RGTI vs QBTS Stock Comparison 2026: Rigetti vs D-Wave Quantum: AI Score, Valuation, Performance and Upside
RGTI and QBTS are both small-cap quantum computing pure-plays but with fundamentally different technology approaches. Rigetti uses superconducting gate-based quantum computing — the same approach as IBM and Google, but at much smaller scale and with greater financial pressure. D-Wave uses quantum annealing — a different and more limited quantum approach that already generates commercial revenue from optimization problems today. Both are high-risk SPAC-originated companies; D-Wave has more actual commercial traction.
RGTI vs QBTS — Rigetti Computing (superconducting gate-based quantum computing with in-house fabrication capabilities competing against IBM and Google in the universal quantum computer race) versus D-Wave Quantum (quantum annealing specialist with the longest commercial quantum computing track record solving optimization problems for enterprise customers today).
QBTS holds the edge across 3 of 5 key metrics in this comparison. QBTS leads on both 1-year return (-65.10%) and forward P/E quality (-44.71x vs -72.18x for RGTI), a relatively favorable combination of momentum and valuation. RGTI leads on both revenue growth (185.30%) and operating margin (-546.17%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for QBTS (+113.68%) than for RGTI (+93.76%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- believe superconducting gate-based quantum computing will win the quantum utility race and want exposure to a pure-play independent company outside IBM/Google's shadow
- value Rigetti's vertical integration fab strategy — in-house quantum chip fabrication as a technology differentiation and supply chain control that most quantum companies don't have
- want a speculative quantum technology bet with the highest upside if Rigetti's quantum processor roadmap delivers meaningful qubit count and error rate milestones
- are comfortable with severe cash burn survivability risk, SPAC dilution, and head-to-head competition with IBM and Google in the same superconducting qubit technology approach
- prefer quantum computing with demonstrated commercial utility today — D-Wave's optimization customers are paying real revenue, not theoretical future quantum applications
- believe quantum annealing's specialization in optimization problems represents a durable commercial niche regardless of when gate-based universal quantum computers achieve broad utility
- want the quantum company with the longest commercial track record and enterprise customer relationships rather than purely early-stage quantum hardware research companies
- are comfortable with quantum annealing's limited scope vs universal gate-based quantum computing and the risk that gate-based quantum computers eventually capture D-Wave's optimization niche
| Metric | RGTI | QBTS |
|---|---|---|
| AI scorei | 31.9 | 30.9 |
| AI ranki | #2132 | #2307 |
| Latest closei | $11.21 | $10.38 |
| 1M returni | -26.01% | -33.63% |
| 3M returni | -33.19% | -51.47% |
| 6M returni | -44.20% | -56.44% |
| 1Y returni | -68.14% | -65.10% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | RGTI | QBTS |
|---|---|---|
| 1Y ago | $3.19K (-68.1%) started 2025-11-04 | $3.49K (-65.1%) started 2025-11-04 |
| 5Y ago | $10.43K (+4.3%) started 2021-11-05 | $10.57K (+5.7%) started 2021-11-05 |
| 10Y ago | $11.32K (+13.2%) started 2021-04-22 | $10.23K (+2.3%) started 2020-12-11 |
Hypothetical — past performance does not guarantee future results.
| Metric | RGTI | QBTS |
|---|---|---|
| Market capi | $4.96B | $6.14B |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -72.18 | -44.71 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 345.78 | 454.20 |
| Analyst targeti | $28.81 | $35.24 |
| Target upsidei | +93.76% | +113.68% |
| Metric | RGTI | QBTS |
|---|---|---|
| Revenue growthi | 185.30% | -0.60% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | +198.11% | -590.58% |
| Operating margini | -546.17% | -1732.06% |
| Profit margini | 0.00% | 0.00% |
| ROIC proxyi | -43.77% | -27.98% |
| Return on equityi | -43.77% | -27.98% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | N/A | N/A |
| Dividend growth streaki | N/A | N/A |
| Betai | 2.02 | 2.16 |
| Debt/equityi | 1.43 | 4.44 |
| Current ratioi | 3.94 | 20.55 |
| Quick ratioi | 3.78 | 20.20 |
Over the past year, RGTI and QBTS have moved strongly in the same direction (correlation of 0.93), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | RGTI | QBTS |
|---|---|---|---|
| 1Y | Growthi | -68.14% | -65.10% |
| CAGRi | -68.16% | -65.12% | |
| Volatilityi | 93.74% | 101.73% | |
| Sharpe ratioi | -0.81 | -0.59 | |
| Sortino ratioi | -1.23 | -0.93 | |
| Max drawdowni | 71.39% | 68.65% | |
| Current drawdowni | 69.94% | 67.75% | |
| Avg drawdowni | 49.41% | 35.67% | |
| Ulcer Indexi | 51.16% | 39.07% | |
| Max daily dropi | 14.40% | 14.42% | |
| Max wkly dropi | 26.75% | 25.88% | |
| 5Y | Growthi | +4.28% | +5.70% |
| CAGRi | +0.84% | +1.12% | |
| Volatilityi | 130.85% | 134.92% | |
| Sharpe ratioi | 0.60 | 0.58 | |
| Sortino ratioi | 1.02 | 1.08 | |
| Max drawdowni | 96.89% | 96.67% | |
| Current drawdowni | 80.10% | 76.82% | |
| Avg drawdowni | 66.21% | 55.54% | |
| Ulcer Indexi | 71.56% | 65.43% | |
| Max daily dropi | 45.41% | 36.13% | |
| Max wkly dropi | 68.19% | 58.10% | |
| 10Y | Growthi | +13.23% | +2.27% |
| CAGRi | +2.27% | +0.38% | |
| Volatilityi | 124.23% | 124.26% | |
| Sharpe ratioi | 0.58 | 0.53 | |
| Sortino ratioi | 0.98 | 0.97 | |
| Max drawdowni | 96.89% | 96.67% | |
| Current drawdowni | 80.10% | 76.82% | |
| Avg drawdowni | 59.79% | 50.69% | |
| Ulcer Indexi | 67.93% | 60.67% | |
| Max daily dropi | 45.41% | 36.13% | |
| Max wkly dropi | 68.19% | 58.10% |
| Category | RGTI | QBTS |
|---|---|---|
| Company | Rigetti Computing, Inc. | D-Wave Quantum Inc. |
| Sector | Technology | Technology |
| Industry | Computer Hardware | Computer Hardware |
| Core business | Rigetti Computing is a quantum computing company using superconducting qubit technology to build quantum computers and hybrid quantum-classical systems. Rigetti designs, fabricates, and operates its own quantum processors in its Fab-1 semiconductor fab — a vertical integration strategy that differentiates it from pure software quantum companies. Rigetti went public via SPAC in 2022 and has faced challenges scaling qubit counts and reducing error rates. Rigetti offers quantum cloud access through its Quantum Cloud Services (QCS) platform. Revenue is in the tens of millions with significant operating losses. | D-Wave is the world's first commercial quantum computing company, using quantum annealing technology (not gate-based quantum computers like IonQ, Rigetti, or IBM). Quantum annealing is specifically designed for optimization problems — finding minimum-energy solutions to complex combinatorial optimization challenges in logistics, finance, drug discovery, and scheduling. D-Wave has the longest commercial customer track record in quantum computing with Volkswagen, Mastercard, and other enterprises as paying customers. D-Wave went public via SPAC in 2022. |
| Investor focus | Investors watch Rigetti's qubit processor performance milestones, government research contract wins, and commercial customer adoption of QCS — with financial sustainability as the primary existential concern. | Investors focus on D-Wave's commercial customer revenue growth, quantum annealing use case expansion, and whether D-Wave's different quantum approach provides commercially useful advantage today vs future gate-based quantum computers. |
- Vertical integration with own fab: Rigetti's in-house quantum chip fabrication at Fab-1 provides technology differentiation and supply chain control vs quantum companies outsourcing chip production
- Government contract revenue base: Rigetti has secured DARPA and other government research contracts providing revenue while commercial quantum utility is being developed
- Superconducting qubit roadmap: Rigetti has published processor roadmaps with increasing qubit counts — competing in the larger superconducting qubit market alongside IBM and Google
- World's first commercial quantum computer: D-Wave has been selling quantum computing services to commercial customers since 2011 — 10+ years of commercial experience with proven enterprise relationships
- Quantum annealing works today for optimization: D-Wave's annealing approach already demonstrates quantum-enhanced performance on specific optimization problems — not waiting for theoretical future quantum utility
- Commercial customer revenue base: D-Wave has actual paying commercial customers (Mastercard, Volkswagen, Denso) — generating real commercial quantum revenue that IonQ and Rigetti are still building toward
- Severe cash burn and survivability risk: Rigetti's cash burn relative to revenue creates timeline pressure — financing risk is significant if quantum commercialization timelines extend beyond current cash runway
- SPAC-originated governance and dilution: Rigetti's SPAC origins create legacy warrant dilution and governance challenges common to SPAC-originated technology companies
- Lagging IBM and Google in qubit count and quality: Rigetti's superconducting qubits face direct competition from IBM and Google with much larger resources — competing against well-funded tech giants is an existential challenge
- Quantum annealing is not universal quantum computing: D-Wave's technology only solves specific optimization problems — general quantum advantage requires gate-based quantum computers that D-Wave does not have
- SPAC-originated challenges: D-Wave's SPAC structure creates legacy governance issues and warrant dilution similar to Rigetti's SPAC complications
- Gate-based quantum computers may obsolete annealing's niche: as IBM and IonQ develop error-corrected gate-based systems, they may solve optimization problems that D-Wave currently monopolizes — potentially making D-Wave's technology niche obsolete
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