Quantum Computing Inc. Common
QUBT
$11.41
+19.35%
Quantum Computing Inc. is a technology company focused on developing and delivering machines for quantum computing, reservoir computing, and remote sensing applications based on integrated photonics and non-linear quantum optics. The company positions itself as an early-stage player in the nascent quantum hardware and software industry, aiming to offer room-temperature, low-power solutions at an affordable cost. The current investor narrative is dominated by extreme volatility and speculative fervor, with the stock caught in a sector-wide rally fueled by hype around AI-driven quantum error correction and commercial deployment timelines, as evidenced by recent news headlines discussing a 'massive rally' and 'bubble stocks.' This narrative sharply contrasts with deep-seated skepticism regarding the company's ability to monetize its technology, highlighted by a major institutional investor's exit and concerns over its minuscule revenue relative to its valuation.…
QUBT
Quantum Computing Inc. Common
$11.41
Related headlines
QUBT 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Quantum Computing Inc. Common's 12-month outlook, with a consensus price target around $14.83 and implied upside of +30.0% versus the current price.
Average Target
$14.83
1 analysts
Implied Upside
+30.0%
vs. current price
Analyst Count
1
covering this stock
Price Range
$9 - $15
Analyst target range
Analyst coverage for QUBT is minimal, with only one analyst providing estimates, indicating this is a stock with limited institutional following, typical of a speculative micro-cap or early-stage company. The single analyst projects an average EPS of $2.03 and average revenue of $1.48 billion, but no consensus price target or recommendation distribution is available in the data, preventing a calculation of implied upside or downside. The institutional ratings data shows a pattern of reiterated 'Buy' ratings from firms like Rosenblatt and Ascendiant Capital alongside a 'Neutral' from Cantor Fitzgerald, with the most recent actions in March 2026. The lack of a broad analyst consensus and price target range means there is no clear signal on valuation from the sell-side; the wide discrepancy between the bullish revenue estimates and the current financial reality signals extremely high uncertainty. This sparse coverage environment contributes to the stock's high volatility (beta of 3.698) and inefficient price discovery, as the investment thesis is driven more by sector narratives and retail speculation than by grounded financial analysis.
Bulls vs Bears: QUBT Investment Factors
The bull case for QUBT rests entirely on the speculative projection of revenue exploding from $198,000 to $1.48 billion, a moonshot that would justify its current valuation. The bear case is grounded in the stark reality of a pre-revenue company with no consistent growth, negative margins, and an astronomical valuation completely detached from fundamentals. Currently, the bear side has stronger evidence, as the company's financials show no tangible progress toward commercialization. The single most important tension in the investment debate is the timing and credibility of revenue scaling. If QUBT can demonstrate any meaningful, recurring commercial contract in the next 12-18 months, the bull narrative gains validity. If commercialization timelines slip or remain elusive, the current valuation, supported only by sector hype and a large cash balance, is unsustainable and will likely collapse.
Bullish
- Extreme Revenue Growth Projection: The single analyst covering QUBT projects average revenue of $1.48 billion, a staggering leap from the latest quarterly revenue of $198,000. If achieved, this would imply a forward Price-to-Sales ratio of approximately 1.1x, a massive compression from the current trailing PS of 2,474.6x, representing the core speculative bull case.
- Fortress Balance Sheet Post-Financing: The company has a current ratio of 102.38, driven by $737.9 million in cash from recent financing activities, with a negligible debt-to-equity ratio of 0.001. This provides a multi-year runway to fund R&D and commercialization efforts without immediate solvency risk, insulating it from near-term operational cash burn of -$11.02 million.
- Powerful Short-Term Momentum & Reversal: The stock is up 24.03% over the past three months and 11.76% over the past month, significantly outperforming the S&P 500's 8.42% and 5.6% gains. This suggests a potential trend reversal from a long-term downtrend, with the price recovering from its 52-week low of $6.18, driven by renewed sector-wide speculative interest.
- Sector Catalysts and Validation: Recent news highlights a 'massive rally' in quantum stocks fueled by developments like Nvidia's AI model for quantum error correction and Microsoft's 2029 quantum data center roadmap. These external validations create a narrative tailwind for the entire sector, including QUBT, despite its lack of fundamental progress.
Bearish
- Astronomical Valuation vs. Minuscule Revenue: The company's trailing Price-to-Sales ratio is 2,474.6x, reflecting a $1.69 billion market cap against quarterly revenue of just $198,000. This valuation is completely disconnected from any conventional hardware or software sector multiples and prices in near-perfect execution of speculative growth years ahead.
- No Stable Business Model or Profitability: Revenue is highly inconsistent, swinging from $39,000 to $384,000 and back to $198,000 over recent quarters, with a negative gross margin of -49.5% in Q4 2025. The company is deeply unprofitable with a net income of -$1.56 million last quarter and a TTM free cash flow of -$36.98 million, showing no path to sustainable unit economics.
- Extreme Volatility and Speculative Nature: The stock has a beta of 3.698, meaning it is approximately 270% more volatile than the broader market. It trades at just 40.6% of its 52-week range ($6.18 to $25.84) and has experienced a maximum drawdown of -74.37%, indicating it is a highly speculative instrument unsuitable for risk-averse investors.
- Institutional Skepticism and Sparse Coverage: A major institutional investor (Anson Funds) completely exited its position, signaling deep skepticism about monetization. Analyst coverage is minimal with only one firm providing estimates, leading to inefficient price discovery and reliance on retail speculation rather than grounded financial analysis.
QUBT Technical Analysis
The stock is in a volatile, long-term downtrend with a significant recovery attempt underway. The 1-year price change is +13.69%, but this masks a dramatic journey; the current price of $10.505 sits at just 40.6% of its 52-week range ($6.18 to $25.84), indicating it is still far from its highs and recovering from deeply oversold levels. The 6-month price change of -0.90% confirms the stock has been consolidating after a severe decline. Recent momentum shows a powerful short-term reversal, with the stock up 11.76% over the past month and 24.03% over the past three months, significantly outperforming the S&P 500's 5.6% and 8.42% gains over the same periods, respectively. This divergence suggests a potential trend reversal from the prior downtrend, likely driven by speculative sector-wide buying rather than company-specific fundamentals. Key technical levels are clearly defined, with immediate support at the 52-week low of $6.18 and major resistance at the 52-week high of $25.84. A breakout above resistance would signal a full recovery of the prior bear market, while a breakdown below support would indicate a failure of the recent rally. The stock's extreme volatility is quantified by a beta of 3.698, meaning it is approximately 270% more volatile than the broader market, which necessitates outsized risk tolerance from investors.
Beta
3.70
3.70x market volatility
Max Drawdown
-74.4%
Largest decline past year
52-Week Range
$6-$26
Price range past year
Annual Return
+8.3%
Cumulative gain past year
| Period | QUBT Return | S&P 500 |
|---|---|---|
| 1m | +21.3% | +5.5% |
| 3m | +44.4% | +7.7% |
| 6m | +11.9% | +12.7% |
| 1y | +8.3% | +27.4% |
| ytd | +3.6% | +8.9% |
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QUBT Fundamental Analysis
The company's revenue trajectory is nascent and highly inconsistent, with the most recent quarterly revenue at a mere $198,000, representing a YoY growth of 2.19% from the year-ago quarter's $62,000. However, examining the multi-quarter trend reveals extreme volatility, with revenue swinging from $39,000 in Q1 2025 to $384,000 in Q3 2025 before dropping back to $198,000 in Q4 2025, indicating no stable growth trend and a business still in the pre-commercial R&D phase. The company is deeply unprofitable, with a net income of -$1.56 million in the latest quarter and a trailing twelve-month free cash flow of -$36.98 million. The gross margin was negative at -49.5% for Q4 2025, though it has shown wild swings, reaching 32.8% in Q3 2025 before collapsing, highlighting an inability to achieve consistent unit economics. The operating margin of -112.2% underscores that operating expenses are massively outstripping the tiny revenue base. The balance sheet shows a fortress-like liquidity position with a current ratio of 102.38, driven by $737.9 million in cash from recent financing activities, and a negligible debt-to-equity ratio of 0.001. This financial health is entirely artificial, funded by equity issuance rather than operations, as evidenced by a net cash from financing of $718.6 million in the latest quarter, which masks the core operational burn rate indicated by an operating cash flow of -$11.02 million.
Quarterly Revenue
$198000.0B
2025-12
Revenue YoY Growth
+2.19%
YoY Comparison
Gross Margin
-0.49%
Latest Quarter
Free Cash Flow
$-36984000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
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Valuation Analysis: Is QUBT Overvalued?
Given the company's negative net income and negative EBITDA, the primary valuation metric selected is the Price-to-Sales (PS) ratio. The trailing PS ratio is astronomically high at 2,474.6x, reflecting a market capitalization of $1.69 billion against minuscule revenue. A forward PS ratio is not calculable from the provided data, but analyst estimates project revenue of $1.48 billion, which would imply a forward PS of approximately 1.1x if achieved, highlighting the market's extreme growth expectations. Compared to industry averages, a PS ratio in the thousands is an extreme outlier, indicating a valuation completely disconnected from any conventional hardware or software sector multiples; this premium is predicated solely on speculative future potential in quantum computing. Historically, the stock's own valuation is near the upper end of its recent range; the current PS of 2,474.6x is significantly higher than the 8417.6x recorded at the end of Q4 2025 but remains within the realm of the extreme multiples (from 214.9x to 44,437x) seen over the past two years. Trading near the top of this volatile historical band suggests the market is currently pricing in a highly optimistic scenario for future commercialization, leaving no margin for error or delay.
PE
-90.4x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range -268x~310x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
-69.6x
Enterprise Value Multiple
Investment Risk Disclosure
Financial & Operational Risks are severe and stem from the company's complete lack of a viable business model. With quarterly revenue of only $198,000 and a negative gross margin of -49.5%, QUBT is burning cash on operations at a rate of -$11.02 million per quarter, masked only by a massive $737.9 million equity raise. The extreme volatility in revenue—swinging from $39,000 to $384,000—and gross margin—from 32.8% to -49.5%—demonstrates an inability to achieve consistent unit economics or predictable growth, making financial forecasting nearly impossible. The company's survival is entirely dependent on its cash runway, not operational success.
Market & Competitive Risks are amplified by QUBT's extreme valuation premium. A trailing PS ratio of 2,474.6x is an extreme outlier, indicating the stock is priced for flawless execution years into the future. Any sector-wide derating of quantum computing multiples, a shift in investor sentiment away from speculative tech, or a failure to meet wildly optimistic analyst revenue targets could trigger catastrophic valuation compression. The stock's beta of 3.698 confirms its extreme sensitivity to market swings and sector narratives. Competitive risks are high as larger, better-funded players like Microsoft accelerate their quantum roadmaps, potentially leaving niche players like QUBT behind.
Worst-Case Scenario involves a failure to secure meaningful commercial contracts, leading to a gradual erosion of investor confidence as the cash balance is spent on R&D with no revenue inflection. This could trigger a sector-wide sell-off, exacerbated by the exit of remaining institutional holders. The stock could re-test and break below its 52-week low of $6.18, representing a potential downside of approximately -41% from the current price of $10.505. In a severe bear case where the commercialization thesis is abandoned, the stock could fall toward its net cash value per share, implying a far greater loss, potentially exceeding -70% from current levels, mirroring its historical max drawdown of -74.37%.