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RGTI vs IONQ: Which Quantum Computing Stock Has More Upside Potential?
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Key Takeaways
Rigetti's analyst price targets imply 137.5% upside versus 99.6% for IonQ, despite its smaller revenue base.
IonQ's Q2 revenues surged 287% to $80.1M, backed by system deployments and $485M in remaining obligations.
Rigetti's 185% revenue growth, $541.3M cash position and 1,000-qubit roadmap face execution challenges.
The quantum computing race is increasingly becoming a contest between technological ambition and commercial execution. As companies push to build more powerful quantum systems, investors are looking for evidence that these breakthroughs can translate into scalable products, stronger customer demand and sustainable revenue growth.
That contrast was evident in the latest earnings updates from Rigetti Computing (RGTI - Free Report) and IonQ (IONQ - Free Report) , which are pursuing distinct paths to quantum computing leadership. Rigetti is advancing its superconducting, chiplet-based architecture, with continued improvements to its 108-qubit Cepheus-1 system and a roadmap targeting approximately 1,000 qubits over the next three years. IonQ, meanwhile, is accelerating its shift toward semiconductor-based quantum systems using electronic qubit control, while expanding its footprint across quantum computing, networking, sensing and cybersecurity following its acquisition of SkyWater Technology.
The financial gap between the two companies remains substantial. Rigetti reported second-quarter 2026 revenues of $5.1 million, up 185% year over year, primarily driven by on-premises quantum processing unit sales. IonQ generated $80.1 million in revenues, surging 287% year over year and beating its own expectations by 20%, supported by growing quantum computer deployments and broader platform demand. While Rigetti highlighted a potential $100 million U.S. Department of Commerce funding opportunity, IonQ raised its full-year revenue outlook to $280-$290 million and reported $485 million in remaining performance obligations.
With both companies investing heavily to advance their respective technologies, the key question is which has the stronger combination of commercial traction, technological progress and financial resources to support its next phase of growth.
Let's take a closer look at how RGTI and IONQ stack up.
Image Source: Zacks Investment Research
Rigetti's Growth Catalysts
Rigetti's second-quarter performance highlighted improving commercial traction, with revenues surging 185% year over year to $5.1 million, primarily driven by on-premises Novera quantum processing unit sales, while gross margin expanded to 43% from 31% a year ago. The company continues to advance its 108-qubit Cepheus-1 system and chiplet-based architecture, targeting approximately 1,000 qubits in about three years.
Growth opportunities are also supported by an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to develop hybrid quantum-classical computing capabilities, along with a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding. Rigetti ended the quarter with $541.3 million in cash, cash equivalents and available-for-sale investments and no debt, providing financial flexibility to support its technology roadmap.
What's Holding Rigetti Back
Rigetti's key challenge remains converting technical progress into sustained commercial growth. Despite strong percentage gains, quarterly revenues stood at just $5.1 million, while operating expenses increased to $30.3 million from $20.4 million a year ago, reflecting higher investments in research and development, chip design, fabrication and refrigeration infrastructure. The operating loss widened to $28.1 million from $19.9 million in the prior-year quarter.
Technologically, management must improve Cepheus-1's two-qubit gate fidelity, currently around 99.1%, and address coherence-time limitations before scaling toward larger systems. The company expects fidelity improvements before year-end, but execution risks remain as it works toward its 1,000-qubit target. Moreover, the proposed Department of Commerce funding is not yet covered by a definitive agreement and could involve equity issuance, leaving uncertainty around both funding availability and potential shareholder dilution.
IONQ's Growth Drivers
IonQ's second-quarter 2026 results highlighted strong commercial momentum, with revenues surging 287% year over year to $80.1 million, marking its fifth consecutive quarter of record results. Growth was driven primarily by deployments of its fifth-generation quantum computing systems, including deliveries to the Korea Institute of Science and Technology Information and progress on a new system for QuantumBasel. The company is also advancing its transition to semiconductor-based quantum processors using electronic qubit control, with fully integrated prototypes received from SkyWater Technology and system commissioning planned for 2027.
The SkyWater acquisition strengthens IonQ's manufacturing capabilities, while its expanding quantum networking, sensing and cybersecurity businesses provide additional growth opportunities. IonQ ended the quarter with $485 million in remaining performance obligations, up from $122 million a year ago, and raised its full-year 2026 revenue outlook to $280-$290 million. Management also expects approximately 100% organic revenue growth for the year.
What Could Slow IONQ's Momentum
Despite rapid revenue growth, IonQ continues to face significant spending and execution risks as it scales its quantum platform and integrates SkyWater Technology. Second-quarter GAAP operating expenses reached $417.3 million, including $160.6 million in research and development, while adjusted EBITDA remained negative at $120.3 million. The company also reported a GAAP net loss of $1.9 billion, primarily reflecting a roughly $1.6 billion noncash impact from warrant revaluation.
Although management expects vertical integration to lower quantum hardware development costs over time, the benefits will depend on successful manufacturing execution, operational integration and continued progress in semiconductor-based systems. IonQ has not yet provided combined-company revenue or EBITDA guidance following the SkyWater acquisition, citing the need to integrate operations and assess accounting adjustments. These factors, alongside the substantial investment required to advance its technology roadmap, could weigh on near-term profitability even as revenues expand.
2026 Estimates: RGTI Vs. IONQ
The Zacks Consensus Estimate for RGTI’s 2026 bottom line is pegged at a loss of 19 cents per share, implying a 70.3% improvement over the 2025 reported figure.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for IONQ’s 2026 bottom line is pegged at a loss of $1.26 per share, implying 30.8% growth over the 2025 reported loss.
Image Source: Zacks Investment Research
Bullish Price Target for RGTI Over IONQ
Based on short-term price targets offered by 13 analysts, the average price target for IONQ represents an increase of 99.6% from the last closing price of $32.95.
Image Source: Zacks Investment Research
Based on short-term price targets offered by 11 analysts, the average price target for RGTI represents an increase of 137.5% from the last closing price of $12.44.
Image Source: Zacks Investment Research
Final Take: RGTI or IONQ?
IonQ holds an edge in commercial traction, supported by stronger revenue visibility and a broader quantum computing platform. Rigetti's opportunity hinges on improving system performance, scaling its chiplet-based architecture and securing government support. While IonQ has greater commercial momentum, Rigetti could gain ground if it meets its technology milestones.
The Zacks Rank provides another perspective on the two stocks, with Rigetti carrying a Zacks Rank #3 (Hold) and IonQ a Zacks Rank #4 (Sell). Although IonQ's revenue scale and forward guidance stand out, its substantial operating expenses and continued investment requirements remain important considerations. Rigetti, in turn, has a sizable cash position and no debt but must translate its technical progress into more consistent commercial growth.
Both companies offer exposure to the emerging quantum computing market, but their ability to advance their respective technologies, secure customer deployments and manage investment requirements will be critical to their long-term prospects.
View the Zacks #1 Rank List
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RGTI vs IONQ: Which Quantum Computing Stock Has More Upside Potential?
Key Takeaways
The quantum computing race is increasingly becoming a contest between technological ambition and commercial execution. As companies push to build more powerful quantum systems, investors are looking for evidence that these breakthroughs can translate into scalable products, stronger customer demand and sustainable revenue growth.
That contrast was evident in the latest earnings updates from Rigetti Computing (RGTI - Free Report) and IonQ (IONQ - Free Report) , which are pursuing distinct paths to quantum computing leadership. Rigetti is advancing its superconducting, chiplet-based architecture, with continued improvements to its 108-qubit Cepheus-1 system and a roadmap targeting approximately 1,000 qubits over the next three years. IonQ, meanwhile, is accelerating its shift toward semiconductor-based quantum systems using electronic qubit control, while expanding its footprint across quantum computing, networking, sensing and cybersecurity following its acquisition of SkyWater Technology.
The financial gap between the two companies remains substantial. Rigetti reported second-quarter 2026 revenues of $5.1 million, up 185% year over year, primarily driven by on-premises quantum processing unit sales. IonQ generated $80.1 million in revenues, surging 287% year over year and beating its own expectations by 20%, supported by growing quantum computer deployments and broader platform demand. While Rigetti highlighted a potential $100 million U.S. Department of Commerce funding opportunity, IonQ raised its full-year revenue outlook to $280-$290 million and reported $485 million in remaining performance obligations.
With both companies investing heavily to advance their respective technologies, the key question is which has the stronger combination of commercial traction, technological progress and financial resources to support its next phase of growth.
Let's take a closer look at how RGTI and IONQ stack up.
Image Source: Zacks Investment Research
Rigetti's Growth Catalysts
Rigetti's second-quarter performance highlighted improving commercial traction, with revenues surging 185% year over year to $5.1 million, primarily driven by on-premises Novera quantum processing unit sales, while gross margin expanded to 43% from 31% a year ago. The company continues to advance its 108-qubit Cepheus-1 system and chiplet-based architecture, targeting approximately 1,000 qubits in about three years.
Growth opportunities are also supported by an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to develop hybrid quantum-classical computing capabilities, along with a letter of intent with the U.S. Department of Commerce for up to $100 million in potential CHIPS Act funding. Rigetti ended the quarter with $541.3 million in cash, cash equivalents and available-for-sale investments and no debt, providing financial flexibility to support its technology roadmap.
What's Holding Rigetti Back
Rigetti's key challenge remains converting technical progress into sustained commercial growth. Despite strong percentage gains, quarterly revenues stood at just $5.1 million, while operating expenses increased to $30.3 million from $20.4 million a year ago, reflecting higher investments in research and development, chip design, fabrication and refrigeration infrastructure. The operating loss widened to $28.1 million from $19.9 million in the prior-year quarter.
Technologically, management must improve Cepheus-1's two-qubit gate fidelity, currently around 99.1%, and address coherence-time limitations before scaling toward larger systems. The company expects fidelity improvements before year-end, but execution risks remain as it works toward its 1,000-qubit target. Moreover, the proposed Department of Commerce funding is not yet covered by a definitive agreement and could involve equity issuance, leaving uncertainty around both funding availability and potential shareholder dilution.
IONQ's Growth Drivers
IonQ's second-quarter 2026 results highlighted strong commercial momentum, with revenues surging 287% year over year to $80.1 million, marking its fifth consecutive quarter of record results. Growth was driven primarily by deployments of its fifth-generation quantum computing systems, including deliveries to the Korea Institute of Science and Technology Information and progress on a new system for QuantumBasel. The company is also advancing its transition to semiconductor-based quantum processors using electronic qubit control, with fully integrated prototypes received from SkyWater Technology and system commissioning planned for 2027.
The SkyWater acquisition strengthens IonQ's manufacturing capabilities, while its expanding quantum networking, sensing and cybersecurity businesses provide additional growth opportunities. IonQ ended the quarter with $485 million in remaining performance obligations, up from $122 million a year ago, and raised its full-year 2026 revenue outlook to $280-$290 million. Management also expects approximately 100% organic revenue growth for the year.
What Could Slow IONQ's Momentum
Despite rapid revenue growth, IonQ continues to face significant spending and execution risks as it scales its quantum platform and integrates SkyWater Technology. Second-quarter GAAP operating expenses reached $417.3 million, including $160.6 million in research and development, while adjusted EBITDA remained negative at $120.3 million. The company also reported a GAAP net loss of $1.9 billion, primarily reflecting a roughly $1.6 billion noncash impact from warrant revaluation.
Although management expects vertical integration to lower quantum hardware development costs over time, the benefits will depend on successful manufacturing execution, operational integration and continued progress in semiconductor-based systems. IonQ has not yet provided combined-company revenue or EBITDA guidance following the SkyWater acquisition, citing the need to integrate operations and assess accounting adjustments. These factors, alongside the substantial investment required to advance its technology roadmap, could weigh on near-term profitability even as revenues expand.
2026 Estimates: RGTI Vs. IONQ
The Zacks Consensus Estimate for RGTI’s 2026 bottom line is pegged at a loss of 19 cents per share, implying a 70.3% improvement over the 2025 reported figure.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for IONQ’s 2026 bottom line is pegged at a loss of $1.26 per share, implying 30.8% growth over the 2025 reported loss.
Image Source: Zacks Investment Research
Bullish Price Target for RGTI Over IONQ
Based on short-term price targets offered by 13 analysts, the average price target for IONQ represents an increase of 99.6% from the last closing price of $32.95.
Image Source: Zacks Investment Research
Based on short-term price targets offered by 11 analysts, the average price target for RGTI represents an increase of 137.5% from the last closing price of $12.44.
Image Source: Zacks Investment Research
Final Take: RGTI or IONQ?
IonQ holds an edge in commercial traction, supported by stronger revenue visibility and a broader quantum computing platform. Rigetti's opportunity hinges on improving system performance, scaling its chiplet-based architecture and securing government support. While IonQ has greater commercial momentum, Rigetti could gain ground if it meets its technology milestones.
The Zacks Rank provides another perspective on the two stocks, with Rigetti carrying a Zacks Rank #3 (Hold) and IonQ a Zacks Rank #4 (Sell). Although IonQ's revenue scale and forward guidance stand out, its substantial operating expenses and continued investment requirements remain important considerations. Rigetti, in turn, has a sizable cash position and no debt but must translate its technical progress into more consistent commercial growth.
Both companies offer exposure to the emerging quantum computing market, but their ability to advance their respective technologies, secure customer deployments and manage investment requirements will be critical to their long-term prospects.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.