Quantum computing is having a moment in the stock market

• Quantum computing stocks have popped recently.

• The once-obscure tech is having a moment as it moves out of the lab and into the real world.

• Recent sales announced by a key company have sparked new bullish sentiment around quantum stocks.

If you think AI is complicated, just take a look at the world of quantum computing.

Once viewed as a technological black box, investors have warmed to quantum as the once-obscure technology has moved out of the lab and into the real world.

Much of the latest rally has been sparked by progress from Rigetti Computing, a company that develops circuitry for quantum systems. But that's not the only factor driving growth for Rigetti and its peers.

The four main quantum stocks have risen sharply this week, extending a monster rally over the past month. Here are the one-month moves of the big four quantum stocks:

• Rigetti Computing: +165%

• D-Wave Quantum: + 116%

• IonQ: +79%

• Quantum Computing: +76%

Throughout 2025, many Big Tech companies have poured resources into the technology, which leverages quantum bits of information to perform computational functions faster than normal computers.

But the latest catalysts have been a handful of real-world milestones in the sector.

Rigetti stock surged after the company announced two purchase orders for its quantum computing systems on Wednesday, totaling $5.7 million. While the buyers weren't named, Rigetti said that one is an Asian manufacturing company and the other is a US AI startup.

The dollar amount may be small compared to deals being cut in the world of AI, but the sale points to an important step forward for the space.

Thomas Hulick, CEO of Strategy Asset Managers, acknowledged as much, noting that the impact on Rigetti's revenue will be modest, but the sentiment it drummed up among investors is the bigger deal.

"It's actually investors reacting to real purchase orders," he told Business Insider.

This isn't the first time Rigetti has ignited broader momentum. In September, the stock surged on news that the company had procured a $5.8 million contract with the US Air Force, sending its peers in the space surging as well.

The latest developments have helped shift sentiment among analysts. Last month, B. Riley Financial raised its price target for Rigetti stock from $19 to $35. More recently, Ascendiant Capital Markets raised its price target on Quantum Computing stock from $22 to $40, implying 55% upside from Friday's price.

Meanwhile, HSBC and Vanguard—titans of banking and asset management—have announced progress in using quantum tech in the last two weeks.