IONQ or RGTI: Which Quantum Stock Has the Best Risk-Reward for 2026?

In 2025, IonQ IONQ and Rigetti Computing RGTI gained the attention of investors tracking the rapid evolution of the quantum computing sector. Throughout the year, IonQ demonstrated accelerating business expansion, reporting a sharp increase in quarterly revenues on a year-over-year basis, record technical benchmarks in system performance and a significantly strengthened balance sheet following capital raises and strategic transactions.Rigetti, by contrast, remained focused on execution within superconducting quantum hardware. Throughout 2025, the company highlighted delivery of modular quantum systems, expanded government and research partnerships and continued development of its scalable chip-based architecture, even as near-term financials reflected heavy investment in infrastructure and R&D.As 2026 approaches, investors must balance IonQ’s growing commercial momentum and strong cash position against Rigetti’s specialized hardware focus and increasing real-world deployments, as both companies play key roles in quantum computing’s rapid rise.Year to date, shares of IONQ have risen 8.3% while RGTI stock has soared 45.9%.Image Source: Zacks Investment ResearchReasons to Be Bullish on IONQ Ahead of 2026A major growth driver has been IonQ’s sustained technology leadership. During the quarter, the company achieved a world-record 99.99% two-qubit gate fidelity and an algorithmic qubit score of 64, reinforcing claims of consistent quantum advantage. Its fifth-generation Tempo system demonstrated a computational space 36 quadrillion times larger than leading commercial superconducting systems and remains on track for shipment in 2026.Strategic acquisitions further strengthened IonQ’s roadmap. The integration of Oxford Ionics is advancing scalable, chip-based electronic qubit control slated for demonstration in 2026, while Vector Atomic expands IonQ’s reach into quantum sensing and secure communications, including U.S. government programs. Financially, IonQ exited the third quarter with $1.5 billion in cash, rising to $3.5 billion after a $2 billion equity raise. Entering 2026, this capital strength supports continued investment in scaling toward fault-tolerant systems, global deployments and long-term logical-qubit milestones as outlined by management.Risks RemainDespite its momentum, IonQ has notable downsides. The company remains unprofitable. It incurred an adjusted EBITDA loss of $48.9 million in the third quarter of 2025 and high operating expenses driven by heavy R&D. Growth has relied partly on significant equity raises, increasing dilution risk. Moreover, large-scale fault-tolerant quantum systems remain unproven commercially, leaving IonQ exposed to execution, adoption and long-timeline commercialization risks inherent to early-stage quantum technology.Reasons to Be Bullish on RGTI Ahead of 2026Technologically, Rigetti remained on track to deliver a 100+ qubit chiplet-based system by the end of 2025 with an anticipated 99.5% median two-qubit gate fidelity. The company updated its forward roadmap, targeting a 150+ qubit system by late 2026 (99.7% fidelity) and a 1,000+ qubit system by late 2027 (99.8% fidelity), reflecting a clear scaling path toward quantum advantage.Strategic collaborations further support growth. Rigetti expanded partnerships with AFRL, QphoX, NVIDIA (NVQLink), Montana State University and India’s C-DAC, strengthening its role in quantum networking, hybrid quantum-classical systems and ecosystem development. Financially, Rigetti exited the third quarter with approximately $600 million in cash and no debt, providing runway to execute its roadmap, invest in error correction and pursue larger government and enterprise deployments beyond 2026.DownsidesRigetti faces several challenges despite its technological progress. Revenues remained modest at $1.9 million in the third quarter of 2025, reflecting dependence on government programs and timing-related contract variability. The company continues to post operating losses ($20.5 million in the third quarter) as it invests heavily in R&D, while gross margins declined to 21% due to contract mix. Additionally, key milestones toward large-scale fault-tolerant systems remain future-dated, exposing Rigetti to execution and adoption risks.2026 Earnings EstimatesEstimates for IONQ have declined from a loss of $1.63 per share to a loss of $1.74 per share for 2026 over the past 60 days. However, this signifies an improvement of 65.8% from the 2025 comparable figure.Image Source: Zacks Investment ResearchOn the other hand, estimates for RGTI declined from a loss of 16 cents per share to a loss of 18 cents per share for 2026 over the past 30 days. This, however, implies an improvement of 74.3% from the 2025 comparable figure.Image Source: Zacks Investment ResearchIONQ vs. RGTI: ValuationIONQ is trading at 79.2X, higher than its five-year median of 76.1X and the Zacks Computer and Technology sector’s 6.6X. The stock is, however, trading at a significant discount to RGTI’s P/S of 220.28X.Image Source: Zacks Investment ResearchBottom LineWhile both IonQ and Rigetti carry a Zacks Rank #3 (Hold) and offer exposure to the long-term promise of quantum computing, IonQ appears better positioned at this stage. IonQ combines faster commercial traction, record-setting technical milestones, and a uniquely diversified quantum platform spanning computing, networking, sensing and security. Its $3.5 billion pro forma cash balance provides unmatched financial flexibility to scale systems, absorb execution risk and pursue large government and enterprise opportunities. Rigetti’s roadmap is credible, but its revenue base remains smaller and more dependent on future milestones. For investors today, IonQ offers a stronger balance of scale, capital strength and near-term momentum. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.#1 Semiconductor Stock to Buy (Not NVDA)The incredible demand for data is fueling the market's next digital gold rush. As data centers continue to be built and constantly upgraded, the companies that provide the hardware for these behemoths will become the NVIDIAs of tomorrow.One under-the-radar chipmaker is uniquely positioned to take advantage of the next growth stage of this market. It specializes in semiconductor products that titans like NVIDIA don't build. It's just beginning to enter the spotlight, which is exactly where you want to be.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report IonQ, Inc. (IONQ): Free Stock Analysis Report Rigetti Computing, Inc. (RGTI): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks