Small caps that can gain in 2026 as quantum computing becomes 'next big thing'

Quantum computing is among “the most stable high-return bets of the next decade,” Louis Navellier, founder and chief investment officer of Navellier & Associates, wrote in a recent post on Investing.com. “In 2026, quantum-classical hybrid models are being used to manage portfolio risk and logistics routing with a precision that classical supercomputers cannot match,” Navellier says. Although the quantum technology market is still at an early stage, growth estimates are rising rapidly: the “$20 billion by 2030” figure is a “common middle-ground estimate,” while, depending on the analyst, projections could be as high as $125 billion, Navellier noted.

Analysts at major investment banks are increasingly viewing quantum technology as a geopolitical factor, not just a business one. In a March 23 report, Jefferies said quantum computing is becoming an element of national security. According to the analysts, China has already invested about $16 billion in the sector – roughly four times more than the U.S. – and by 2024 accounted for about 60% of global patent filings in the field.

At Barclays, analysts see real-world quantum advantage as the key catalyst for 2026-2027. In their view, achieving stable and accurate performance from quantum computers will be a turning point for commercialization. The bank also estimated potential demand for classical computing power – processors and graphics cards for error correction – at more than $100 billion.

For 2025, the equal-weight version of an index comprising 18 quantum computing companies, compiled for Oninvest by analyst Aldiyar Anuarbekov, fell 11.1%. The cap-weight version declined 10.8%. The index includes companies from different countries – from makers of quantum computing equipment to developers of processors and post-quantum cryptography – with market capitalizations not exceeding $5.3 billion.

For comparison, the Russell 2000, the benchmark for small-cap and mid-cap companies, rose 11.3% in 2025, while the broad-market S&P 500 gained 16.4%. Since the start of 2026, the picture has changed: the equal-weight version of the small-cap quantum computing index has gained 5.5%, as of April 10, while the cap-weight version is up 7.5%, outperforming the Russell 2000, which has risen 6.0%, and the S&P 500, which is down 0.4%.

Since the start of 2026, equipment suppliers have performed best, while companies developing quantum processors and cryptographic solutions have remained under pressure.

We have selected three companies from the index with different risk profiles and growth prospects: France’s Riber S.A., Switzerland’s SEALSQ Corp., and U.S.-based D-Wave Quantum.

Riber S.A.

Riber S.A. (Euronext Growth Paris: ALRIB) describes itself as a global leader in molecular beam epitaxy equipment, a technology used to deposit atomic layers of semiconductor materials – a process that is critical for the production of quantum dot lasers and silicon photonics. Riber was founded in 1964 and has since remained a key supplier for research centers and semiconductor manufacturers worldwide.

For 2025, the company reported a 2.1% decline in revenue to EUR40.3 million, while its order book rose 24% to EUR26.9 million. Net income increased 27.1% to EUR5.2 million.

Since the start of the year, Riber shares have risen nearly 266%. One of the key drivers of the company’s growth is the ROSIE system for silicon photonics. Dividends for 2025 increased 25% year over year to EUR0.10 per share. Due to its small market capitalization and listing on the Euronext Growth Paris, major investment banks do not have ratings on Riber.

SEALSQ Corp.

SEALSQ Corp. (NASDAQ: LAES) is a Swiss company specializing in secure semiconductors and post-quantum cryptography. Its flagship product is the Quantum Shield QS7001 chip, designed to protect data from attacks using quantum computers. SEALSQ represents the emerging quantum security market.

According to the company’s preliminary, unaudited numbers, revenue in the first quarter of 2026 rose more than threefold year over year to approximately $4.1 million. SEALSQ reaffirmed its full-year 2026 guidance, expecting revenue growth of 50-100%. The company’s pipeline exceeds $200 million for 2026-2029, of which more than $60 million is linked to its post-quantum products QS7001 and QVault TPM. As of March 31, cash and short-term investments exceeded $525 million. In March, the company signed a letter of intent to acquire Swiss developer Miraex, which specializes in photonic quantum interconnects.

Despite the improvement in operating performance, SEALSQ shares have fallen more than 25% since the start of 2026. The stock has three Wall Street analyst ratings, all “buy.” The average target price is $6 per share, more than double the current share price.

D-Wave Quantum

D-Wave Quantum (NYSE: QBTS) is the only company in the world offering two quantum platforms: annealing systems for solving optimization problems and gate-model systems acquired together with Quantum Circuits Inc. for $550 million. The company is already applying these technologies in commercial projects, including logistics optimization and financial modeling.

For 2025, D-Wave Quantum revenue increased 179% to $24.6 million, with its customer base exceeding 135 organizations, including companies from the Forbes Global 2000 and Fortune 100. Cash at the end of 2025 totaled $884.5 million.

Shares of D-Wave Quantum rose 172% in 2025, but have declined about 20% since the start of 2026. In a March 23 report, Jefferies assigned the stock a “buy” rating with a target price of $45 per share, based on a 65x multiple of projected 2030 revenue ($433 million). The target implies upside of more than twofold from the Wednesday closing price. Among the risks, Jefferies cited uncertainty around the timing of mass adoption of quantum computing and competition from large technology companies.

According to MarketWatch data, 15 analysts recommend buying the stock, while one rates it “hold.” The average target price is $38.10 per share, implying 83% upside.

This material does not constitute individualized investment advice.