Quantum computing shares are flagged as especially vulnerable in any September 2026 tech pullback, with 2026 trading showing they usually drop harder than the Nasdaq-100 during broader sell-offs.
On 23 days when QQQ fell at least 1.5% through Aug. 28, IonQ, D-Wave, Rigetti and Quantum Computing Inc. underperformed the ETF on 17 occasions, or about 74% of the time.
Valuations remain the main risk: IonQ trades near 52 times forward sales, D-Wave about 148.8 times and Rigetti more than 223 times, leaving little room for weaker sentiment even if operations improve.
Recent declines have not erased that exposure—IonQ is down 53.7% from its 52-week high, D-Wave 63.7%, Rigetti 73.2% and QUBT 68.5%—because investors may still demand lower multiples.
September volatility could be amplified by the Aug. jobs report due Sept. 4, the Fed's Sept. 15-16 meeting, and persistent inflation, debt and geopolitical tensions.
With quantum stocks trading at massive multiples despite major breakthroughs, could a September tech sell-off trigger a catastrophic market correction?
As the harvest now, decrypt later threat looms, will federal mandates arrive in time to save quantum stocks from crushing valuations?
Could the billions in cash held by quantum pioneers actually make them hidden safe havens during a historic September market crash?