Rigetti Computing, Inc.

(NASDAQ Capital Market)
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Slightly Bullish +25

D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy for 2027?

Quantum processor AI-generated analysis

πŸ“ˆ D-Wave Quantum achieved a significant revenue surge of 178.5% in FY 2025, reaching $24.6 million with a diverse customer base including Mastercard and BASF.

πŸ›οΈ Rigetti Computing relies heavily on government contracts, which comprised over 90% of its revenue, leading to a 34.3% revenue decline in FY 2025.

πŸ’° D-Wave maintains a strong balance sheet with a current ratio of 42.4x and low debt-to-equity of 0.1x despite reporting a net loss of $355.1 million.

πŸ“‰ Rigetti Computing recorded a net loss of $216.2 million in FY 2025 with a current ratio of 37.4x and negligible debt, reflecting heavy capital expenditure requirements.

πŸš€ D-Wave booked $35.5 million in customer orders in the first half of 2026, marking a more than 1,000% year-over-year increase despite a temporary sales dip.

πŸ”¬ Rigetti Computing faces stiff competition from established tech giants and technical challenges in scaling fault-tolerant quantum systems on projected timelines.

πŸ› οΈ D-Wave expanded its capabilities by acquiring Quantum Circuits to add superconducting quantum devices alongside its existing annealing technology.

βš–οΈ The article recommends investing in D-Wave Quantum over Rigetti Computing due to its superior technology approach and growing order book.

Bullish Signals
  • Rigetti Computing maintains a very strong balance sheet with a current ratio of 37.4x and a debt-to-equity ratio of roughly zero, indicating almost no debt relative to shareholder equity.
  • The company operates a full-stack quantum-classical platform offering access through its own cloud service and third-party providers, diversifying its delivery model.
  • Rigetti Computing secured a purchase order for a 108-qubit system and is actively collaborating with partners on quantum error correction initiatives.
  • The company rebounded in 2026 with sales reaching $9.5 million through the first six months of the year, up from $3.3 million the previous period.
Risk Factors
  • Rigetti Computing experienced a significant revenue decline of 34.3% in FY 2025, dropping to $7.1 million due to the volatile nature of its contract-based revenue model.
  • The company recorded a substantial net loss of $216.2 million during FY 2025 as it continued to invest heavily in technical infrastructure and maintain its proprietary Fab-1 facility.
  • The company must navigate technical hurdles regarding achieving large-scale fault-tolerant quantum computing within projected timelines while competing with deep-pocketed tech giants.
Full Analysis
The article compares D-Wave Quantum and Rigetti Computing as investment options in the quantum computing sector, ultimately recommending D-Wave over Rigetti. It highlights that while both companies are early-stage players facing high risks, D-Wave offers a dual-technology approach combining annealing and superconducting systems to address a broader range of computational challenges. D-Wave Quantum reported significant financial growth in its 2025 fiscal year with revenue reaching $24.6 million, a 178.5% increase from the prior year, supported by a blue-chip customer list including Mastercard and BASF. The company also established a new business unit focused on U.S. government contracts to diversify its revenue base beyond traditional commercial sectors. In contrast, Rigetti Computing saw its revenue decline by 34.3% in FY 2025 to $7.1 million, driven by heavy reliance on government contracts which accounted for over 90% of its total revenue. The article notes that Rigetti faces stiff competition from deep-pocketed tech giants and technical hurdles in achieving large-scale fault-tolerant quantum computing. Looking ahead, D-Wave's sales dipped in the first half of 2026 to $5.9 million compared to $18.1 million last year, but the company booked $35.5 million in customer orders during that period, representing a more than 1,000% year-over-year increase. The author concludes that D-Wave's growing bookings and diversified technology strategy position it better for future market capture.