In the rapidly evolving landscape of quantum computing, two companies stand out: Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS). Both operate within the computer hardware industry, focusing on innovative quantum technologies that promise to redefine computational capabilities. This article will delve into their unique approaches, market positioning, and technological advancements. As an informed investor, understanding these companies will help determine which one might be the more compelling addition to your portfolio.
Table of contents
Company Overview
Rigetti Computing, Inc. Overview
Rigetti Computing, Inc. is a pioneering company in the quantum computing sector, operating as an integrated systems provider. Founded in 2013 and headquartered in Berkeley, California, Rigetti focuses on building advanced quantum computers powered by superconducting quantum processors. The company integrates its quantum systems into various cloud environments through its Quantum Cloud Services platform, allowing users to harness quantum computing power for diverse applications. With a market capitalization of approximately $8.44B and a share price of $25.57, Rigetti stands at the forefront of the quantum revolution, pushing the boundaries of technology in the computer hardware industry.
D-Wave Quantum Inc. Overview
D-Wave Quantum Inc., based in Burnaby, Canada, specializes in developing comprehensive quantum computing solutions, including systems, software, and services. Notable offerings include the Advantage quantum computer and various cloud-based tools designed to facilitate quantum computing accessibility. D-Wave’s technology serves multiple sectors, including artificial intelligence, drug discovery, and financial modeling. With a market cap of around $7.90B and shares trading at $22.78, D-Wave emphasizes practical applications of quantum technology, enabling organizations to solve complex problems efficiently.
Key similarities and differences
Both Rigetti and D-Wave operate within the quantum computing industry, focusing on technology that leverages quantum mechanics for enhanced computational capabilities. However, while Rigetti emphasizes integrated quantum systems and cloud services, D-Wave offers a broader suite of tools and professional services aimed at specific applications across various sectors. Their distinct approaches reflect differing strategies in addressing the evolving needs of the quantum computing market.
Income Statement Comparison
The following table provides a comparative overview of the income statements for Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS) for the most recent fiscal year.
| Metric | RGTI | QBTS |
|---|---|---|
| Market Cap | 8.44B | 7.90B |
| Revenue | 10.79M | 8.83M |
| EBITDA | -190.83M | -138.05M |
| EBIT | -197.73M | -139.98M |
| Net Income | -200.99M | -143.88M |
| EPS | -1.09 | -0.75 |
| Fiscal Year | 2024 | 2024 |
Interpretation of Income Statement
In the latest fiscal year, Rigetti Computing’s revenue declined to 10.79M from 12.01M in the previous year, reflecting a downward trend in top-line performance. Similarly, D-Wave Quantum reported an increase in revenue from 8.76M to 8.83M, showing slight growth. However, both companies experienced significant losses, with RGTI’s net income worsening to -200.99M and QBTS at -143.88M. Margins have generally remained under pressure, indicating ongoing challenges in cost management and operational efficiency. The performance trends suggest that while revenue may have stabilized for D-Wave, Rigetti is struggling, and both firms are under financial strain, warranting cautious investment considerations.
Financial Ratios Comparison
In this section, I will present a comparative analysis of the most recent financial ratios for Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS).
| Metric | RGTI | QBTS |
|---|---|---|
| ROE | -158.77% | -229.67% |
| ROIC | -24.91% | -45.01% |
| P/E | -14.02 | -11.22 |
| P/B | 22.26 | 25.76 |
| Current Ratio | 17.42 | 6.14 |
| Quick Ratio | 17.42 | 6.08 |
| D/E | 0.07 | 0.61 |
| Debt-to-Assets | 3.09% | 19.20% |
| Interest Coverage | -21.05 | -19.82 |
| Asset Turnover | 0.038 | 0.044 |
| Fixed Asset Turnover | 0.205 | 0.775 |
| Payout ratio | 0% | 0% |
| Dividend yield | 0% | 0% |
Interpretation of Financial Ratios
The financial ratios indicate significant volatility and risk for both companies. RGTI’s high current and quick ratios suggest strong liquidity, but the negative ROE and ROIC highlight operational inefficiencies. QBTS also struggles with profitability, evidenced by their negative ROE and ROIC, alongside a higher debt-to-assets ratio. Investors should exercise caution due to potential cash flow challenges and high leverage in both firms.
Dividend and Shareholder Returns
Neither Rigetti Computing, Inc. (RGTI) nor D-Wave Quantum Inc. (QBTS) pays dividends, reflecting their focus on reinvestment for growth and innovation. Both companies are in high-growth phases, prioritizing R&D and infrastructure over direct shareholder returns. Despite the absence of dividends, Rigetti and D-Wave engage in share buyback programs, which may signal confidence in their future potential. However, the lack of cash flow and ongoing operational losses poses risks that could impact long-term value creation for shareholders.
Strategic Positioning
In the competitive landscape of quantum computing, Rigetti Computing, Inc. (RGTI) holds a market cap of $8.44B, with a focus on integrated quantum systems and cloud services. D-Wave Quantum Inc. (QBTS), valued at $7.90B, offers unique solutions like the Advantage quantum computer and a robust cloud-based service. Both companies navigate significant technological disruption and competitive pressure, especially as advancements in quantum technology accelerate. Investors should weigh their market shares and growth strategies carefully when considering portfolio additions.
Stock Comparison
In this section, I will evaluate the weekly stock price movements and trading dynamics of Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS) over the past year, highlighting key price fluctuations that may influence investor decisions.
Trend Analysis
Rigetti Computing, Inc. (RGTI) Over the past year, RGTI experienced a remarkable price change of +2431.68%, indicating a bullish trend. The stock reached a notable high of 46.38 and a low of 0.75. Despite this overall bullish performance, the acceleration status is currently in deceleration, with a recent price change of +33.94% from September 14, 2025, to November 30, 2025. The standard deviation during this recent period is 8.78, suggesting moderate volatility.
D-Wave Quantum Inc. (QBTS) Similarly, QBTS has shown a substantial price increase of +2660.26%, also reflecting a bullish trend. The stock’s highest price was 38.33, while the lowest was 0.69. Like RGTI, QBTS is experiencing a deceleration in trend acceleration, with a recent price change of +27.65% over the same period from September 14, 2025, to November 30, 2025. The standard deviation for this recent analysis stands at 6.26, indicating lower volatility compared to RGTI.
Both stocks exhibit strong long-term growth but are currently experiencing deceleration in their upward momentum. As an investor, it is crucial to assess these trends alongside volume analyses to make informed decisions.
Analyst Opinions
Recent analyst recommendations for both Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS) have been cautious, with both companies receiving a rating of C-. Analysts highlight concerns about their financial health, particularly in return on equity and cash flow. The low scores indicate significant risks, leading to a consensus recommendation of “hold” for both stocks. Analysts suggest that without substantial improvements in their operational metrics, upside potential may be limited in the current year.
Stock Grades
In this section, I will present the latest stock grades for Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS), based on reliable assessments from recognized grading companies.
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 |
D-Wave Quantum Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Benchmark | maintain | Buy | 2025-11-10 |
| Rosenblatt | maintain | Buy | 2025-11-07 |
| Canaccord Genuity | maintain | Buy | 2025-11-07 |
| Cantor Fitzgerald | maintain | Overweight | 2025-11-07 |
| B. Riley Securities | maintain | Buy | 2025-09-22 |
| Piper Sandler | maintain | Overweight | 2025-08-08 |
| Benchmark | maintain | Buy | 2025-08-04 |
| B. Riley Securities | maintain | Buy | 2025-07-23 |
| B. Riley Securities | maintain | Buy | 2025-06-18 |
| Benchmark | maintain | Buy | 2025-06-18 |
Overall, both companies maintain a relatively stable grading pattern, with RGTI experiencing a recent downgrade from B. Riley Securities, while both companies continue to receive favorable ratings primarily indicating a “Buy” or “Maintain” action by various analysts. This consistency suggests a cautiously optimistic outlook for investors considering these stocks.
Target Prices
The consensus target prices from reliable analysts for Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS) indicate potential upside from their current stock prices.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Rigetti Computing, Inc. | 42 | 18 | 33.33 |
| D-Wave Quantum Inc. | 40 | 26 | 35.25 |
For RGTI, the consensus suggests a potential target price of 33.33, compared to the current price of 25.57, indicating a significant upside. Similarly, QBTS has a consensus of 35.25 against its current price of 22.78, also reflecting strong potential growth.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS), based on the most recent data.
| Criterion | Rigetti Computing (RGTI) | D-Wave Quantum (QBTS) |
|---|---|---|
| Diversification | Low | Moderate |
| Profitability | Negative margins | Negative margins |
| Innovation | Strong in quantum computing | Strong in quantum computing |
| Global presence | Limited | Growing |
| Market Share | Niche | Emerging |
| Debt level | Low (Debt to Equity: 0.07) | Moderate (Debt to Equity: -2.97) |
Key takeaways from this analysis indicate that while both companies are heavily invested in innovation within the quantum computing space, they face challenges in profitability and market presence. RGTI has a lower debt level, while QBTS is expanding globally despite its higher debt burden.
Risk Analysis
In evaluating potential investments in Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS), it is crucial to consider the associated risks. Below is a summary of the key risks facing each company:
| Metric | Rigetti Computing (RGTI) | D-Wave Quantum (QBTS) |
|---|---|---|
| Market Risk | High | High |
| Regulatory Risk | Moderate | Moderate |
| Operational Risk | High | High |
| Environmental Risk | Low | Low |
| Geopolitical Risk | Moderate | Moderate |
Both RGTI and QBTS face significant market and operational risks due to their positions in the rapidly evolving quantum computing sector. Regulatory challenges and geopolitical factors may also impact their growth potential.
Which one to choose?
When comparing Rigetti Computing, Inc. (RGTI) and D-Wave Quantum Inc. (QBTS), both companies exhibit significant challenges, reflected in their respective financial metrics and analyst ratings. RGTI shows a higher gross profit margin of 53% but has a negative net income margin of -18.6%, leading to a C- rating. QBTS has a gross profit margin of 63% but a deeper net loss margin of -16.3%, also rated C-. Analysts view both firms with caution, noting their high debt-to-equity ratios and significant operating losses.
For investors seeking growth potential, RGTI’s recent stock trend has been bullish with a remarkable price change of over 2400%. Conversely, those prioritizing stability may find QBTS’s trajectory appealing, as it has maintained a consistent upward trend. However, both companies face substantial risks from competition, operational inefficiencies, and market dependence.
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 Rigetti Computing, Inc. and D-Wave Quantum Inc. to enhance your investment decisions:
