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RGTI vs QBTS: Which Quantum Computing Stock Has More Upside?
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Key Takeaways
Rigetti focuses on gate-based systems, targeting 1,000 qubits by 2027 with strong cash reserves.
QBTS drives commercial traction now, with $24.6M revenues and major bookings boosting growth momentum.
RGTI offers steadier long-term potential, while QBTS brings near-term adoption but higher execution risk.
Quantum computing is steadily moving out of the realm of theory and into tangible investment reality, emerging as one of the most compelling and unpredictable, frontiers in modern technology. What was once confined to research labs is now attracting serious capital, as enterprises and governments race to unlock its potential. Per a report by Grand View Research, the global quantum computing market was valued at $1.42 billion in 2024 and is projected to reach $4.24 billion by 2030, expanding at a robust 20.5% CAGR from 2025 to 2030.
For investors willing to stomach volatility, quantum computing represents a high-risk, high-reward theme that could reshape industries ranging from cybersecurity to drug discovery, making it a space worth keeping firmly on the radar.
Within this evolving landscape, Rigetti Computing (RGTI - Free Report) and D-Wave Quantum (QBTS - Free Report) represent two sharply different visions of how quantum computing will scale. Rigetti is focused on superconducting, gate-based systems designed to achieve fault-tolerant, general-purpose quantum computing over time, supported by its vertically integrated approach to chip design and system development. D-Wave, on the other hand, is pursuing a more immediate path through quantum annealing, a specialized approach already being applied to real-world optimization problems.
While Rigetti is building for the long-term promise of universal quantum advantage, D-Wave is focused on delivering practical quantum solutions today, setting up a compelling contrast between future potential and present-day utility.
Price Performance of RGTI & QBTS
Shares of Rigetti have lost 51.4%, while QBTS stock has decreased 42.1% in the last six-month period.
Image Source: Zacks Investment Research
The Case for RGTI
Rigetti is increasingly positioning itself as a disciplined, execution-focused player in the race toward scalable, gate-based quantum computing. Rather than chasing aggressive timelines, management emphasized steady progress across fidelity, scale and architecture, with a clear focus on achieving commercially meaningful quantum advantage. A key recent milestone includes achieving 99.9% two-qubit gate fidelity at about 28 nanoseconds speeds using its proprietary gate design, reinforcing the advantage in speed while narrowing the fidelity gap with competing technologies.
At the system level, Rigetti continues to advance the chiplet-based architecture, which it views as the most practical pathway to scaling beyond 100 qubits. The company is on track to deploy its 108-qubit system at about 99.5% median two-qubit fidelity, following deliberate refinements to improve stability, signaling a more mature engineering approach. Looking ahead, Rigetti is targeting a 150+ qubit system by the end of 2026 and a 1,000+ qubit platform by 2027, alongside growing traction in on-premise deployments. Recent orders, including an $8.4 million deal with India’s C-DAC and earlier Novera system sales, highlight rising demand from government and research institutions for hybrid quantum-classical infrastructure.
Financially, Rigetti remains early-stage but well-capitalized to execute its roadmap. Fourth-quarter revenues came in at around $1.9 million, reflecting the lumpy nature of system deliveries, while margins were impacted by contract mix and hardware components. Importantly, the company exited 2025 with approximately $590 million in cash and no debt, providing a solid runway to fund R&D, scale its technology and pursue long-term commercialization.
The Case for QBTS
D-Wave is increasingly differentiating itself as a commercial-first quantum player, leveraging the annealing architecture to deliver real-world applications today rather than waiting for long-term fault tolerance. The company highlighted 2025 as an inflection point, marked by the general availability of the Advantage2 system and what it claims as a demonstration of quantum supremacy on a useful real-world problem. Unlike many peers still in experimental phases, D-Wave is actively running production workloads across industries such as logistics, defense and manufacturing, reinforcing its positioning as a provider of practical quantum solutions with measurable return on investment.
At the same time, D-Wave is expanding beyond annealing into a broader platform strategy. The acquisition of Quantum Circuits introduces a gate-model roadmap built on dual-rail qubit technology, which aims to combine high fidelity with superconducting-level speeds while significantly reducing error-correction overhead. This effectively positions D-Wave as a dual-platform quantum company, capable of addressing both optimization use cases today and longer-term general-purpose quantum computing. Early traction is already visible, with initial gate-model systems generating customer interest and contributing to a growing pipeline.
Commercial momentum has accelerated meaningfully heading into 2026. D-Wave reported $24.6 million in fiscal 2025 revenues (more than 179% year over year), supported by strong system sales and increasing enterprise adoption, alongside a rapidly expanding pipeline. Notably, the company has already secured more than $32 million in new bookings post-year-end, including a $20 million system sale and a $10 million enterprise QCaaS deal, signaling larger deal sizes and deeper enterprise engagement.
Backed by approximately $884 million in cash, D-Wave has both the liquidity and go-to-market traction to scale aggressively, positioning itself as one of the few quantum players translating technical progress into real commercial revenue growth.
How Do Estimates Compare for RGTI & QBTS?
The Zacks Consensus Estimate for RGTI’s 2026 sales implies year-over-year growth of 254.7%. For 2026, the loss per share is projected to be 17 cents compared with 64 cents a year ago.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for QBTS’ 2026 sales implies year-over-year growth of 79.3%. For 2026, the loss per share is projected to be 35 cents compared with $1.11 a year ago.
Image Source: Zacks Investment Research
RGTI or QBTS: Which Is a Better Pick?
From a rankings standpoint, Rigetti currently carries a Zacks Rank #3 (Hold), while D-Wave has a Zacks Rank #5 (Strong Sell), highlighting a more cautious near-term outlook for the latter. Both stocks also come with stretched valuations, reinforcing a broader theme across the quantum space: investor expectations are driven far more by long-term disruption potential than by present-day fundamentals or profitability.
The divergence becomes more apparent when factoring in business execution and market positioning. D-Wave has demonstrated stronger near-term commercial traction, with real-world deployments, growing enterprise adoption and accelerating bookings. However, this momentum has not translated into favorable ranking metrics, likely reflecting concerns around sustainability, profitability and execution risks. Rigetti, by contrast, remains earlier in commercialization but offers a more balanced risk profile, supported by a solid balance sheet and a clearer, milestone-driven roadmap toward fault-tolerant quantum systems.
For investors, the choice ultimately comes down to time horizon and conviction in quantum pathways. QBTS may appeal to those who prioritize near-term revenue visibility and commercial validation, despite weaker ranking signals and higher execution risk. RGTI, on the other hand, is better suited for long-term, patient investors willing to bet on superconducting architectures and gradual technical progress. In a sector defined by uncertainty and long development cycles, both remain speculative, but the trade-off is clear: QBTS offers present-day traction with higher risk, while RGTI offers longer-term potential with relatively steadier positioning.
View the Zacks #1 Rank List
Image: Bigstock
RGTI vs QBTS: Which Quantum Computing Stock Has More Upside?
Key Takeaways
Quantum computing is steadily moving out of the realm of theory and into tangible investment reality, emerging as one of the most compelling and unpredictable, frontiers in modern technology. What was once confined to research labs is now attracting serious capital, as enterprises and governments race to unlock its potential. Per a report by Grand View Research, the global quantum computing market was valued at $1.42 billion in 2024 and is projected to reach $4.24 billion by 2030, expanding at a robust 20.5% CAGR from 2025 to 2030.
For investors willing to stomach volatility, quantum computing represents a high-risk, high-reward theme that could reshape industries ranging from cybersecurity to drug discovery, making it a space worth keeping firmly on the radar.
Within this evolving landscape, Rigetti Computing (RGTI - Free Report) and D-Wave Quantum (QBTS - Free Report) represent two sharply different visions of how quantum computing will scale. Rigetti is focused on superconducting, gate-based systems designed to achieve fault-tolerant, general-purpose quantum computing over time, supported by its vertically integrated approach to chip design and system development. D-Wave, on the other hand, is pursuing a more immediate path through quantum annealing, a specialized approach already being applied to real-world optimization problems.
While Rigetti is building for the long-term promise of universal quantum advantage, D-Wave is focused on delivering practical quantum solutions today, setting up a compelling contrast between future potential and present-day utility.
Price Performance of RGTI & QBTS
Shares of Rigetti have lost 51.4%, while QBTS stock has decreased 42.1% in the last six-month period.
Image Source: Zacks Investment Research
The Case for RGTI
Rigetti is increasingly positioning itself as a disciplined, execution-focused player in the race toward scalable, gate-based quantum computing. Rather than chasing aggressive timelines, management emphasized steady progress across fidelity, scale and architecture, with a clear focus on achieving commercially meaningful quantum advantage. A key recent milestone includes achieving 99.9% two-qubit gate fidelity at about 28 nanoseconds speeds using its proprietary gate design, reinforcing the advantage in speed while narrowing the fidelity gap with competing technologies.
At the system level, Rigetti continues to advance the chiplet-based architecture, which it views as the most practical pathway to scaling beyond 100 qubits. The company is on track to deploy its 108-qubit system at about 99.5% median two-qubit fidelity, following deliberate refinements to improve stability, signaling a more mature engineering approach. Looking ahead, Rigetti is targeting a 150+ qubit system by the end of 2026 and a 1,000+ qubit platform by 2027, alongside growing traction in on-premise deployments. Recent orders, including an $8.4 million deal with India’s C-DAC and earlier Novera system sales, highlight rising demand from government and research institutions for hybrid quantum-classical infrastructure.
Financially, Rigetti remains early-stage but well-capitalized to execute its roadmap. Fourth-quarter revenues came in at around $1.9 million, reflecting the lumpy nature of system deliveries, while margins were impacted by contract mix and hardware components. Importantly, the company exited 2025 with approximately $590 million in cash and no debt, providing a solid runway to fund R&D, scale its technology and pursue long-term commercialization.
The Case for QBTS
D-Wave is increasingly differentiating itself as a commercial-first quantum player, leveraging the annealing architecture to deliver real-world applications today rather than waiting for long-term fault tolerance. The company highlighted 2025 as an inflection point, marked by the general availability of the Advantage2 system and what it claims as a demonstration of quantum supremacy on a useful real-world problem. Unlike many peers still in experimental phases, D-Wave is actively running production workloads across industries such as logistics, defense and manufacturing, reinforcing its positioning as a provider of practical quantum solutions with measurable return on investment.
At the same time, D-Wave is expanding beyond annealing into a broader platform strategy. The acquisition of Quantum Circuits introduces a gate-model roadmap built on dual-rail qubit technology, which aims to combine high fidelity with superconducting-level speeds while significantly reducing error-correction overhead. This effectively positions D-Wave as a dual-platform quantum company, capable of addressing both optimization use cases today and longer-term general-purpose quantum computing. Early traction is already visible, with initial gate-model systems generating customer interest and contributing to a growing pipeline.
Commercial momentum has accelerated meaningfully heading into 2026. D-Wave reported $24.6 million in fiscal 2025 revenues (more than 179% year over year), supported by strong system sales and increasing enterprise adoption, alongside a rapidly expanding pipeline. Notably, the company has already secured more than $32 million in new bookings post-year-end, including a $20 million system sale and a $10 million enterprise QCaaS deal, signaling larger deal sizes and deeper enterprise engagement.
Backed by approximately $884 million in cash, D-Wave has both the liquidity and go-to-market traction to scale aggressively, positioning itself as one of the few quantum players translating technical progress into real commercial revenue growth.
How Do Estimates Compare for RGTI & QBTS?
The Zacks Consensus Estimate for RGTI’s 2026 sales implies year-over-year growth of 254.7%. For 2026, the loss per share is projected to be 17 cents compared with 64 cents a year ago.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for QBTS’ 2026 sales implies year-over-year growth of 79.3%. For 2026, the loss per share is projected to be 35 cents compared with $1.11 a year ago.
Image Source: Zacks Investment Research
RGTI or QBTS: Which Is a Better Pick?
From a rankings standpoint, Rigetti currently carries a Zacks Rank #3 (Hold), while D-Wave has a Zacks Rank #5 (Strong Sell), highlighting a more cautious near-term outlook for the latter. Both stocks also come with stretched valuations, reinforcing a broader theme across the quantum space: investor expectations are driven far more by long-term disruption potential than by present-day fundamentals or profitability.
The divergence becomes more apparent when factoring in business execution and market positioning. D-Wave has demonstrated stronger near-term commercial traction, with real-world deployments, growing enterprise adoption and accelerating bookings. However, this momentum has not translated into favorable ranking metrics, likely reflecting concerns around sustainability, profitability and execution risks. Rigetti, by contrast, remains earlier in commercialization but offers a more balanced risk profile, supported by a solid balance sheet and a clearer, milestone-driven roadmap toward fault-tolerant quantum systems.
For investors, the choice ultimately comes down to time horizon and conviction in quantum pathways. QBTS may appeal to those who prioritize near-term revenue visibility and commercial validation, despite weaker ranking signals and higher execution risk. RGTI, on the other hand, is better suited for long-term, patient investors willing to bet on superconducting architectures and gradual technical progress. In a sector defined by uncertainty and long development cycles, both remain speculative, but the trade-off is clear: QBTS offers present-day traction with higher risk, while RGTI offers longer-term potential with relatively steadier positioning.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.