Quantum computing stocks have surged recently as the US government have pumped money in some of them. IONQ (NYSE:IONQ) stock has jumped by over 145% from its lowest point in March. Top Quantum Computing Stocks Have Jumped This Year Rigetti Computing (NASDAQ:RGTI) soared by 110%, while D-Wave Computing (NASDAQ:QBTS) and Quantum Computing Inc. (NASDAQ:QUBT) more than doubled in the same period. The stocks jumped this week after the US government announced a $2 billion investment in IBM and other companies in the industry like Rigetti, GlobalFoundries, and D-Wave Quantum. This investment comes a few months after NVIDIA (NASDAQ:NVDA) invested in several companies in the industry. It now holds stakes in companies like Quantinuum, PsiQuantum, and QuEra Computing. Analysts expect that quantum computing will be the next big technology as it will simplify how solutions are found. A report by QED-C noted that the industry was worth between $1.4 billion and $5.8 billion and that it will hit $35 billion in the next decade. Read Also: The Iran War Commodity Shock – Where Are Futures Traders Positioned For The Long-Term Short Interest Is Rising Amid Valuation Concerns Still, there are signs that many investors are betting against these companies. Benzinga data shows that most of them have a short interest of over 15%. For example, IonQ has a short interest of 24%, while Rigetti has 16%. D-Wave has 16%, while Quantum Computing Inc has 30%. The most likely concern among short sellers is that these companies have become significantly overvalued relative to their addressable market size. Rigetti illustrates this well: it carries a market capitalization of $8.8 billion, yet its annual revenue is expected to reach only $23 million this year and $44 million next year. IonQ, the biggest pureplay quantum computing company, has a valuation of $23 billion despite its revenue this year expected at $268 million. It carries a forward price-to-earnings ratio of 193. D-Wave Computing has a market cap of $11 billion, and analysts anticipate that its annual revenue will be $42 million this year. It has never been profitable, with its net loss soaring to over $368 million in the trailing twelve months. Historically, it is common for companies in hyped industries to command such valuation multiples, though this does not always end well, as reality tends to set in. The cannabis industry offers a fitting example: companies like Tilray Brands, Curaleaf, and Trulieve surged in value before tumbling as the industry's previously rosy growth estimates failed to materialize. Read Also: Are Dividend ETFs Like SCHD, DGRO, VYM Appealing As Bond Yields Jump? Image: Shutterstock