Quantum computing continues to attract outsized attention because it sits at the intersection of breakthrough science and massive commercial potential. The technology is still early, but the promise is clear: the ability to tackle optimization, simulation, and security problems that classical systems simply cannot handle. For investors, this space remains a rare chance to get in ahead of what could eventually become an industry measured in trillions.

Within this landscape, Rigetti Computing (RGTI Quick QuoteRGTI - Free Report) and D-Wave Quantum (QBTS Quick QuoteQBTS - Free Report) offer two very different approaches to building momentum. Rigetti is pushing ahead with a gate-based superconducting architecture designed for long-run universality and scalability, while D-Wave is focused on quantum annealing and hybrid solvers that can be deployed for specific use cases today. In this face-off, we break down how each company is advancing and what those paths mean for investors trying to balance near-term traction with the long-term race toward more capable quantum machines.

Price Performance of RGTI & QBTS

Shares of Rigetti have soared 67.5%, while QBTS stock has surged 166.7% in the year-to-date period.

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Architecture & Technology Strategy

Modular Gate-Based vs Annealing Deployment:Rigetti continues leaning into a gate-based, superconducting-qubit architecture, now with a modular “chiplet” design. In August, the company unveiled its 36-qubit “Cepheus-1-36Q” system built from four 9-qubit chiplets, and achieved a median two-qubit gate fidelity of approximately 99.5%. That is roughly half the error rate of its prior 84-qubit single-chip system. The modular design gives Rigetti a clear runway: they aim to push into the 100+ qubit territory by end-2025, which points to a path toward scalability. For investors, what stands out is that the full stack, from in-house chip fabrication to calibration, software and cloud deployment, seems to be maturing into usable hardware rather than just lab prototypes.

On the other hand, QBTS remains focused on quantum annealing / hybrid-solver systems that are more immediately deployable, targeting optimization problems, combinatorial tasks, and enterprise use cases today. This pragmatic strategy gives D-Wave a near-term value proposition in industries that do not need fully universal quantum computers. As a result, QBTS may offer investors exposure to tangible applications sooner, even if it is not chasing the universal-quantum hardware holy grail. This real-world, use-case-centered approach contrasts with Rigetti’s long-term universal-quantum ambition.

Business Model & Go-to-Market Strategy

Contract-Based vs Platform & Deployment Expansion: Rigetti’s revenue mix remains heavily weighted toward government, research institutions, and early-stage enterprise collaborations. Their business tends to revolve around grants, milestone-based contracts, and R&D engagements, like the contract with the Air Force Research Laboratory worth about $5.8 million for quantum-networking work. That is appealing from a technical validation standpoint, and it gives the company non-dilutive funding. But it also means revenue flows can be unpredictable, fluctuating with contract timing rather than recurring enterprise demand. For investors, that dynamic underscores both the upside of validation and the risk of irregular revenue visibility.

Meanwhile, D-Wave is more aggressively pursuing a model that blends hardware sales, deployments, enterprise and client engagements, and ecosystem or platform expansion. Its third-quarter 2025 results highlighted growth in bookings and revenues, pointing to increasing demand for their quantum systems and hybrid solutions among real-world customers. That suggests QBTS might be inching toward a more diversified, enterprise-oriented revenue base, potentially less dependent on sporadic R&D grants and more on actual deployments or recurring service relationships. As such, for an investor preferring steadier commercial traction over speculative contracts, D-Wave’s model could be more attractive.

Recent Financials & Cash Runway

RGTI’s Stability Buffer vs QBTS’s Momentum Surge: Rigetti’s latest quarterly numbers paint a mixed picture. Revenues came in at about $1.9 million, down from $2.4 million a year earlier, reflecting the ongoing reliance on government contracts and research-driven project timing. Operating expenses remained elevated at roughly $21 million, leading to a sizeable operating loss. The encouraging piece for investors is the company’s liquidity profile as Rigetti continues to maintain a multi-year cash runway, which gives it breathing room to continue investing in its chiplet roadmap and higher-fidelity superconducting hardware. In an industry where long-cycle R&D is the norm, that balance-sheet cushion is meaningful, even if near-term revenue visibility remains uneven.

D-Wave, meanwhile, reported one of its strongest quarterly performances to date. Third-quarter revenue doubled year over year to $3.7 million, and system-related sales, including upgrades at Julich, helped lift third-quarter GAAP gross margin to 71.4% and non-GAAP gross margin to 77.7%. Even more notable for investors, year-to-date GAAP gross margin climbed to 84.8%, up sharply from 62.7% in the prior year, showing real operating leverage. But the standout figure is the balance sheet — cash surged to $836.2 million, compared with just $29.3 million last year, aided further by warrant-exercise proceeds after the quarter. This shift gives QBTS one of the strongest liquidity positions in the quantum industry, enabling deeper commercial expansion and providing a meaningful buffer against the sector’s long development cycles.

Who Is Better Positioned for Quantum Advantage?

Rigetti’s roadmap is built around advancing its chiplet-based superconducting architecture. With its 36-qubit modular system now demonstrated, the company is targeting a 100-plus-qubit chiplet system by the end of 2025. The advantage for Rigetti lies in its tight integration across the stack, in-house fabrication, control systems, calibration and cloud deployment, along with the steady improvements in gate fidelity. Still, progressing from today’s NISQ-era devices to fault-tolerant quantum computing remains a formidable challenge, and the company has yet to show broad enterprise adoption beyond research, government and early-stage pilots.

D-Wave takes a very different path, prioritizing quantum annealing and hybrid solvers aimed at solving optimization problems with near-term business relevance. Rather than building toward gate-based universality, QBTS is positioning its technology as a practical tool today, supported by system upgrades, cloud access and real-world deployments. This approach may give D-Wave a clearer short-term commercial success, but annealing systems are not designed to achieve the type of universal quantum advantage expected from future fault-tolerant gate-model machines. The long-term question for investors is whether near-term applicability can offset the limitations of a non-universal architecture as the broader industry matures.

From an investor’s standpoint, the choice depends largely on time horizon and conviction in each technological path. Both companies offer upside in different ways, making the preference ultimately a function of whether one values near-term practicality or long-term universality.

How Do Estimates Compare for RGTI & QBTS?

The Zacks Consensus Estimate for RGTI’s 2025 sales implies a year-over-year decline of 23.82%. For 2025, the loss per share is projected to be 68 cents compared with 36 cents a year ago. The earnings estimates have turned negative over the past 30 days, with loss per share expanding from 9 cents to 68 cents.

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The Zacks Consensus Estimate for QBTS 2025 sales implies year-over-year growth of 188.6%. For 2025, the loss per share is projected to be 23 cents compared with 75 a year ago.

Image Source: Zacks Investment Research

RGTI or QBTS: Which Is a Better Pick?

Despite their distinct paths, both stocks currently hold a Zacks Value Score of F, reflecting the premium valuations typical of early-stage, high-potential technology names.

Where the two begin to diverge is in their growth and momentum dynamics. Rigetti carries a Growth Score of C, indicating steadier, more moderate expectations, paired with a Momentum Score of B, reflecting improving sentiment around its technical progress and roadmap. D-Wave, in contrast, holds a Growth Score of F but a stronger Momentum Score of A, suggesting that even with slower underlying growth metrics, investor interest has accelerated meaningfully, likely driven by its recent revenue gains, margin expansion and significant boost in liquidity. Importantly, Rigetti and D-Wave carry a Zacks Rank #3 (Hold), implying that the broader market may be waiting for more definitive catalysts before taking a more decisive stance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

While D-Wave offers near-term commercial activity and stronger momentum, Rigetti’s more balanced growth-to-momentum profile, combined with its clear progress toward larger-scale, gate-based systems, positions it as a steadier pick for investors who want exposure to the longer-term race for universal quantum computing. Ultimately, the preference depends on whether an investor prioritizes near-term traction, as in the case of QBTS or long-horizon scalability, as in the case of RGTI, but at this stage, Rigetti’s mapped progress and improving sentiment give it a slight edge in this matchup.