In recent years, quantum computing has quietly emerged into the mainstream, with the market set to explode from $1.2 billion in 2024 to $12.6 billion by 2032, expanding at a 34.8% compound annual growth rate (CAGR). The growth is reflected in the performance of Defiance Quantum ETF (QTUM), which has gained 40.3% over the past year, outperforming the S&P 500 Index’s ($SPX) 13.1% rise.

Amid this transformation, Amazon.com (AMZN) and D-Wave Quantum (QBTS) have emerged as strong investment opportunities. Their recent performance indicates growing confidence in the integration of artificial intelligence and quantum computing into everyday technologies. 

For forward-thinking investors, this could represent a unique “ground-floor” opportunity in what many see as the defining innovation of the 21st century. 

Quantum Computing Stock #1: Amazon

Headquartered in Seattle, Washington, the e-commerce giant has long outgrown its retail roots. Today, with a massive $2.2 trillion market cap, Amazon.com (AMZN) holds a dominant seat in the cloud computing space through Amazon Web Services and remains deeply entrenched in households through its Alexa-powered Echo devices.

Over the past month, AMZN stock has rallied 15%. 

AMZN currently trades at 30.6 times forward earnings and 3.2 times sales, commanding a premium over industry peers. Yet, stacked against its own five-year averages, these valuations hint at a hidden bargain.

The May 1 earnings report unveiled a strong first-quarter 2025 performance that came in ahead of expectations. Total net sales reached $155.7 billion, marking an annual increase of nearly 8.6%, beating by $580 million. Operating income stood at $18.4 billion, up 20.2% from the year-ago figure.

Moreover, EPS rose 62.2% annually to $1.59 and beat forecasts by $0.23. 

Moreover, Amazon Web Services (AWS) has made significant strides in quantum computing. In early 2025, AWS launched its Ocelot quantum chip, reducing error correction costs by 90%, positioning Amazon as a leader in scalable quantum computing and boosting its AWS growth.

Looking ahead, Amazon expects Q2 net sales between $159 billion and $164 billion, projecting 7% to 11% year-over-year growth. Meanwhile, analysts anticipate Q2 2025 EPS to grow 8.9% to $1.34. For 2025, EPS is forecast to rise 13.9% year over year to $6.30. 

Analyst sentiment skews overwhelmingly bullish with an overall rating of “Strong Buy.” Out of 53 analysts, 46 issued a “Strong Buy,” five suggested a “Moderate Buy,” and two recommended “Hold.” 

The average price target of $241.46 represents potential upside of 14%, while the Street-high target of $305 signals a possible surge of 45% from current levels. 

Quantum Computing Stock #2: D-Wave Quantum 

D-Wave Quantum (QBTS), based in Palo Alto, California, provides end-to-end quantum computing solutions, including systems, cloud services, application development tools, and professional services. The company is currently valued at a market cap of $3.1 billion.

QBTS stock has delivered a 685% gain over the past 52 weeks and shares are up another 48% in the past month. 

D-Wave reported its first-quarter results on May 8. Revenue surged an impressive 500% year-over-year to $15 million, and the company reported record GAAP gross profit of $13.9 million. Its net loss also narrowed dramatically to $5.4 million from $17.3 million in the year-ago period. 

Major quantum computing achievements in the first quarter included a published scientific paper demonstrating quantum supremacy, the delivery of its first quantum Advantage system, and various key business relationships formed with customers like Japan Tobacco and Ford Otosan. 

For the second quarter, analysts are calling for losses per share to improve 40% to to $0.06. For the full year, losses are expected to improve 72% to $0.21. 

The stock has earned an overall “Strong Buy” rating. Out of six analysts covering the stock, five have backed it with a “Strong Buy,” while one maintains a more cautious “Moderate Buy.”

The average price target of $11.33 represents minimal upside from its current price. However, the Street-high target of $13 points to a possible rally of more than 20% from current levels.