exercises, is a runway, not a foundation. The high cash burn makes Rigetti the most speculative of the three picks, where stock price moves are driven more by engineering progress than by quarterly earnings.

The bottom line is a high-stakes gamble. Rigetti is executing a clear technical plan in a nascent market, which justifies its current valuation and recent rally. But the path to profitability is a multi-year journey measured in qubits and gate fidelities, not revenue lines. For investors, this is a pure play on quantum computing's eventual success, with the stock's volatility serving as a direct barometer of progress-or setbacks-on that distant horizon.