The quantum computing race is heating up, and two of the most followed pure-play names in the space—IonQ (IONQ Quick QuoteIONQ - Free Report) and Rigetti Computing (RGTI Quick QuoteRGTI - Free Report) —are competing not just on scientific milestones, but on commercial traction and investor confidence. Both companies are developing hardware-driven platforms with unique architectures. As the quantum sector inches closer to real-world utility, comparing IonQ and Rigetti offers valuable insight into which player may offer more upside in 2025.

Though they take different technical paths—IonQ focuses on trapped-ion quantum processors while Rigetti uses superconducting qubits—both aim to scale toward fault-tolerant quantum computing. They also share a commonality in working with government partners such as DARPA and emphasizing next-gen quantum networking. With recent updates from both firms, including acquisitions, new partnerships, and updated roadmaps, it's an opportune moment to evaluate which company is better positioned for growth in the near term.

Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one is a better investment now.

The Case for IonQ Stock

IonQ, founded in 2015, stands out in the quantum computing race with its focus on trapped-ion technology—offering higher qubit fidelity and lower error rates. Unlike rivals chasing raw qubit counts, IonQ emphasizes “algorithmic qubits” (AQ), a more meaningful metric of computational usefulness. The company’s 2025 goal is to reach AQ 64, a milestone that would significantly advance practical quantum applications.

IonQ is also expanding into quantum networking. Its acquisitions of ID Quantique and Lightsynq strengthen its position in secure communications and quantum repeaters—essential components of a future quantum internet. The recent purchase of Capella Space adds space-based capabilities, supporting IonQ’s ambition to build a global quantum key distribution (QKD) network. This end-to-end platform strategy could set IonQ apart in both commercial and defense markets.

Financially, IonQ remains well-funded, with $697 million in cash and investments as of first-quarter 2025. This capital cushion supports its aggressive R&D and acquisitions, though it comes with rising losses. Operating expenses surged as IonQ grew its engineering force and integrated new assets, leading to an adjusted EBITDA loss of $35.8 million, wider than last year’s $27 million. Management now expects a 35% higher full-year EBITDA loss than initially forecast as it accelerates development.

Despite these losses, IonQ’s liquidity enables continued investment in technology leadership. Net losses narrowed slightly year over year due to a warrant-related gain, but profitability remains distant. To justify its valuation, IonQ must sustain technical progress and commercial traction.

The competitive landscape is intense—tech giants like International Business Machines Corporation (IBM Quick QuoteIBM - Free Report) , Alphabet’s (GOOGL Quick QuoteGOOGL - Free Report) Google, and Amazon (AMZN Quick QuoteAMZN - Free Report) are all pushing quantum R&D. IonQ’s success hinges on proving that its trapped-ion systems can scale effectively. Hitting the AQ 64 target could solidify its edge and validate its approach amid heavyweight rivals.

The Case for Rigetti Stock

Founded in 2013, Rigetti Computing is advancing superconducting quantum computing with a focus on scalable architecture. Its core innovation lies in a modular “chiplet” design, allowing multiple smaller chips to be linked together instead of relying on a single monolithic processor. This strategy addresses the increasing difficulty of scaling quantum chips. Rigetti is currently developing a four-chip module, aiming for a 36-qubit system by mid-2025 and over 100 qubits by 2025-end, with target gate fidelities above 99%.

Rigetti believes this multi-chip approach is the most feasible path to building large-scale quantum computers. It also argues that other superconducting systems relying on single-chip expansion have faced limitations, and that ion-trap or photonics-based systems lag in terms of qubit count. If Rigetti’s modular system delivers high performance at scale, it could become a leading platform despite current gaps in size and maturity.

The company is gaining institutional validation. It was selected for DARPA’s Quantum Benchmarking Initiative—alongside IBM and HP—positioning it as a credible player in next-generation quantum efforts. In a major commercial win, Rigetti secured a $35 million investment from Quanta Computer, which acquired shares at $11.59 apiece. This partnership could support high-volume manufacturing, a potential future advantage if Rigetti achieves demand-scale breakthroughs.

Financially, Rigetti is still in early innings. As of first-quarter 2025, it had $237.7 million in cash, bolstered by Quanta’s investment. However, its revenue remains modest—just $1.47 million in the first quarter, down 52% year over year—and primarily stems from research contracts.

Despite heavy losses and uncertain revenue growth, Rigetti’s engineering roadmap and industrial alliances provide a possible runway for upside. However, competition in superconducting quantum is intense. Rigetti competes not only with IBM (which has a 433-qubit chip already, albeit with lower fidelity than Rigetti aspires to) and Google, but also with a host of startups and research labs. Unlike IonQ, which has a unique ion-based approach largely to itself in the public markets, Rigetti must differentiate itself among many working on superconducting qubits.

At this stage, Rigetti’s strengths are its innovative engineering and strategic alliances, while its weaknesses are the scant revenue and unproven scalability.

Share Price Performance of IONQ and RGTI Stocks

IonQ stock surged 442.8% over the past year amid growing interest in the quantum computing sector. Even after some volatility in 2025, IonQ shares are still up 54.2% over the past three months. Meanwhile, RGTI stock has surged 1,116.4% over the past year and 75.5% over the past three months.

3-Month Share Price Performance

Image Source: Zacks Investment Research

Valuation of IONQ & RGTI Stocks

Having a market capitalization of around $12.3 billion, IonQ stock has been volatile, reflecting the high expectations built into its valuation. IonQ’s forward 12-month price/sales (P/S) ratio is 98.14. The stock’s lofty price-to-sales ratio reflects enormous optimism for future growth, leaving little margin for error.

With a market cap near $5 billion, Rigetti’s stock reflects investor excitement but also vulnerability. RGTI’s forward 12-month P/S ratio is 236.36, much higher than IONQ’s.  Any sign of delays in the chiplet program or failure to hit the mid-year 36-qubit milestone could shake confidence.

IONQ & RGTI Estimate Revision Trend

For IONQ, the Zacks Consensus Estimate for 2025 loss per share has widened over the past 30 days to 60 cents, as you can see below, depicting analysts’ concern. Yet, the estimated figure indicates a much narrower loss than the year-ago reported loss of $1.56 per share. The Zacks Consensus Estimate for 2025 revenues implies year-over-year growth of 97.3%.

For IONQ Stock

Image Source: Zacks Investment Research

For RGTI stock, the Zacks Consensus Estimate for 2025 loss per share of 5 cents has remained unchanged over the past 30 days, as you can see below, limiting the upside potential of the stock. The estimated figure indicates improvement from the year-ago loss level of 36 cents per share. The Zacks Consensus Estimate for 2025 revenues implies a year-over-year decline of 18.6%.

For RGTI Stock

Image Source: Zacks Investment Research

Conclusion: Which Quantum Stock Has the Edge?

Both IonQ and Rigetti are developing potentially game-changing technology, and both stocks carry a Zacks Rank #3 (Hold), indicating a balanced risk/reward in the near term. However, when closely comparing the two, IonQ appears to have the edge as an investment in 2025. IonQ boasts a stronger foundation – it is generating significantly more revenue, achieving real commercial deals, and commands a much larger cash reserve to fund its ambitions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IonQ’s strategy of coupling quantum computing with quantum networking (via acquisitions and partnerships) also expands its total addressable market and could yield nearer-term revenue streams (for example, selling quantum communication hardware or services) in addition to computing. By contrast, Rigetti is currently focused almost entirely on the long-term prize of a bigger, better quantum processor – an exciting pursuit, but one that may not pay off until further down the road, if at all. Its dependency on delayed government funding and a limited revenue base makes it a more speculative investment at this stage.

Indeed, Rigetti’s share price has been extraordinarily volatile, rising dramatically in anticipation of its milestones. IonQ’s relative maturity in revenue generation and its broader vision for quantum tech give it a more favorable risk-reward profile at present. IonQ’s healthy balance sheet, aggressive execution on both terrestrial and space-based quantum networking and increasing revenues provide a cushion and confidence to investors that the business is trending in the right direction.