Rigetti Computing (RGTI +4.10%) stock has risen 81% over the past year at the time of writing, significantly outperforming IonQ (IONQ +2.04%), whose shares are up 31%. This is despite IonQ scaling much faster over the past two years, generating substantially higher revenue.
However, Rigetti’s recent launch of its new, more capable quantum computing system could be a catalyst for accelerating growth and narrowing the gap with IonQ over the next few years.
Rigetti Computing: Struggling to Grow Revenue
Rigetti primarily builds quantum computers and the superconducting quantum processors that power them, integrating these machines into various public, private, or hybrid clouds through its centralized services.
Despite launching its largest quantum system and selling a new processing unit to the University of Saskatchewan, it recorded an operating loss of $22.6 million for the quarter ended Dec. 31, 2025.
NASDAQ: RGTI
Key Data Points
IonQ: Accelerating Revenue Trajectory
IonQ develops general-purpose quantum computing systems and generates revenue by selling access to these machines through several major commercial cloud providers and its own dedicated service.
It expanded operations by acquiring SkyWater Technology, a pure-play semiconductor foundry, and reported an operating loss of $228 million for the quarter ended Dec. 31, 2025.
NYSE: IONQ
Key Data Points
Why Revenue Matters for Investors
Revenue is an important measure of how much cash a business collects from selling goods and services. Growth in revenue, or lack thereof, reflects a company's ability to attract customers, deliver its services, and expand its core business operations over time.
Image source: The Motley Fool.
Quarterly Revenue for Rigetti Computing and IonQ
| Quarter (Period End) | Rigetti Computing Revenue | IonQ Revenue |
|---|---|---|
| Q1 2024 (March 2024) | $3.1 million | $7.6 million |
| Q2 2024 (June 2024) | $3.1 million | $11.4 million |
| Q3 2024 (Sept. 2024) | $2.4 million | $12.4 million |
| Q4 2024 (Dec. 2024) | $2.3 million | $11.7 million |
| Q1 2025 (March 2025) | $1.5 million | $7.6 million |
| Q2 2025 (June 2025) | $1.8 million | $20.7 million |
| Q3 2025 (Sept. 2025) | $1.9 million | $39.9 million |
| Q4 2025 (Dec. 2025) | $1.9 million | $61.9 million |
Data source: Company filings. Data as of April 14, 2026.
Foolish Take
Quantum computing is still an early-stage technology, making it unclear who will lead this burgeoning industry. So far, IonQ looks like the early leader. It is generating significantly more revenue and growth than Rigetti. This shows solid progress in expanding the marketability of IonQ’s quantum computing platform.
IonQ has benefited from being an early mover in the quantum industry, having been working on this technology for over 30 years. Rigetti is further behind IonQ in commercial scaling, which is why it is generating less than $2 million in quarterly revenue.
Obviously, this doesn’t tell us much about which company might grow faster in the future. Analysts expect Rigetti to scale rapidly over the next few years, reaching $110 million in revenue in 2028. This would represent a much higher percentage increase than IonQ, where analysts expect its annual revenue to reach $599 million in two years.
Investors will want to watch Rigetti’s revenue growth in the coming quarters to see whether its new 108-qubit system can drive higher revenue. IonQ has also experienced tremendous customer demand for its 100-qubit Tempo system, driving a 429% year-over-year increase in fourth-quarter revenue.
IonQ stock has been the better performer over the last five years, but Rigetti shares have outperformed IonQ over the past one-year period. Closing the revenue gap with its larger rival will be vital to sustaining shareholder returns going forward.
