Quick Read

• Quantum Computing Inc. (QUBT) surged 494% over the past year despite generating just $546K in revenue. The company holds a $2.88B market cap.

• QUBT loses $27 for every $1 it earns with a negative 2,709% operating margin. Quarterly earnings swings have ranged from an 844% miss to a 117% beat.

• The stock carries a 5,270x price-to-sales ratio and a beta of 3.80. The rally was driven by retail speculation rather than business fundamentals.

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I want to be clear about something right away. Many great companies have started by losing massive amounts of money, or have been born in bubble-like environments and then go to thrive even after the bubble pops.

Quantum Computing Inc. (NASDAQ: QUBT) may certainly be one of those companies. But make no mistake. Investing in it right now is close to thematic gambling. And depending on the specific day you bought the stock, that gamble might have worked out for you.

A 494% Gain Built on Almost Nothing

Here is what happened if you put $1,000 into QUBT roughly one year ago.

1-Year Return (Dec 2024 - Dec 2025)

• Initial Investment: $1,000

• Current Value: $5,944

• Total Return: 494%

• S&P 500 (same period): $1,428 (43%)

You would have turned $1,000 into nearly $6,000. The S&P 500 gained 43% over the same stretch, meaning QUBT outperformed the market by 451 percentage points. That sounds incredible until you look at what is underneath.

Quantum Computing Inc. generated $546,000 in trailing revenue while carrying a market cap of $2.88 billion. That puts the price-to-sales ratio at 5,270x. The company would need to grow revenue by more than 5,000 times just to justify a normal 1x sales valuation. It has burned through roughly $186 million in cumulative losses since 2019 while generating less than $2 million in total revenue. The operating margin sits at negative 2,709%, meaning it loses $27 for every $1 it brings in.

The recent rally was not driven by fundamentals. It was driven by speculation on quantum computing as a sector, retail trading volume that spiked to 71 million shares in a single day, and an earnings surprise in Q3 2025 that flipped expectations. The company posted $0.01 in earnings per share against estimates of a $0.06 loss, a 117% beat. One quarter earlier, it had missed by 333%. The quarter before that, it beat. The quarter before that, it missed by 844%.

This is not a business with predictable cash flows. It is a speculation vehicle.