Quantum computing remains years behind artificial intelligence in reaching commercial viability, yet investors are already racing to position themselves in the sector.
Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) have emerged as two of the most popular pure-play quantum computing picks available on Wall Street today.
Both companies have secured meaningful backing from the U.S. government, which invested up to $100 million each in Rigetti and D-Wave using funds earmarked under the 2022 CHIPS and Science Act.
That federal support reflects Washington’s determination to develop quantum computing capabilities domestically before foreign competitors can establish a decisive technological lead.
Despite the government lifeline, both companies continue burning through significant cash, with D-Wave reporting a $53.3 million loss from operations in the second quarter compared to Rigetti’s $28.1 million operating loss.
Rigetti closed the same quarter with more revenue than D-Wave, though D-Wave’s first-half backlog surged 1,120% year over year to reach $35.5 million, a figure that will not all be realized within the next twelve months.
Rigetti holds a notably stronger balance sheet, carrying $569 million in cash, equivalents, and saleable investments alongside zero debt, giving it an unusually healthy financial position for a quantum computing company.
D-Wave has responded to the commercial challenge differently, choosing to bring hybrid systems combining quantum and classical computing to market sooner rather than waiting for fully mature quantum hardware.
D-Wave has established itself as a recognized leader in quantum annealing, a technology suited to solving complex optimization problems in industries such as finance and logistics.
Rigetti’s revenue tells a more difficult story, with FY 2025 revenue reaching just $7.1 million, representing a 34.3% decline from the prior fiscal year and contributing to a net loss of $216.2 million.
Rigetti’s net margin for the period came in at negative 3,050%, while free cash flow was negative $77.2 million, driven by the steep costs of fabricating specialized quantum hardware at its proprietary facility.
The company’s current ratio stood at 37.4x based on its December 2025 balance sheet, and its debt-to-equity ratio was zero, suggesting ample liquidity to sustain ongoing research despite the deep operational losses.
Rigetti faces meaningful execution risks, including pressure to meet ambitious roadmap targets for qubit count and fidelity, reliance on a small number of customers and government contracts, and supply chain vulnerabilities tied to its internal fabrication facility.
D-Wave’s quarterly revenue of just $3.1 million came in below the year-ago quarter, while its adjusted EBITDA loss reached $37.1 million, figures that represent a cautionary signal for prospective investors.
D-Wave does hold approximately $588 million in cash and cash equivalents, providing a substantial runway even as its sales remain thin and losses remain significant.
On a valuation basis, D-Wave appears more expensive relative to sales than Rigetti, and neither company offers Forward P/E data given the complete absence of positive future earnings estimates.
For investors willing to absorb considerable risk and a potentially long wait for profitability, both stocks offer exposure to a technology that could eventually reshape industries, but the path forward remains uncertain for each company.
