Quantum Computing Stocks vs Cryptocurrencies: A Tale of Two Different Narratives
Investing in quantum computing stocks versus cryptocurrencies has been a topic of debate among investors. Two recent reports, one from Investing.com and another from a separate source, have shed light on the differences between these two types of investments. As of September 22, 2026, the market capitalization of IonQ (IONQ) stood at $16.1 billion, while D-Wave had a market cap of $6.6 billion. In contrast, Coinbase's market cap was significantly higher at $53 billion.
The quantum computing sector is characterized by its high growth rates, with IonQ reporting revenue growth of 371% over the past three fiscal years. However, fair value models suggest that all three companies are already overpriced, with analyst price targets projecting 70-99% upside. This discrepancy highlights the 'we believe in the tech but the timing is uncertain' dilemma.
On the other hand, crypto stocks have real revenues and scale, with Coinbase generating $6.9 billion in revenue and an 85.8% gross margin. However, fair value models indicate that Coinbase is overvalued by 23.5%, while analyst price targets are modest at best. Strategy's (MSTR) positive fair value upside of 8.9% makes it the lone bright spot among crypto stocks.
The verdict is clear: neither sector offers cheap investment opportunities, but they fall short in different ways. While quantum computing stocks have high revenue growth and gross margins, they are mostly overvalued by fair value models. In contrast, crypto stocks have real revenues and scale but are often plagued by deeply negative free cash flow yields.