D-Wave Quantum (QBTS) and Rigetti Computing (RGTI) are both preparing to report second-quarter 2026 results in early August, with investors eager for proof that the quantum computing rally reflects real commercial progress.
Both companies delivered better-than-expected first-quarter results, but their growth strategies heading into Q2 remain distinctly different in approach and maturity.
D-Wave built momentum through record bookings, an expanding backlog and rising enterprise adoption of its annealing quantum platform throughout the second quarter.
Rigetti focused on scaling its superconducting gate-model roadmap with broader customer access to its 108-qubit Cepheus system and growing demand for on-premises quantum processing units.
Investor enthusiasm remained strong across the April-to-June period, though D-Wave held the clear upper hand in terms of market performance.
QBTS shares surged 75.1% over the quarter, significantly outpacing the 43.1% gain in RGTI stock, reflecting confidence in D-Wave’s accelerating commercial traction and system sales outlook.
D-Wave exited the March quarter with record bookings of $33.4 million and remaining performance obligations of $42.4 million, providing healthy revenue visibility heading into the June quarter.
Management now expects to sell two to three quantum systems annually, with at least two systems scheduled for delivery in 2026 and additional deals under active negotiation.
D-Wave ended the first quarter with approximately $588 million in cash and marketable securities, leaving it well capitalized to fund product development and advance both its annealing and gate-model quantum computing roadmaps.
For Rigetti, second-quarter results are expected to reflect continued commercialization of its superconducting quantum platform, with revenues from previously announced Novera QPU purchase orders recognized primarily in Q2.
Management highlighted growing demand for on-premises Novera QPUs from national laboratories, universities and research institutions, while commercial interest continued to build across materials, logistics and financial services.
Rigetti ended the first quarter with approximately $569 million in cash, cash equivalents and available-for-sale investments and no debt, providing ample flexibility to fund its chiplet-based roadmap and expand fabrication capacity.
The Zacks Consensus Estimate for RGTI’s second-quarter earnings per share is pegged at a loss of 3 cents, an improvement from a 5-cent loss in the year-ago quarter.
QBTS is expected to report a loss of 8 cents per share, compared to a 55-cent loss recorded in the same quarter a year earlier.
Consensus EPS estimates for both companies have remained unchanged over the past 60 days, indicating stable analyst expectations heading into the reporting period.
On price targets, 10 analysts covering RGTI set an average target of $31, representing a potential upside of 98.2% from the last closing price of $15.64.
Thirteen analysts covering QBTS set an average target of $38.31, implying a more significant upside of 136.3% from the last closing price of $16.21, giving D-Wave the edge on Wall Street expectations as well.
Rigetti’s investment thesis continues to hinge on executing its ambitious gate-model roadmap and translating technological advances into a broader base of recurring commercial revenues.
Until revenue becomes more predictable and commercial adoption broadens beyond early-stage customers, investors may remain cautious despite Rigetti’s technological strengths, consistent with its Zacks Rank #3 (Hold).
D-Wave appears better positioned as the quantum industry gradually shifts focus from technological potential to commercial adoption, supported by cloud subscriptions, enterprise licensing and system sales, earning it a Zacks Rank #2 (Buy) and making QBTS the more compelling quantum stock ahead of Q2 earnings.
