Choosing between D-Wave Quantum (QBTS -8.39%) and Rigetti Computing (RGTI -8.60%) involves weighing two distinct paths toward quantum commercialization during this pivotal year for high-performance computing development.
D-Wave specializes in quantum annealing, an ideal method for solving complex optimization problems today. Rigetti focuses on gate-model superconducting processors, aiming for universal quantum applications. Both companies compete for leadership in a nascent industry where long-term viability depends on scaling hardware and securing a foothold in a rapidly evolving market.
The case for D-Wave Quantum
D-Wave Quantum provides specialized hardware and software for the quantum computing market, positioning it among the most watched tech stocks in the space. The company delivers its technology through its Leap cloud service and on-premises systems to customers such as Pfizer.
In August 2026, the company announced a new partnership with Nasdaq Verafin to explore quantum solutions for financial crime detection. This expanding commercial reach suggests that its annealing technology is finding practical applications in logistics and finance.
In fiscal year (FY) 2025, revenue reached $24.6 million, representing a growth rate of 178.5% year over year. Despite this growth, the company reported a net loss of $355.1 million for the period. Its net margin, which is the percentage of revenue remaining after all expenses are paid, was negative 1,444%. While the top-line expansion is notable, the P/S ratio (the stock price divided by sales per share) remains high at nearly 588.5x.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.1x. This ratio measures a company's total debt relative to the equity held by its shareholders, indicating a relatively low level of debt. The current ratio, which assesses a company's ability to cover short-term liabilities with short-term assets, was 42.4x. Free cash flow, which is calculated by subtracting capital expenditures from the cash generated through core business operations, was negative $75.8 million.
The case for Rigetti Computing
Rigetti Computing designs and builds superconducting quantum processors accessed through its Quantum Cloud Services platform. The company serves a customer base that includes Standard Chartered Bank and various government agencies like DARPA.
In early 2026, Rigetti secured a significant $8.4 million order from India's C-DAC for a 108-qubit system. More recently, in August 2026, the company highlighted a partnership with Hewlett Packard Enterprise for a new quantum-HPC testbed project.
In FY 2025, revenue reached $7.1 million, which was a decrease of 34.3% from the previous fiscal year. This revenue decline contributed to a net loss of $216.2 million. The net margin for the period was negative 3,050%. Because the company is in an early stage of development and has yet to achieve profitability, investors often focus on its research progress and roadmap for increasing qubit counts.
Based on its December 2025 balance sheet, the debt-to-equity ratio was zero. This indicates that the company has very little debt relative to its shareholder equity. The current ratio stood at 37.4x, suggesting the company maintains a large cushion of liquid assets to fund its ongoing research and development. Free cash flow was negative $77.2 million, reflecting the high costs of fabricating specialized quantum hardware and running its proprietary facility.
Risk profile comparison
D-Wave faces significant challenges including a history of net losses and accumulated deficits. The company carries risks of failing to meet technical milestones or scaling its manufacturing operations. Competition is fierce, with well-funded giants like IBM developing rival systems. Furthermore, D-Wave depends on government funding, which is subject to budget changes or contract terminations.
Rigetti faces high pressure to meet its ambitious roadmap for qubit count and fidelity. Technical delays in the past indicate that future execution is not guaranteed. The company relies on a small number of customers and government contracts for most of its revenue, and the loss of a single partner could be material. Additionally, specialized supply chain needs and the reliance on its internal fabrication facility create operational risks if disruptions occur.
Valuation comparison
D-Wave appears more expensive on a sales basis compared to Rigetti, though neither company currently has Forward P/E data due to a lack of positive future earnings estimates.
| Metric | D-Wave Quantum | Rigetti Computing |
|---|---|---|
| Forward P/E | n/a | n/a |
| P/S ratio | 588.5x | 443.1x |
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Quantum computing remains a nascent technology in 2026 as businesses in the sector continue to improve their solutions. Consequently, both D-Wave and Rigetti have experienced revenue volatility. For instance, D-Wave enjoyed year-over-year revenue growth in 2025, but that's reversed in 2026 as sales totaled $5.9 million in the first six months of 2026 compared to $18.1 million last year.
That said, D-Wave looks like the better investment over Rigetti, despite Rigetti seeing sales rise to $9.5 million in the first half of 2026 compared to $3.3 million in 2025. That's because D-Wave has added a gate-model architecture to its existing quantum annealing processes through the acquisition of Quantum Circuits.
This technology gives D-Wave a comprehensive quantum computing solution set, opening up a larger market opportunity than what was possible with quantum annealing alone. While the company's revenue is not as robust as it was at this point last year and its stock valuation is higher, D-Wave announced 2026 first half bookings of $35.5 million, representing a 1,120% year-over-year increase. This suggests sales should begin to pick up as 2026 progresses.
