The rise of high-stakes computing is forcing investors to choose between today's practical software and tomorrow's hardware breakthroughs. Deciding between BigBear.ai (BBAI +3.44%) and Rigetti Computing (RGTI +3.55%) involves weighing current utility against future potential.
BigBear.ai provides mission-ready artificial intelligence to the defense and commercial sectors, focusing on decision intelligence and logistics. Rigetti Computing builds quantum processors and cloud services, aiming to solve problems beyond the reach of classical computers. Both companies represent niche segments, and the P/S ratio, which measures market value relative to sales over the past twelve months, helps compare their relative valuations.
BBAI & RGTI: Performance Comparison
Key Financial Metrics
The case for BigBear.ai
BigBear.ai provides software solutions focused on autonomous systems, global supply chains, and cybersecurity within the tech stocks landscape. In its latest annual report, filed for FY 2025, BigBear.ai reported that U.S. government entities represented nearly 51% of consolidated revenues. Customer concentration like this adds a layer of risk to the business, as these contracts often contain termination for convenience provisions.
In FY 2025, revenue reached nearly $127.7 million, which was a 19.3% decrease from the previous year. The company reported a net loss of approximately $293.9 million, resulting in a net margin of close to -230.2%. This net margin indicates the percentage of revenue remaining after all operating and non-operating costs are deducted from the total.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, comparing total debt against shareholder equity to show financial leverage. The current ratio was roughly 1.8x, measuring the ability to cover short-term debts with current assets. Free cash flow was approximately -$46.3 million, representing cash remaining after paying for operations and equipment.
The case for Rigetti Computing
Rigetti Computing develops superconducting quantum processors and provides quantum computing as a service through its proprietary cloud platform. Its primary revenue comes from technology development contracts with partners such as Amazon (AMZN -0.15%), Standard Chartered (SCBFF +3.76%), Moody's (MCO +4.16%), and Microsoft (MSFT +1.08%). Public sector contracts accounted for nearly 90.2% of total revenue in 2025, and customer concentration like this adds a layer of risk to the business.
In FY 2025, revenue reached nearly $7.1 million, a 34.3% decline compared to the prior year. The company recorded a net loss of approximately $216.2 million, leading to a net margin of roughly -3,050.4%. This significant loss highlights the capital-intensive nature of developing hardware in the nascent quantum computing industry.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, indicating that the company carries no traditional debt relative to its equity. The current ratio was close to 37.4x, suggesting a high level of short-term liquidity available for operations. Free cash flow was approximately -$77.2 million, showing the actual cash consumed by the business after supporting operations and capital equipment purchases.
Risk profile comparison
BigBear.ai faces significant risks due to its heavy reliance on government contracts, which are subject to budget delays and unilateral termination. The company also deals with financial instability, including a recent class action lawsuit related to accounting errors and required financial restatements. Operational hurdles include asset impairments and the challenge of scaling AI technology under evolving global regulations.
Rigetti Computing operates in a high-stakes industry with a history of significant operating losses and a large accumulated deficit. It relies heavily on a small number of customers and third-party cloud infrastructure from providers like Amazon and Microsoft. Technical uncertainty remains high, as failure to achieve quantum advantage or meet development milestones could make its current hardware obsolete.
Valuation comparison
BigBear.ai offers a much lower sales multiple compared to Rigetti Computing, though neither company currently has a Forward P/E due to a lack of positive future earnings estimates.
| Metric | BigBear.ai | Rigetti Computing |
|---|---|---|
| Forward P/E | N/A | N/A |
| P/S ratio | 8.7x | 321.9x |
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with BigBear.ai, though I want to be upfront that neither of these is a comfortable pick, and anyone buying either stock should be prepared for significant volatility.
But I like BigBear.ai because it has something Rigetti is still working toward: a growing base of paying customers in national security software that competitors find genuinely difficult to displace. In Q2 2026, revenue grew 13% year over year, the company won over 20 new contracts, and gross margins are expanding. The path to profitability is still long, but the direction has changed.
Rigetti has made progress on its quantum hardware, and a CHIPS Act funding letter adds government validation. But revenue remains small, and the gap between its technical ambitions and commercial traction is still wide.
If I'm choosing between two speculative early-stage companies, owning the one with a growing customer base and improving margins is the easier place to start, even if the story is far from finished.
