Rigetti vs. D-Wave: Which Quantum Computing Stock Has Better Prospects?

As quantum computing evolves from theory to commercialization, two distinct visions are emerging. Rigetti Computing RGTI and D-Wave Quantum Inc. QBTS represent divergent paths toward unlocking quantum advantage. Rigetti focuses on gate-based quantum systems, emphasizing modular superconducting qubit architectures for universal quantum computing. In contrast, D-Wave pioneers quantum annealing, a near-term, optimization-first approach that is already being used in real-world applications.

Both companies are advancing quantum adoption through innovation, strategic partnerships, and platform accessibility. Yet their technological bets, business models, and scaling roadmaps differ sharply. This faceoff compares Rigetti and D-Wave in terms of technology, commercial strategy, and long-term growth prospects, helping investors determine which stock better aligns with the future of quantum computing.

Price Performance & Valuation of RGTI & QBTS

Shares of Rigetti have plunged 22.3%, while QBTS stock has gained 74.2% in the year-to-date period.

From a valuation standpoint, RGTI looks slightly more attractive than QBTS. According to the price-to-book ratio, Rigetti’s shares currently trade at 16.43, which is lower than D-Wave's 18.82.

Dueling Technologies: Gate-Based Precision vs. Quantum Annealing Speed

Rigetti is building universal, gate-based quantum computers using superconducting qubits, currently operating the 84-qubit Ankaa-3 system with 99.5% two-qubit fidelity. Its modular architecture enables future chip interconnectivity, while its AI-assisted calibration and proprietary ABAA fabrication process aim to reduce errors and scale up qubit count. Rigetti aims to launch a 108-qubit system by late 2025, with a focus on long-term applications in machine learning, optimization, and materials science.

D-Wave’s quantum annealing systems are specialized for solving complex optimization problems. Its Advantage2 processor supports over 5,000 qubits, with the company now introducing gate-model quantum capabilities as part of a hybrid roadmap. While annealing is not universal, it is commercially available today, with enterprise use cases in logistics, supply chains, and finance. D-Wave’s emphasis is on quantum-hybrid workflows that integrate classical solvers with quantum accelerators.

Comparing Business Models: Niche Builder vs. Solution Seller

Rigetti operates as a niche hardware innovator, focusing on the development of universal gate-based quantum processors. Its vertically integrated model allows Rigetti to control every aspect of quantum chip design, fabrication, testing, and deployment through its Fab-1 facility. Revenue is primarily generated through its Quantum Cloud Services (QCS) platform, which offers researchers and developers direct access to Rigetti’s systems via integrations with Amazon Braket and Microsoft Azure Quantum.

Rigetti also partners with government labs, universities, and select enterprises in long-term R&D collaborations. While its customer base is narrower, the company positions itself as a highly specialized enabler for those looking to experiment and build upon modular, gate-based systems. Its business model is long-term by nature, dependent on scientific breakthroughs and hardware scaling milestones rather than immediate commercial wins.

D-Wave, in contrast, positions itself as a solution-oriented service provider. Its model emphasizes accessibility and near-term application of quantum technology through its Leap quantum cloud platform, which supports both quantum annealing and hybrid quantum-classical solutions. Unlike Rigetti, D-Wave’s revenue streams are more diversified, including quantum application consulting, enterprise contracts, and platform subscriptions.

The company targets large-scale industries, including logistics, automotive, aerospace, and finance, by offering ready-to-deploy quantum optimization solutions that seamlessly integrate into existing workflows. Notably, D-Wave already counts major clients like Volkswagen, Mastercard, and Lockheed Martin, validating its commercial-first approach. While its quantum annealing model isn’t universal, it provides tangible value today, making its business model more usage-driven and enterprise-focused compared to Rigetti’s research-driven path.

The Road Ahead: Who’s Better Positioned for Quantum Advantage?

Rigetti’s growth hinges on advancing hardware scalability, doubling qubit counts, and improving fidelity through AI-assisted system calibration and fabrication improvements. The company’s $250M Quanta partnership aims to boost chip production and cloud-based access. Rigetti is also increasingly leaning into hybrid workflows and AI integration to attract broader developer communities.

D-Wave is expanding its customer base and hybrid capabilities while building toward a universal gate-based system to complement its annealing core. Its growth strategy includes government collaborations, quantum application consulting, and expanding enterprise use cases for its Leap platform. While near-term revenue is driven by annealing, its move toward gate-based systems signals a strategic pivot to stay relevant in future quantum benchmarks.

How Do Zacks Estimates Compare for RGTI & QBTS?

The Zacks Consensus Estimate for RGTI’s 2025 sales implies a year-over-year decline of 18.63%. For 2025, the loss per share is projected to be 5 cents compared with 36 cents a year ago. The earnings estimates have been trending upward over the past 60 days.

The Zacks Consensus Estimate for QBTS’ 2025 sales and earnings implies year-over-year growth of 183.4% and 72%, respectively. The earnings estimates have been trending upward over the past 60 days.

RGTI or QBTS: Which Is a Better Pick?

Both Rigetti and D-Wave are pioneering distinct approaches in the quantum computing race—one focusing on gate-based universality, the other delivering real-world value through quantum annealing. Rigetti currently holds a Zacks Rank #4 (Sell), signaling weaker near-term sentiment despite a solid Growth Score of ‘B’ that reflects its technical roadmap and potential upside. D-Wave, by contrast, carries a Zacks Rank #2 (Buy) and a Growth Score of ‘C’, underpinned by strong sales momentum and a diversified commercial strategy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

While Rigetti remains a promising deep-tech innovator targeting long-term breakthroughs, D-Wave’s enterprise traction, revenue visibility, and hybrid quantum roadmap position it as the more favorable pick for investors seeking exposure to quantum computing with nearer-term commercial potential.

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This article originally published on Zacks Investment Research (zacks.com).

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