D-Wave Quantum (QBTS) and Rigetti Computing (RGTI) remain two of the most closely watched pure-play quantum computing stocks available to retail investors today.
The two companies differ significantly in their underlying technologies, which shapes their respective market opportunities and near-term commercial viability.
Rigetti Computing relies on superconducting technology, a method that cools particles to near absolute zero to harness their quantum motion for general-purpose computing applications.
D-Wave Quantum takes a different approach, deploying quantum annealing, a technology that searches through numerous solutions simultaneously to identify the optimal answer for a given problem.
Quantum annealing has practical uses in AI training and inference, weather modeling, and logistics, but it will not be adaptable to general-purpose computing in the same way superconducting products will be.
D-Wave holds a unique structural advantage as the only dual-platform quantum company, running both quantum annealing and gate-model systems under a single corporate umbrella.
Its annealing systems are already capable of delivering solutions to real enterprise optimization problems in areas such as routing, logistics, and finance, even before fault-tolerant hardware has fully matured.
That commercial readiness is reflected in D-Wave’s financials, where the company posted 179% year-over-year sales growth to $24.6 million in 2025, with January bookings suggesting further revenue gains ahead in 2026.
Rigetti’s financial picture looks considerably weaker, with the company ending 2025 with just $7.1 million in sales, a 34% decline from the prior year’s $10.8 million figure.
Rigetti posted a 2025 operating loss of $84.7 million as research expenses soared 23% year over year, underscoring the heavy investment burden the company continues to carry without corresponding revenue growth.
D-Wave is also unprofitable, recording a 2025 operating loss of $100.4 million, up 30% year over year, but its balance sheet provides meaningful runway and investor reassurance.
D-Wave held record cash and marketable securities of $884.5 million at the end of 2025, giving it a substantial financial cushion compared to Rigetti’s position.
When weighing the two companies as investment opportunities, D-Wave presents the stronger case across revenue scale, growth trajectory, cash reserves, and 2026 booking momentum.
For investors seeking quantum computing exposure in 2026, D-Wave Quantum (QBTS) stands out as the more commercially advanced and financially stable option of the two.
