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IONQ or Rigetti: Which Quantum Stock is Best Ahead of Q3 Earnings?
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Key Takeaways
IonQ projects Q3 revenues of $25-29M, up 117.9% year over year, driven by partnerships and contracts.
Rigetti expects Q3 revenues of $2.39M as margins stay pressured by low-yield development contracts.
Both stocks hold balanced risk-reward profiles, though IonQ's liquidity offer a stronger near-term footing.
IonQ (IONQ - Free Report) and Rigetti Computing (RGTI - Free Report) are two of the most closely watched pure-play quantum computing stocks, with their third-quarter 2025 earnings to be released shortly. For IonQ, 2025 so far has been marked by continued commercial traction, new U.S. government contracts and expanded data center partnerships, reflecting growing adoption of its trapped-ion systems. The company also disclosed capital raises that bolster liquidity but may put pressure on dilution metrics.
In contrast, Rigetti’s 2025 updates so far show new system deliveries, federal purchase orders and product roadmap progress under its QCS (Quantum Cloud Services) and Novera platforms. However, uneven revenue recognition and sustained operating losses have been major downsides.
While IonQ appears better positioned in terms of market visibility and balance sheet strength, Rigetti’s focused technology execution offers potential for sharper upside if commercialization accelerates. For investors, the upcoming third-quarter results are crucial to check whether IonQ’s scale advantage or Rigetti’s R&D efficiency drives stronger near-term momentum.
July to September Share Price Performance
Image Source: Zacks Investment Research
How IonQ is Poised Ahead of Q3 Earnings Release
IonQ looks well-positioned in terms of cash, strategic partnerships and technology roadmap, which should support investor confidence ahead of its Q3 earnings release scheduled for Nov. 5, 2025.
In the last-reported quarter, IonQ delivered a strong top-line performance with revenues beating the Zacks Consensus Estimate by 21.6% and the company guidance by 15%. The company also announced a $1 billion equity raise, boosting pro-forma cash to $1.6 billion as of early July.
Strategically, IonQ is executing on multiple fronts. It expanded its global footprint via partnerships like KISTI in South Korea and a memorandum with Japan’s research center. These deals, programs, are expected to have positively contributed to IONQ’s Q3 top line.
IonQ also reiterated its ambition of large-scale fault-tolerant systems (800 logical qubits in 2027, 80,000 by 2030) through its acquisition of Oxford Ionics and Lightsynq. That ambition signals long-term upside, though Q3 impact is expected to have been insignificant.
On the flip side, its reported loss of 70 cents in the second quarter missed the Zacks Consensus Estimate of loss of 13 cents by a huge margin. Expenses exploded in the second quarter as R&D surged and operating costs soared, leading to a significant net loss. A similar show is expected on the third-quarter earnings announcement as well.
For the third quarter, management earlier expected revenues of $25–29 million and full-year revenues of $82–100 million, while projecting that the full-year adjusted EBITDA loss could widen to $211 million due to increased investment. This EBITDA trend is likely to have been maintained in the third quarter.
What to Expect From Rigetti's Q3 Earnings
Rigetti, on the other hand, reported total revenues, down 41.6% year over year in the last-reported second quarter of 2025. The top line missed the Zacks Consensus Estimate by 5.7%. Management noted that, on a year-over-year basis, quarterly revenues were impacted by the expiration of the U.S. National Quantum Initiative and the pending reauthorization in the U.S. Congress.
On the technical front, the company announced the successful rollout of the Cepheus-1-36Q, 36-qubit multi-chip system, built using four 9-qubit chiplets and achieved a median two-qubit gate fidelity of 99.5%, effectively reducing error rates compared to its prior Ankaa-3 architecture. As per the company, this achievement unlocks the path to a 100+ qubit chiplet-based system by the end of 2025. This progress is expected to be reflected in the company’s upcoming results.
Meanwhile, second-quarter gross margin slid to 31% from 64% in the year-ago period. Per management, the year-over-year decline in gross margin was impacted by revenue mix and pricing variability in development contracts, including those with the U.K.’s National Quantum Computing Centre for Quantum Systems, which carry lower margins compared to most other revenue streams. This trend is likely to have continued in the third quarter as well.
How Are Estimates Poised for IonQ and RGTI?
IONQ: The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 24 cents per share over the past 30 days. The estimated figure indicates no change from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $27.02 million, indicating 117.9% year-over-year growth.
Image Source: Zacks Investment Research
RGTI: The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 5 cents per share over the past 30 days. The estimated figure indicates a 37.5% improvement from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $2.39 million, indicating a 0.4% year-over-year growth.
Image Source: Zacks Investment Research
Which Stock is a Better Bet Now?
In conclusion, with both IonQ and Rigetti currently having a Zacks Rank #3 (Hold), the near-term risk-reward profile appears balanced for each, though IonQ stands out as the relatively stronger bet ahead of Q3 earnings. IonQ’s strong liquidity, expanding partnerships and accelerating revenue growth, despite margin pressure, position it favorably for sustained investor confidence. Rigetti’s steady technical progress and chiplet breakthroughs offer long-term upside but come with higher near-term risk due to uneven revenues and margin pressure. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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IONQ or Rigetti: Which Quantum Stock is Best Ahead of Q3 Earnings?
Key Takeaways
IonQ (IONQ - Free Report) and Rigetti Computing (RGTI - Free Report) are two of the most closely watched pure-play quantum computing stocks, with their third-quarter 2025 earnings to be released shortly. For IonQ, 2025 so far has been marked by continued commercial traction, new U.S. government contracts and expanded data center partnerships, reflecting growing adoption of its trapped-ion systems. The company also disclosed capital raises that bolster liquidity but may put pressure on dilution metrics.
In contrast, Rigetti’s 2025 updates so far show new system deliveries, federal purchase orders and product roadmap progress under its QCS (Quantum Cloud Services) and Novera platforms. However, uneven revenue recognition and sustained operating losses have been major downsides.
While IonQ appears better positioned in terms of market visibility and balance sheet strength, Rigetti’s focused technology execution offers potential for sharper upside if commercialization accelerates. For investors, the upcoming third-quarter results are crucial to check whether IonQ’s scale advantage or Rigetti’s R&D efficiency drives stronger near-term momentum.
July to September Share Price Performance
Image Source: Zacks Investment Research
How IonQ is Poised Ahead of Q3 Earnings Release
IonQ looks well-positioned in terms of cash, strategic partnerships and technology roadmap, which should support investor confidence ahead of its Q3 earnings release scheduled for Nov. 5, 2025.
In the last-reported quarter, IonQ delivered a strong top-line performance with revenues beating the Zacks Consensus Estimate by 21.6% and the company guidance by 15%. The company also announced a $1 billion equity raise, boosting pro-forma cash to $1.6 billion as of early July.
Strategically, IonQ is executing on multiple fronts. It expanded its global footprint via partnerships like KISTI in South Korea and a memorandum with Japan’s research center. These deals, programs, are expected to have positively contributed to IONQ’s Q3 top line.
IonQ also reiterated its ambition of large-scale fault-tolerant systems (800 logical qubits in 2027, 80,000 by 2030) through its acquisition of Oxford Ionics and Lightsynq. That ambition signals long-term upside, though Q3 impact is expected to have been insignificant.
On the flip side, its reported loss of 70 cents in the second quarter missed the Zacks Consensus Estimate of loss of 13 cents by a huge margin. Expenses exploded in the second quarter as R&D surged and operating costs soared, leading to a significant net loss. A similar show is expected on the third-quarter earnings announcement as well.
For the third quarter, management earlier expected revenues of $25–29 million and full-year revenues of $82–100 million, while projecting that the full-year adjusted EBITDA loss could widen to $211 million due to increased investment. This EBITDA trend is likely to have been maintained in the third quarter.
What to Expect From Rigetti's Q3 Earnings
Rigetti, on the other hand, reported total revenues, down 41.6% year over year in the last-reported second quarter of 2025. The top line missed the Zacks Consensus Estimate by 5.7%. Management noted that, on a year-over-year basis, quarterly revenues were impacted by the expiration of the U.S. National Quantum Initiative and the pending reauthorization in the U.S. Congress.
On the technical front, the company announced the successful rollout of the Cepheus-1-36Q, 36-qubit multi-chip system, built using four 9-qubit chiplets and achieved a median two-qubit gate fidelity of 99.5%, effectively reducing error rates compared to its prior Ankaa-3 architecture. As per the company, this achievement unlocks the path to a 100+ qubit chiplet-based system by the end of 2025. This progress is expected to be reflected in the company’s upcoming results.
Meanwhile, second-quarter gross margin slid to 31% from 64% in the year-ago period. Per management, the year-over-year decline in gross margin was impacted by revenue mix and pricing variability in development contracts, including those with the U.K.’s National Quantum Computing Centre for Quantum Systems, which carry lower margins compared to most other revenue streams. This trend is likely to have continued in the third quarter as well.
How Are Estimates Poised for IonQ and RGTI?
IONQ: The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 24 cents per share over the past 30 days. The estimated figure indicates no change from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $27.02 million, indicating 117.9% year-over-year growth.
Image Source: Zacks Investment Research
RGTI: The Zacks Consensus Estimate for third-quarter EPS has remained unchanged at a loss of 5 cents per share over the past 30 days. The estimated figure indicates a 37.5% improvement from the year-ago loss per share.
The consensus mark for third-quarter revenues is pegged at $2.39 million, indicating a 0.4% year-over-year growth.
Image Source: Zacks Investment Research
Which Stock is a Better Bet Now?
In conclusion, with both IonQ and Rigetti currently having a Zacks Rank #3 (Hold), the near-term risk-reward profile appears balanced for each, though IonQ stands out as the relatively stronger bet ahead of Q3 earnings. IonQ’s strong liquidity, expanding partnerships and accelerating revenue growth, despite margin pressure, position it favorably for sustained investor confidence. Rigetti’s steady technical progress and chiplet breakthroughs offer long-term upside but come with higher near-term risk due to uneven revenues and margin pressure. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.