Quantum computing is one of the most promising frontiers in technology, but it is also one of the most misunderstood. While headlines often focus on far-off breakthroughs, a select group of companies is already converting quantum potential into real, verifiable revenue.
Some are pure-play quantum hardware innovators securing contracts with governments, tech giants, and research labs. Others are “pick-and-shovel” suppliers providing the critical tools, fabrication capabilities, and testing systems needed to make quantum computing a reality, no matter which platforms win out in the long run. This dual positioning gives them diversified growth drivers and a better chance of thriving through the inevitable hype cycles.
Most of these stocks remain lightly covered by Wall Street, creating the possibility of undervaluation despite their rapid growth. Here are five quantum computing stocks that are already generating revenue and are positioned to benefit from emerging innovations in quantum computing technology.
| Company Name (Ticker) | P/E Ratio | Analyst Upside |
| FormFactor (FORM) | 25 | 31% |
| IonQ (IONQ) | -46 | 24% |
| SkyWater Technology (SKYT) | -28 | 21% |
| D-Wave Quantum (QBTS) | -74 | 13% |
| Rigetti Computing (RGTI) | -102 | 4% |
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FormFactor (FORM)
FormFactor (FORM) is a leading provider of advanced probe cards and semiconductor test solutions used by chipmakers worldwide. Its technology is essential in ensuring the performance and reliability of cutting-edge chips, including those used in AI, data centers, and mobile devices.
Beyond traditional semiconductors, FormFactor has carved out a strategic position in quantum computing through its cryogenic probe systems, which are critical for testing quantum processors at near absolute zero to preserve qubit stability. As quantum hardware development accelerates from research labs into early commercial deployment, the need for these specialized testing solutions should grow significantly.
This gives FormFactor an additional long-term growth driver alongside its core semiconductor markets, positioning it as both a pick-and-shovel play for current chip demand and a key enabler of next-generation computing technologies.
While FormFactor does not currently pay a dividend, its capital allocation strategy has recently prioritized strategic investments, resulting in a negative free cash flow of $47.1 million in its most recent quarter.
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IonQ (IONQ)
IonQ (IONQ) is one of the few publicly traded companies focused purely on quantum computing. Its trapped-ion technology offers high fidelity and long coherence times. These advantages could help set it apart as quantum systems continue to scale.
Though still pre-profit and early in revenue generation with a new high of $20.7 million in the second quarter of 2025, IonQ has over $500 million in cash and short-term investments. This gives it a long runway to fund research and development.
The company continues to sign significant contracts and is on track to soon reach $100 million in annual revenue. IONQ is a high-risk, high-reward opportunity for investors betting on the long-term impact of quantum computing in areas like AI, cryptography, and materials science.
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SkyWater Technology (SKYT)
SkyWater Technology (SKYT) is a U.S.-based semiconductor foundry focused on secure, domestic, and custom chip manufacturing. It is one of the few “fab-light” players aligned with the U.S. government’s push to localize semiconductor supply chains.
SkyWater reported revenue of $59.1 million in its most recent quarter. While not yet consistently profitable, the company is on the cusp of a major growth phase following the recent acquisition of Fab 25, which management thinks will eventually contribute at least $300 million in annual revenue.
SKYT gives investors exposure to the reshoring of critical tech manufacturing and has a long growth runway if government and defense contracts continue to scale.
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Wall Street Analysts Are Bullish on These 5 Undervalued Compounders With Market-Beating Potential
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- Strong revenue growth and durable competitive advantages
- Attractive valuations based on forward earnings and expected earnings growth
- Long-term upside potential backed by analyst forecasts and TIKR’s valuation models
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
