Quantum-computing equities — IonQ + the cohort (the narrative-beta split)
Web-verified 2026-06-07. Structured + sources: macro-quantum-computing.json. Threat side of the quantum theme; pairs with macro-pqc-chips.json (defense) and macro-crqc-quantum-landscape.md (the geopolitics).
| Ticker | Grade | Note |
|---|---|---|
| IONQ (IonQ) | REAL-REVENUE, richly valued | ~$12B val; Q1-26 rev $64.7M (+755% YoY), FY guide $260-270M; first pure-play quantum >$100M rev; ~120× sales; trapped-ion; acquired Oxford Ionics + Vector Atomic (sensing); IonQ Federal — USAF Research Lab + DOE contracts |
| RGTI (Rigetti) | NARRATIVE-SPECULATIVE | ~863× sales; superconducting; minimal revenue |
| QBTS (D-Wave) | NARRATIVE-SPECULATIVE | ~820× sales; annealing |
| QUBT (Quantum Computing Inc) | SPECULATIVE-MICROCAP | thin revenue; photonics narrative |
The split (same pattern as equity_in_gold and altcoin-lens): one name with real (if tiny-vs-valuation) revenue + a government anchor (IonQ — state-as-customer, like MP Materials/Centrus), and a long tail of narrative-beta at 800×+ sales that "double on a headline and halve as fast."
The quantum↔PQC duality: the same catalysts (e.g., Google Willow) pump both the threat (IonQ/RGTI/QBTS) and the post-quantum defense (SEALSQ/WISeKey + alt-coins QRL/MCM, macro-pqc-chips) — a closed narrative loop. Real national-security inflection and a bubble-vector at once; separate the engineering (IBM/Google/IonQ, real DoD/DOE demand) from the froth.
Same split, different sector: the state-anchored-vs-narrative-beta pattern here recurs in the critical-minerals supply response (macro-critical-minerals-equities: MP/Perpetua/UAMY/Ucore with DoD equity/price-floors/EXIM vs the stockpile-headline tail) and the equity-in-gold lens — one real, state-anchored name plus a long momentum tail is the recurring shape of every "strategic" theme.
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