As much as enthusiasts might wish it not to be the case, quantum computing is still a highly speculative investment thesis heading into the second half of 2026. That's not to say that companies have yet to make real progress—technological breakthroughs are accelerating across the industry, and even smaller players are noting 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 used to an industry that has tended to move in lockstep up to this point: Is it better to own individual quantum names or build exposure across the whole space with dedicated exchange-traded funds (ETFs)? There's not a simple answer to the question, but rather a more complicated calculation based on risk and bullishness on the industry.
Where the Major Players Stand After Mid-Year Earnings
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) improvement in revenue thanks to strong customer adoption, a successful acquisitions 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 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 seems to be behind IonQ in its commercialization efforts, though. At the same time, D-Wave's backslide in revenue was disappointing, although the company's bookings performance suggests stronger quarters may be in store.
ETFs May Offer a More Compelling Risk Profile
For investors keen to bet on a relaunch of the quantum computing rally and expecting that stocks may continue to move in tandem, a diversified ETF may offer some attractive risk mitigation without leaving opportunities for growth unexplored.
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 across 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, but rather also includes other companies in the industry—such as semiconductor makers, AI infrastructure businesses, and the like.
While this means that QTUM does not provide pure exposure to quantum names, it does help to reduce its company-specific risk. This may be part of why 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 for 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 QTUM's. This ETF is a bet on long-term quantum adoption without taking on the risk exclusive to 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, there may be the opportunity to win significant returns if one or more firms break away from the pack. In this case, QTUM or WQTM may benefit, but not to the same degree as shares of that individual name.
IonQ may currently be best positioned to capitalize on the opportunities expected to reach 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, may catalyze a rally with some impressive financial news or a big tech development.
While the latest earnings season confirmed that quantum computing as an industry has not yet reached broad public awareness and appeal, it also showed that some standout names are building crucial operational momentum. Investors expecting this trend to continue—and willing to take a chance on some 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 risk may still position themselves well with one or more quantum ETFs.
The article "Quantum Stocks Are Starting to Choose Sides: Should Investors Do the Same?" first appeared on MarketBeat.
