While pure-play quantum computing stocks have struggled badly in 2026, a surprising contender is quietly positioning itself as the sector’s most compelling long-term investment.
IonQ (IONQ) and D-Wave (QBTS) have seen their share prices fall 29% and 54% year to date, respectively, despite both companies being widely regarded as leaders in quantum computing.
That kind of underperformance has left investors searching for a better way to gain exposure to quantum computing without absorbing the volatility that comes with early-stage pure plays.
The answer, according to analysts, may lie slightly outside the conventional quantum computing universe, with Microsoft (MSFT) standing out as the surprise candidate.
Microsoft has developed its own quantum computing architecture and already sells quantum computing capabilities to researchers through its Azure Quantum platform.
That gives Microsoft a meaningful head start over competitors that are still trying to prove out basic commercial viability for their technologies.
Unlike IonQ or D-Wave, Microsoft does not need quantum computing to be profitable today, giving it the financial flexibility to invest in the space over a longer time horizon.
Microsoft’s cloud and AI businesses continue to generate substantial and growing revenues, which can fund quantum computing research and development without putting the broader company at financial risk.
The AI cloud market alone is estimated to reach $2 trillion by 2030, according to Goldman Sachs, and Microsoft’s Azure platform is well placed to capture a significant portion of that opportunity.
Growth in Microsoft’s cloud business and other services allows it to invest in quantum computing technologies without the same risks that IonQ, D-Wave, or other quantum computing companies face.
Microsoft is highly profitable, and its sales are accelerating because of AI, meaning the capital required to push quantum computing forward is already being generated organically.
Investors who want quantum computing exposure without betting entirely on unproven pure-play companies may find that Microsoft offers a more balanced and resilient path forward into 2027 and beyond.
