Rigetti vs. D-Wave: Which Quantum Computing Stock Is the Better Pick?

Quantum computing continues to capture investor attention as one of the most ambitious frontier technologies in the market today. While the industry is still early and timelines remain uncertain, tangible progress is being made as companies move beyond theory toward practical applications. Use cases in optimization, logistics, materials science, and complex decision-making are gradually taking shape, giving investors a clearer sense of how quantum systems could eventually deliver real economic value. For those with a long-term mindset and a tolerance for volatility, quantum computing offers exposure to a technology that could fundamentally reshape computing over the next decade and beyond.Within this evolving landscape, Rigetti Computing RGTI and D-Wave Quantum QBTS represent two very different approaches to building a quantum business. Rigetti is focused on gate-based, superconducting quantum processors, betting that steady improvements in chip design, fidelity, and system architecture will position it well for fault-tolerant quantum computing over time. D-Wave, on the other hand, is pursuing a more commercially oriented path through quantum annealing, emphasizing near-term customer adoption, recurring revenue, and practical problem-solving today. In this faceoff, we examine how the companies are executing on their strategy, where their strengths and limitations lie, and which stock may offer the more compelling risk-reward profile for investors right now.Price Performance of RGTI & QBTSShares of Rigetti have soared 47.2%, while QBTS stock has gained of 41.6% in the last six-month period.Image Source: Zacks Investment ResearchArchitecture & Technology StrategyAt a technology level, Rigetti and D-Wave Quantum are not just competitors; they are pursuing fundamentally different visions of what useful quantum computing looks like. Rigetti is firmly committed to gate-based quantum systems built on superconducting qubits; a path widely viewed as essential for achieving fault-tolerant, general-purpose quantum computing over the long term. Over the past year, Rigetti has sharpened this strategy by shifting toward a chiplet-based architecture, breaking large processors into smaller, modular units that can be manufactured, tested, and scaled more efficiently. This approach is designed to improve yields, reduce noise, and create a more repeatable hardware roadmap, rather than relying on increasingly complex monolithic chips.D-Wave Quantum, by contrast, is focused on solving real-world problems today rather than building toward a distant, universal quantum future. Its quantum annealing systems are purpose-built for optimization workloads such as scheduling, logistics, and resource allocation, areas where customers can already experiment with production-level use cases. While annealing is not a universal quantum computing model, D-Wave has leaned into its strengths by steadily increasing qubit counts, improving system reliability and expanding access through cloud-based services. This has allowed the company to generate recurring revenue and build a commercial narrative that resonates with enterprise and government users.Business Model & Go-to-Market StrategyRigetti’s commercial model still reflects its roots as a hardware-first, R&D-heavy quantum company. The company generates most of its revenues from government contracts, research institutions and early-stage enterprise collaborations, many of which are tied to specific development milestones rather than ongoing usage. These relationships are strategically important; they validate Rigetti’s technology and help fund continued hardware innovation, but they also result in lumpy, less predictable revenue. Rigetti does offer access to its systems via cloud platforms, yet customer usage remains modest and largely experimental. For investors, Rigetti’s go-to-market strategy is still about proving technical viability and refining its architecture, with commercialization clearly a secondary priority for now.D-Wave Quantum’s approach looks very different and far more commercially oriented. D-Wave Quantum has built its business around delivering quantum computing as a service, with customers accessing its annealing systems through the Leap cloud platform. This model emphasizes recurring revenue driven by usage, subscriptions and long-term customer relationships rather than one-off research engagements. Importantly, D-Wave Quantum has already signed multiple enterprise and public-sector customers using its systems for optimization problems in areas like logistics, manufacturing, and scheduling. While revenue levels are still small and profitability remains a long-term goal, D-Wave’s go-to-market strategy offers clearer visibility into adoption trends and a more traditional SaaS-like trajectory that investors can track quarter to quarter.Who Is Better Positioned for Quantum Advantage?Rigetti and D-Wave Quantum are pursuing quantum advantage on very different timelines. Rigetti is focused on building scalable, fault-tolerant gate-based systems, with its chiplet-based superconducting architecture aimed at solving long-term challenges around error rates and hardware scalability. By controlling much of the technology stack end to end, Rigetti is positioning itself for a future where large, general-purpose quantum machines can deliver transformational value, though that future remains several years away and enterprise adoption is still limited.D-Wave Quantum, meanwhile, defines quantum advantage more pragmatically. Its annealing-based systems are designed to solve specific optimization problems today, allowing customers to experiment with real-world applications without waiting for fully fault-tolerant machines. This narrower but more immediate focus has enabled D-Wave Quantum to demonstrate earlier signs of practical value and build commercial traction, even if its technology is not intended to address the full range of quantum workloads.Ultimately, the choice comes down to time horizon and risk appetite. Rigetti represents a longer-term, higher-risk bet on where quantum computing is headed, while D-Wave Quantum offers a clearer path to near-term relevance by showing where quantum computing can already make a difference.How Do Estimates Compare for RGTI & QBTS?The Zacks Consensus Estimate for RGTI’s 2026 sales implies year-over-year growth of 197.6%. For 2026, the loss per share is projected to be 18 cents compared with 68 cents a year ago.Image Source: Zacks Investment ResearchThe Zacks Consensus Estimate for QBTS 2026 sales implies year-over-year growth of 61.1%. For 2026, the loss per share is projected to be 19 cents compared with 20 cents a year ago.Image Source: Zacks Investment ResearchRGTI or QBTS: Which Is a Better Pick?From a ranking standpoint, Rigetti and D-Wave Quantum look evenly matched on the surface. Each stock presently carries a Zacks Rank #3 (Hold) and a Value Score of F, underscoring a familiar reality for quantum investors. These names are priced on future potential rather than near-term fundamentals. As a result, neither stock stands out as a value play today, and expectations remain elevated across the space. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Where the divergence becomes clearer is in growth and momentum profiles. Rigetti holds a Growth Score of C, reflecting relatively more grounded expectations tied to its incremental progress in gate-based hardware and architecture development. However, its Momentum Score of F suggests limited near-term market enthusiasm. D-Wave, on the other hand, carries a weaker Growth Score of F, indicating uncertainty around longer-term expansion. Still, its Momentum Score of B highlights stronger recent investor interest, likely driven by its clearer commercialization narrative and recurring revenue model.For investors weighing the two, the choice again comes down to time horizon and style. D-Wave may appeal more to those looking for near-term momentum and evidence of commercial traction, even if long-term growth visibility remains uneven. Rigetti, by contrast, appears better suited for investors willing to be patient, favoring a more measured growth profile tied to long-term technological execution rather than short-term excitement.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant 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 Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report D-Wave Quantum Inc. (QBTS): 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