Quantum computing was a hot and cold industry during 2025. It started the year in a cooling phase after seeing huge demand in December 2024. Then, it slowly warmed up throughout the year before peaking in October. Now, we're in a bit of a cooling-off phase, which is the perfect time to buy some of these stocks.
One that investors have focused on with huge potential for 2026 is Rigetti Computing (RGTI +3.28%). Rigetti Computing is a fairly small company, with a market cap of about $8 billion. If the quantum computing market is as large as some think it will be, Rigetti could be a great stock to buy in expectation that it will rocket higher. But will it make you a millionaire? Let's find out.
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Rigetti Computing is going up against some stiff competition
The quantum computing industry is full of worthy competitors. There are other small start-ups like IonQ and D-Wave Quantum that are fighting to ensure that their technology is the go-to option in the field. There are also legacy tech stalwarts, like Alphabet, Microsoft, and IBM, that are competing in this realm. These legacy businesses have resources that Rigetti could only dream of to throw at quantum computing, giving them a massive advantage. This is just one factor that's working against Rigetti, but there is another one I'm concerned about, too.
NASDAQ: RGTI
Key Data Points
Quantum computing has different approaches. The most common is known as superconducting, where a particle is cooled to near absolute zero so that its movements are slow enough to be harnessed for quantum computing. That's the technique that Rigetti has selected, but it's also the same path that nearly every one of the tech giants has chosen. While Rigetti could still prevail, trying to compete in the same way as a company with far greater resources is a more difficult road than exploring alternative computing methods like IonQ and D-Wave Quantum have done.
This is a second strike against Rigetti Computing in its odds of making you a millionaire. Is there a third?
Rigetti Computing lost out on a huge contract recently
One of the most important contracts for any quantum computing company to win is from DARPA, or Defense Advanced Research Projects Agency. The winner of this contract will be selected to be the quantum computing supplier of choice for government defense agencies, which is a huge contract to win, as it gives the winner instant credibility in the commercial sector as well.
There are three stages in this trial, and Rigetti was among those selected in the first stage. Fifteen companies were selected for the initial trial, and 11 moved on to the next stage. Rigetti was not one of them.
That's a huge blow for the company and shows that Rigetti's technology isn't as far along as some of its competition. It's entirely possible that Rigetti Computing makes a comeback over the next few years and becomes a solid quantum computing option, but is it worth the risk?
There will be far more losers than winners in the quantum computing realm, and early signs show that Rigetti isn't panning out. As a result, I think the chances are pretty low of Rigetti Computing being a millionaire-maker stock, and relying on one stock to help you reach millionaire status isn't a wise investing choice anyway. Rigetti can still prove us all wrong, but there are many better alternatives. One of those is an ETF that focuses on quantum computing. This gives you exposure to all of the small upstarts alongside legacy companies that are competing in the quantum computing sector.
Quantum ETFs are a great option for many investors and provide an almost guaranteed upside with limited downside risk, as long as quantum computing actually does come about in the next few years.
