As the race for quantum supremacy intensifies, investors are weighing the commercial momentum of D-Wave Quantum (QBTS +2.81%) against the specialized architecture of Rigetti Computing (RGTI +0.65%) to decide which is the better buy.
Both companies are pioneers in the quantum space, yet they pursue different technical paths to reach quantum advantage. While D-Wave focuses on solving optimization problems today, Rigetti is building general-purpose quantum computers designed for broad future applications across diverse industries.
The case for D-Wave Quantum
D-Wave Quantum specializes in quantum annealing, a specific type of computing designed to solve complex optimization problems such as logistics and manufacturing schedules. The company delivers these services through its Leap cloud platform, serving over 100 organizations including NASA and the Oak Ridge National Laboratory. Following the acquisition of Quantum Circuits Inc. in early 2026, the company now offers a dual-platform strategy that incorporates gate-model computing alongside its established annealing technology.
In its 2025 fiscal year (FY), revenue reached $24.6 million, representing a significant revenue growth of 178.5% compared to the prior year. Despite this rapid top-line expansion, the company reported a net loss of $355.1 million for the period. This trend reflects the high costs of scaling emerging technologies in the quantum computing sector, which remains highly competitive.
As of its December 2025 balance sheet, the company maintained a debt-to-equity ratio of 0.1x. This ratio measures total debt against shareholder equity, with a lower number indicating that a company is not heavily reliant on borrowed funds. The current ratio stands at 42.4x, which measures the ability to pay short-term liabilities with current assets. Free cash flow was negative at $75.8 million, calculated as cash from operations minus capital expenditures.
The case for Rigetti Computing
Rigetti Computing operates a vertically integrated business model, designing and manufacturing its own superconducting quantum processors at its Fab-1 facility. The company serves enterprise and government clients through its Quantum Cloud Services. A key driver for Rigetti is its modular architecture, which aims to scale quantum power by connecting multiple chips together for complex tasks like drug discovery.
For FY 2025, the company reported revenue of $7.1 million, which was a decline of 34.3% year-over-year. Rigetti recorded a net loss of $216.2 million during this period as it continued to prioritize research and development. Unlike its peers, the company faces high customer concentration, as government contracts with entities like DARPA and the Department of Energy represent a large portion of its total business.
According to the December 2025 balance sheet, the debt-to-equity ratio was zero, indicating the company carried virtually no debt relative to its shareholder equity. The current ratio stands at 37.4x, suggesting a strong ability to cover near-term financial obligations with liquid assets. Free cash flow for the year was a negative $77.2 million, which represents the cash remaining after the company pays for its operating costs and equipment investments.
Risk profile comparison
D-Wave Quantum faces significant risks regarding its persistent operating losses and its heavy reliance on external funding to sustain its development roadmap. The successful integration of Quantum Circuits Inc. is vital for its new dual-platform strategy, and any failure here could weaken its market position. Furthermore, it faces intense competition from global tech giants, such as IBM, which have much larger budgets for quantum research.
Rigetti Computing is exposed to high customer concentration risk, with its revenue closely tied to government fiscal policies and contract renewals. The company also faces technical execution risks associated with its in-house chip fabrication and the unproven scalability of its modular architecture. Additionally, Rigetti has been subject to legal scrutiny and securities-related investigations stemming from past volatility in its stock price, which could impact investor confidence.
Valuation comparison
D-Wave Quantum appears to be the more expensive option based on its sales multiple, though it is currently generating significantly higher revenue than its peer.
| Metric | D-Wave Quantum | Rigetti Computing | Sector Benchmark |
|---|---|---|---|
| Forward P/E | n/a | n/a | 357.9x |
| P/S ratio | 566.4x | 543.3x | n/a |
Sector benchmark uses the SPDR XLK sector ETF. Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I’ve analyzed and invested in quantum computing stocks for a few years now. In looking at how D-Wave and Rigetti have evolved over that time, and where each is going, I believe the better investment right now is D-Wave. That said, quantum computers are still in their early stages, and so, either company, or both, could end up capturing significant market share as the industry matures.
Several reasons drive the decision behind my preference for D-Wave over Rigetti. The former’s quantum annealing technology is the superior choice for solving optimization problems, but that also limited the company’s market opportunities. Its decision to acquire Quantum Circuits adds superconducting quantum integrated circuits to its solution set, the same approach championed by Rigetti and IBM.
Now, D-Wave is positioned to capture a larger share of the market. It was also among the handful of companies in the industry to receive $100 million in funding from the U.S. government in May, a testament to its technological offerings. Rigetti was not awarded funding.
At this point, the companies holding the superior quantum computing technology are poised to be long-term winners. Given D-Wave’s more comprehensive solutions, it looks to be in a better position than Rigetti right now.
