D-Wave Quantum (NYSE: QBTS) and Rigetti Computing (NASDAQ: RGTI) are both chasing dominance in one of the most speculative and closely watched technology sectors in the market today.
D-Wave specializes in quantum annealing, a method particularly well-suited for solving complex real-world optimization problems that classical computers struggle to handle efficiently.
Rigetti, by contrast, focuses on gate-model superconducting processors, positioning itself for broader, universal quantum computing applications across industries and government sectors.
Both companies compete in a nascent industry where long-term viability hinges on scaling hardware and securing an early foothold before the competitive landscape solidifies.
D-Wave reported revenue growth of nearly 178.5% in 2025, a remarkable expansion that has since moderated significantly, with sales growth dropping by more than half heading into 2026.
Despite the slowdown, D-Wave announced first-half 2026 bookings of $35.5 million, representing a staggering 1,120% year-over-year increase, a figure that strongly suggests revenue momentum will accelerate through the remainder of the year.
D-Wave has also broadened its technological reach through the acquisition of Quantum Circuits, adding a gate-model architecture to complement its existing quantum annealing platform.
This expanded capability gives D-Wave a more comprehensive quantum computing solution set, opening access to a substantially larger addressable market than annealing technology alone could serve.
Rigetti posted revenues of $9.5 million in the first half of 2026, a notable jump from $3.3 million during the same period in 2025, reflecting genuine commercial progress in its government-focused business.
However, Rigetti carries meaningful risks, including high customer concentration tied to government contracts, technical execution challenges around its in-house chip fabrication, and securities-related legal scrutiny stemming from past stock price volatility.
D-Wave commands a higher valuation on a sales multiple basis, though that premium is supported by the fact that it is currently generating significantly more revenue than Rigetti.
Analysts and investors weighing the two names must account for the broader uncertainty inherent in quantum computing, where identifying durable long-term winners remains far from straightforward.
Both stocks demand a high risk tolerance, as the sector is still in its early stages and commercial scalability for any quantum platform has yet to be conclusively proven.
On balance, D-Wave’s stronger bookings trajectory, expanded technology portfolio following the Quantum Circuits acquisition, and higher revenue base give it a meaningful edge over Rigetti as a near-term investment case.
