---
title: "QUBT is a typical \"story stock for options\"—the IV is ridiculously expensive, but the structure gives you a way out."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40092594.md"
description: "$Quantum Computing(QUBT.US) has risen from the mid-$6 range to $9-$10 over the past two weeks. The combination of the Dirac-3 quantum machine accessing the Quantum Corridor commercial network and Northland initiating an Outperform rating with a $20 price target has pushed sentiment to extremes. A Put/Call ratio of 0.38 means there are 3 Calls for every Put—this is typical meme/theme stock option sentiment..."
datetime: "2026-04-22T09:18:29.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40092594.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40092594.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40092594.md)
author: "[好柿花生Option](https://longbridge.com/en/profiles/27346521.md)"
---

# QUBT is a typical "story stock for options"—the IV is ridiculously expensive, but the structure gives you a way out.

$Quantum Computing(QUBT.US) has risen from the mid-$6 range to $9-$10 over the past two weeks. The combination of the Dirac-3 quantum machine accessing the Quantum Corridor commercial network and Northland initiating an Outperform rating with a $20 price target has pushed sentiment to extremes. **A Put/Call ratio of 0.38** means there is 1 Put for every 3 Calls—this is typical meme/theme stock option sentiment.

**But story is one thing, structure is another.**

**What does an IV of 168% mean?**

Even volatile stocks like NVDA have an IV around 30-50. For QUBT, a company with TTM revenue of $682k, an IV of 168% + an IV Percentile of 85P means **those buying Calls now are paying the "most expensive premium"**.

At this IV level, buying a naked ATM Call requires almost a 20% stock price increase just to break even—in other words, you lose even if the stock price stays flat or rises slightly.

**But Spreads open a window**

Buy the $10 Call / Sell the $15 Call (expiring 6/18, 56 days).

-   Net premium approximately $175
-   Maximum profit $325 ($15 - $10 = $5 spread - cost)
-   Break-even point $11.75

This structure addresses three things:

First, **the short leg ($15 Call) hedges vega**. The IV sensitivity of a spread is only 1/3 of a naked Call, so a drop in IV from 168 to 100 has limited impact on you.

Second, **the $15 cap doesn't conflict with Northland's $20 PT**—the market's belief cap is at $20, and it's reasonable for the stock to hit the $15 cap in the short-to-medium term, so you won't feel like you "should have made more."

Third, **the 56-day time window is sufficient to digest multiple catalysts**—further Dirac-3 deployments, NVIDIA quantum ecosystem updates, the next Northland report—any of which could push QUBT past $12.

**Key risk: QUBT's paper-thin fundamentals**

-   Quarterly revenue $198k (close to zero)
-   TTM revenue $682k
-   Cash $737M, but burn rate is unknown
-   Market cap/revenue ratio is completely distorted

**This is a pure theme trade, not a fundamentals trade. If the AI quantum narrative fizzles out, or if there are no new catalysts within 3 months after NVDA's GTC, it's easier for QUBT to return to the $5 range than to surge to $20. Therefore, I'm only allocating 1-2% of the total single-stock position to this Spread trade**, without leverage.

**Not suitable for:**

1.  Those afraid of missing the main rally due to a Gamma squeeze—the spread cap will piss you off
2.  Those who like to bet on odds with naked ATM Calls—an IV of 168% will only teach you how to lose money
3.  Those wanting to hold the stock long-term—fundamentals can't support it, but the 56-day option window can capture the theme's climax

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## Comments (1)

- **今天吃什么好呢 · 2026-04-22T10:49:34.000Z**: 168% IV, is this a new all-time high?