Quantum computing is moving from theory to commercial application, but picking the right horse remains a high-stakes gamble for investors. Should you back D-Wave Quantum (QBTS -4.78%) or Rigetti Computing (RGTI -4.48%) for your portfolio?
QBTS & RGTI: Performance Comparison
Key Financial Metrics
D-Wave focuses on commercial annealing systems for optimization, while Rigetti builds full-stack systems optimized for quantum-classical workflows. Both companies offer investors a front-row seat to the potential of next-generation computing power in a volatile, early-stage market.
The case for D-Wave Quantum
D-Wave sells quantum computing systems and services, positioning itself as a commercial supplier of both annealing and gate-model products. It operates among tech stocks focused on high-performance optimization, serving more than 100 organizations including Mastercard (MA +0.97%) and Pfizer Inc. (PFE +1.80%). The company also maintains a strategic partnership with CGI Inc. (GIB +0.11%) to integrate its Advantage2 system into various industrial sectors.
In its latest annual report, filed for FY 2025, revenue reached about $24.6 million, representing growth of approximately 180% compared to the prior year. Despite this growth, the company reported a net loss of roughly $355 million during this fiscal period. This result highlights the substantial research costs required to maintain a leadership position in the quantum hardware market.
As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.1x. This ratio measures total debt relative to shareholders' equity, indicating that the company maintains a low level of leverage relative to its equity base. The current ratio, which compares current assets to short-term liabilities, is around 42.4x, while free cash flow was roughly negative $75.8 million.
The case for Rigetti Computing
Rigetti builds and operates quantum computers through its Quantum Cloud Services platform, serving global enterprise and government clients. Its major customers include Amazon.com Inc. (AMZN +0.93%) Web Services, the Department of Energy, and the Defense Advanced Research Projects Agency. The company also sells its Novera hardware directly to academic institutions and research clients to support specialized quantum development.
In its latest annual report, filed for FY 2025, revenue reached approximately $7.1 million, which is a decline of more than 34% from the prior year. The company reported a net loss of around $216.2 million for the same period. This trend shows a widening gap between operating costs and realized sales as the firm continues to iterate on its high-fidelity quantum processors.
Based on its December 2025 balance sheet, the debt-to-equity ratio is 0.0x. This shows that the company has virtually no debt relative to its equity. The current ratio, which measures the ability to pay short-term debts with current assets, is approximately 37.4x, while free cash flow for the period was roughly negative $77.2 million.
Risk profile comparison
D-Wave faces significant risks related to its early-stage status, including a history of net losses and a dependency on future capital raises. The market is highly competitive, with threats from sovereign-funded organizations and established giants like Microsoft Corp. (MSFT -0.28%). Technical risks involve the unproven nature of its commercial roadmap and the potential for quantum computing to take longer than anticipated to achieve commercial advantage.
Rigetti faces substantial risks due to its capital-intensive operations and continuous operating losses, which are expected to continue until a quantum advantage is achieved. The company faces stiff competition from better-resourced technology companies and relies on a limited number of customers, particularly within the public sector. Recent internal leadership transitions and significant insider selling, as reported in 2026, have contributed to volatility and scrutiny regarding the company's long-term viability.
Valuation comparison
Rigetti appears cheaper on a revenue basis, though D-Wave is growing its top line at a significantly faster rate. Neither company currently has a Forward P/E because analyst earnings estimates for the upcoming year remain negative. The P/S ratio measures market capitalization against sales over the past twelve months.
| Metric | D-Wave Quantum | Rigetti Computing |
|---|---|---|
| Forward P/E | n/a | n/a |
| P/S ratio | 466.1x | 379.6x |
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
These are two exciting companies in what may be the most impactful tech sectors we see in our lifetimes.
Yet they can seem speculative. Rigetti had just $7 million in revenue last year. The company recently received a potential award of up to $100 million over three years to accelerate superconducting quantum computing R&D and address key technical challenges in scaling and advancing its systems. The deal, in which the federal government would also take equity in the business, would allow Rigetti to tackle key scaling bottlenecks associated with multichip architectures more rapidly. It would also enable management to accelerate multiple generations of superconducting quantum processors and associated control electronics at Fab-1, its dedicated quantum device manufacturing facility.
Turning to D-Wave, there are increasing signs of commercial adoptionof its offerings. AT&T (T +1.06%) expanded its use of the annealing platform into network optimization, Optum continued to scale a production deployment across UnitedHealth Group's (UNH +1.27%) operations, and NTT Docomo added a second live application within its mobile network. Additionally, management noted its sales pipeline grew over 120% since year-end, with a rising share of Quantum Computing as a Service (QCaaS) conversations now happening directly with business decision-makers (as opposed to researchers), up from essentially zero a year earlier. The downside is that none of these deals has a dollar amount disclosed, suggesting they could be minimal.
With neither entity turning a profit anytime soon, the high price-to-sales ratios seem largely irrelevant in this decision-both are pricey right now. But quantum stocks are a long-term play for sure. With that in mind, Rigetti's technological prowess and deeper government support make it the choice for investors seeking a quantum computing home run -- eventually.
