There’s no denying it: the quantum-computing sector has been unwound. Over the past month, pure-play quantum stocks have sold off sharply as investors pulled capital out of high-multiple and often pre-profit tech. For example, IonQ (NYSE:IONQ | IONQ Price Prediction) shares are down 39% over the trailing month, with the stock changing hands midday Wednesday at $32.86. Rigetti Computing (NASDAQ:RGTI) shares are down 30% over the same stretch, and D-Wave Quantum (NYSE:QBTS) shares are also down 30%. Meanwhile, Quantum Computing (NASDAQ:QUBT) shares have slid 24% in a month. The pain has been broad, but not uniform. Sector-Wide De-Risking Drives the Slide The selloff in IonQ, Rigetti, D-Wave, and Quantum Computing shares looks less like a company-specific story and more like a sentiment reset across speculative tech. Investors have trimmed exposure to high-multiple, pre-profit names as AI-infrastructure and semiconductor valuations were re-priced. Quantum pure-plays sit at the far end of that risk spectrum. The valuation setup makes the reaction easier to understand. IonQ stock carries a trailing 12-month P/E ratio of 84.26x, while Rigetti, D-Wave, and Quantum Computing stocks have no meaningful trailing 12-month P/E ratios because they were unprofitable during that time frame. When multiples reset, names anchored to future-scale narratives can take the biggest hit. The fundamentals reinforce that story. IonQ posted Q1 2026 revenue of $64.67 million, up 755% year over year (YoY), but its adjusted EBITDA loss guide for the year sits at -$330 million to -$310 million. D-Wave reported Q1 2026 revenue of $2.86 million, down 81% YoY on lumpy system-sale timing, though bookings jumped 2,000% YoY. Rapid growth, deep losses, and heavy stock-based compensation are difficult for investors who want to see profits. The Bull Case Hasn’t Vanished Recent catalysts complicate the “more pain” thesis. IonQ received final regulatory approval to complete its acquisition of