In the rapidly evolving realm of quantum computing, two companies are making significant strides: IonQ, Inc. (IONQ) and Rigetti Computing, Inc. (RGTI). Both firms operate within the same industry, focusing on innovative quantum hardware and cloud services, making them intriguing rivals. Their approaches to technology and market penetration are distinct, offering different investment narratives. Join me as we explore which of these companies presents the more compelling opportunity for investors seeking growth in this cutting-edge sector.
Table of contents
Company Overview
IonQ Overview
IonQ, Inc. is a pioneering force in the quantum computing landscape, dedicated to developing general-purpose quantum computing systems. Founded in 2015 and headquartered in College Park, Maryland, IonQ provides access to its advanced quantum computers through prominent cloud platforms including Amazon Braket, Microsoft Azure Quantum, and Google Cloud Marketplace. With a market capitalization of approximately $14.7B, IonQ has established itself as a leader in the technology sector, particularly in the computer hardware industry. The company’s focus on innovation positions it as a key player in driving the future of quantum computing.
Rigetti Computing Overview
Rigetti Computing, Inc., established in 2013 and based in Berkeley, California, operates as an integrated systems company specializing in quantum computing technologies. Rigetti builds quantum computers and the superconducting quantum processors that power them, offering seamless integration into various cloud environments through its Quantum Cloud Services platform. With a market cap of around $8.4B, Rigetti is making significant strides in the technology sector, leveraging its expertise to enhance cloud-based quantum computing capabilities.
Key similarities and differences
Both IonQ and Rigetti operate in the burgeoning domain of quantum computing, focusing on developing and providing access to quantum hardware through cloud services. However, IonQ emphasizes general-purpose quantum systems, while Rigetti specializes in integrated systems and superconducting processors. This distinction in focus reflects their different approaches to market positioning within the quantum computing industry.
Income Statement Comparison
In this section, I present a concise comparison of the most recent income statements for IonQ, Inc. and Rigetti Computing, Inc. to help investors assess their financial performance.
| Metric | IonQ, Inc. | Rigetti Computing, Inc. |
|---|---|---|
| Market Cap | 14.70B | 8.44B |
| Revenue | 43.07M | 10.79M |
| EBITDA | -312.93M | -190.83M |
| EBIT | -331.59M | -197.73M |
| Net Income | -331.65M | -200.99M |
| EPS | -1.56 | -1.09 |
| Fiscal Year | 2024 | 2024 |
Interpretation of Income Statement
In 2024, IonQ reported a significant increase in revenue to $43.07M from $22.04M in 2023, indicating robust growth despite ongoing operating losses. Rigetti’s revenue decreased from $12.01M in 2023 to $10.79M, reflecting challenges in sales. Both companies experienced substantial net losses, with IonQ’s net loss widening, highlighting continued investment in R&D and operational costs. Overall, IonQ’s improving revenue trend suggests a potential for recovery, while Rigetti’s decline raises questions about its market strategy. Investors should consider these factors carefully when evaluating their portfolios.
Financial Ratios Comparison
In this section, I will present a comparative analysis of the most recent revenue and financial ratios for two companies: IonQ, Inc. (IONQ) and Rigetti Computing, Inc. (RGTI). This data will help you understand their financial positions and make informed investment decisions.
| Metric | IonQ, Inc. (IONQ) | Rigetti Computing, Inc. (RGTI) |
|---|---|---|
| ROE | -86.4% | -158.8% |
| ROIC | -48.2% | -24.9% |
| P/E | -26.83 | -14.02 |
| P/B | 23.18 | 22.26 |
| Current Ratio | 10.50 | 17.42 |
| Quick Ratio | 9.98 | 17.42 |
| D/E | 0.046 | 0.069 |
| Debt-to-Assets | 0.035 | 0.031 |
| Interest Coverage | 0 | -21.05 |
| Asset Turnover | 0.085 | 0.038 |
| Fixed Asset Turnover | 0.692 | 0.205 |
| Payout Ratio | 0% | 0% |
| Dividend Yield | 0% | 0% |
Interpretation of Financial Ratios
Both IonQ and Rigetti show concerning financial health, indicated by their negative return on equity and return on invested capital. IonQ exhibits a high price-to-book ratio, suggesting overvaluation, while Rigetti’s current and quick ratios indicate strong liquidity. However, the lack of profitability in both firms raises significant red flags for potential investors. Caution is advised due to their negative earnings and significant operational losses.
Dividend and Shareholder Returns
Neither IonQ, Inc. (IONQ) nor Rigetti Computing, Inc. (RGTI) pays dividends, reflecting their focus on reinvestment and growth in the high-tech sector. Both companies are in phases of negative net income, prioritizing capital for R&D and expansion. IonQ has also initiated share buyback programs, suggesting a commitment to enhancing shareholder value, despite not providing direct returns. This strategy may align with long-term value creation if the companies can successfully navigate their growth challenges.
Strategic Positioning
IonQ, Inc. (IONQ) currently holds a significant market share in the quantum computing sector with a market capitalization of approximately 14.7B. The company leverages partnerships with major cloud platforms, enhancing its competitive edge amidst rising technological disruptions. In contrast, Rigetti Computing, Inc. (RGTI), with a market cap of around 8.4B, focuses on integrated quantum systems but faces intense competition and pricing pressures. Both companies must navigate rapid advancements in quantum technology while maintaining robust risk management strategies.
Stock Comparison
Over the past year, IonQ, Inc. (IONQ) and Rigetti Computing, Inc. (RGTI) have exhibited significant price movements and trading dynamics, reflecting the evolving landscape of quantum computing. The analysis provides insights into their stock price trajectories, highlighting key trends and volatility.
Trend Analysis
IonQ, Inc. (IONQ) The stock has experienced a remarkable price change of +310.83% over the past year. The overall trend is bullish; however, it is currently showing signs of deceleration with a recent price decline of -11.35% from September 14, 2025, to November 30, 2025. The highest price reached was 73.28, while the lowest was 6.76. The standard deviation of 18.46 indicates a notable level of volatility.
Rigetti Computing, Inc. (RGTI) RGTI has outperformed with an extraordinary price change of +2431.68% over the past year, indicating a bullish trend as well. Despite this overall performance, the recent trend shows a positive price change of +33.94% from September 14, 2025, to November 30, 2025. The stock has seen highs of 46.38 and lows of 0.75, with a standard deviation of 10.81, suggesting moderate volatility.
Both companies exhibit strong buyer dominance in their recent trading periods, with RGTI showcasing a particularly robust buyer behavior, indicating sustained investor interest.
Analyst Opinions
Recent analyst recommendations for IonQ, Inc. (IONQ) and Rigetti Computing, Inc. (RGTI) indicate a cautious stance, with both companies receiving a rating of C-. Analysts have highlighted concerns regarding their financial fundamentals, particularly low scores in return on equity and assets. Notably, the debt-to-equity ratio for RGTI was slightly better, but still underwhelming. Based on these insights, the consensus for both stocks is to hold, as investors weigh potential risks against uncertain growth prospects in the current year.
Stock Grades
In today’s analysis, I will provide the latest stock grades for IonQ, Inc. and Rigetti Computing, Inc., based on reliable grading data from recognized firms.
IonQ, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Benchmark | maintain | Buy | 2024-08-12 |
| Goldman Sachs | maintain | Neutral | 2024-08-09 |
| Craig-Hallum | maintain | Buy | 2024-08-08 |
| Needham | maintain | Buy | 2024-05-16 |
| Needham | maintain | Buy | 2024-05-09 |
| Goldman Sachs | maintain | Neutral | 2024-02-29 |
| Needham | maintain | Buy | 2024-02-29 |
| Morgan Stanley | maintain | Equal Weight | 2023-10-30 |
| Needham | maintain | Buy | 2023-09-20 |
| Needham | maintain | Buy | 2023-09-19 |
Rigetti Computing, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| B. Riley Securities | maintain | Neutral | 2025-11-12 |
| Benchmark | maintain | Buy | 2025-11-12 |
| B. Riley Securities | downgrade | Neutral | 2025-11-03 |
| Benchmark | maintain | Buy | 2025-10-07 |
| B. Riley Securities | maintain | Buy | 2025-09-22 |
| Benchmark | maintain | Buy | 2025-08-13 |
| Needham | maintain | Buy | 2025-08-04 |
| B. Riley Securities | maintain | Buy | 2025-07-23 |
| Benchmark | maintain | Buy | 2025-05-15 |
| Needham | maintain | Buy | 2025-05-14 |
Overall, the trend for IonQ shows a consistent “Buy” recommendation from multiple firms, indicating strong investor confidence. In contrast, Rigetti has experienced a downgrade from “Buy” to “Neutral” by B. Riley Securities, but other firms continue to maintain a “Buy” rating, suggesting mixed sentiment among analysts.
Target Prices
The consensus target prices for IonQ, Inc. and Rigetti Computing, Inc. indicate positive expectations from analysts.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| IonQ, Inc. | 75 | 55 | 64.5 |
| Rigetti Computing, Inc. | 42 | 18 | 33.33 |
For IonQ, the consensus target price of 64.5 suggests significant upside potential compared to its current price of 49.53, while Rigetti’s consensus of 33.33 also reflects a promising outlook against its price of 25.57.
Strengths and Weaknesses
The following table summarizes the strengths and weaknesses of IonQ, Inc. and Rigetti Computing, Inc. based on recent data.
| Criterion | IonQ, Inc. | Rigetti Computing, Inc. |
|---|---|---|
| Diversification | Low | Moderate |
| Profitability | Negative margins | Negative margins |
| Innovation | High | High |
| Global presence | Moderate | Emerging |
| Market Share | Niche | Niche |
| Debt level | Very low | Moderate |
Key takeaways indicate that both companies operate in a highly innovative sector but face challenges in profitability. IonQ maintains a very low debt level, which is a strength, while Rigetti shows moderate diversification in its offerings.
Risk Analysis
The following table outlines the key risks associated with two companies, IonQ and Rigetti Computing, to help you assess potential investment implications.
| Metric | IonQ, Inc. | Rigetti Computing, Inc. |
|---|---|---|
| Market Risk | High | Medium |
| Regulatory Risk | Medium | Medium |
| Operational Risk | High | High |
| Environmental Risk | Low | Low |
| Geopolitical Risk | Medium | Medium |
In summary, both companies face significant operational and market risks, particularly in the rapidly evolving quantum computing sector. Recent developments indicate increasing competition and regulatory scrutiny, which could impact their growth trajectories.
Which one to choose?
When comparing IonQ, Inc. (IONQ) and Rigetti Computing, Inc. (RGTI), both companies exhibit substantial growth potential but also significant challenges. IonQ has shown a remarkable price change of 310.83% recently, although it has a C- rating and negative profit margins, indicating ongoing financial struggles. On the other hand, Rigetti’s stunning 2431.68% price increase showcases its rapid growth, despite a similar rating of C- and negative earnings as well.
Analysts are cautious about both stocks, with IONQ’s higher price-to-sales ratio (206.58) suggesting overvaluation compared to RGTI’s (261.17). Investors focused on aggressive growth may find RGTI more appealing due to its recent momentum, while those seeking potential recovery may lean towards IONQ.
Risks include market dependence and competition within the rapidly evolving quantum computing sector.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of IonQ, Inc. and Rigetti Computing, Inc. to enhance your investment decisions:
