D-Wave Quantum vs. Rigetti Computing: Which Quantum Computing Stock Is a Better Buy for 2027?
The race for quantum supremacy is heating up as businesses look for ways to solve complex problems beyond the reach of classical computers. Should you buy D-Wave Quantum (QBTS -7.87%) or Rigetti Computing (RGTI -6.72%)?
D-Wave Quantum offers commercial annealing systems for optimization, while Rigetti Computing builds superconducting systems. Both companies are early-stage players in the nascent quantum computing market, offering investors high-risk exposure to a technology that could eventually revolutionize industries from logistics to drug discovery.
The case for D-Wave Quantum
D-Wave Quantum builds and delivers quantum computing hardware and software, positioning itself as a commercial supplier of both annealing and superconducting technologies. In its latest annual report, filed for its 2025 fiscal year (FY), the company highlighted a blue-chip customer list including Mastercard (MA +0.36%), BASF (BFFAF +0.00%), and Unisys (UIS -1.88%). It recently established a new business unit to focus on the U.S. government, expanding beyond its traditional commercial and research sectors to diversify its revenue base.
In FY 2025, revenue reached $24.6 million, representing a significant increase of 178.5% compared to the prior year. Despite this top-line growth, the business reported a net loss of $355.1 million for the period. This illustrates the high costs associated with developing quantum hardware in a tech stocks landscape that requires constant innovation.
As of its December 2025 balance sheet, the current ratio was 42.4x. This ratio measures a company’s ability to cover its short-term debts with assets that can be converted to cash within a year. Its debt-to-equity ratio was 0.1x, indicating that total debt is low relative to the value of shareholder equity, while free cash flow, which is cash from operations minus capital expenditures, was a negative $75.8 million.
The case for Rigetti Computing
Rigetti Computing operates a full-stack quantum-classical platform, offering access to its systems through its own cloud service and third-party providers. The company relies heavily on government contracts, which accounted for over 90% of revenue in 2025, while maintaining partnerships with Moody’s (MCO +1.04%) and Standard Chartered (SCBFF -4.35%). Recent activities include a purchase order for a 108-qubit system and collaboration with partners on quantum error correction.
In FY 2025, revenue reached $7.1 million, which was a decrease of 34.3% from the previous year. The company recorded a net loss of $216.2 million during this period as it continued to invest heavily in its technical infrastructure. Unlike its competitor, Rigetti Computing saw its revenue shrink, reflecting the volatile nature of contract-based revenue in the early stages of the quantum industry.
As of its December 2025 balance sheet, the current ratio was 37.4x. Its debt-to-equity ratio was roughly zero, meaning the company carries almost no debt relative to the value of its shareholder equity. Free cash flow was a negative $77.2 million, a figure that reflects the heavy capital requirements for maintaining its proprietary Fab-1 facility.
QBTS & RGTI: Performance Comparison
Key Financial Metrics
QBTS – D-Wave Quantum
$10.65
–7.87% (–$0.91)
RGTI – Rigetti Computing
$11.25
–6.72% (–$0.81)
Market Cap
$4.0B
52wk Range
$10.23 – $37.62
Gross Margin
-730.78%
P/E Ratio
-15.03
EPS (TTM)
-$0.71
Market Cap
$3.8B
52wk Range
$10.82 – $44.38
Gross Margin
-3975.14%
P/E Ratio
-12.60
EPS (TTM)
-$0.89
QBTS – D-Wave Quantum
$10.65
–7.87% (–$0.91)
Market Cap
$4.0B
52wk Range
$10.23 – $37.62
Gross Margin
-730.78%
P/E Ratio
-15.03
EPS (TTM)
-$0.71
RGTI – Rigetti Computing
$11.25
–6.72% (–$0.81)
Market Cap
$3.8B
52wk Range
$10.82 – $44.38
Gross Margin
-3975.14%
P/E Ratio
-12.60
EPS (TTM)
-$0.89
Risk profile comparison
D-Wave Quantum faces intense global competition from well-capitalized entities like Microsoft (MSFT -1.55%). As an early-stage enterprise with a history of net losses, it must successfully integrate its newly acquired Quantum Circuits business while managing the risk of potential securities litigation. The company also depends on third-party cloud providers and complex semiconductor supply chains to deliver its services to customers.
Rigetti Computing is challenged by its high capital expenditure requirements and a heavy reliance on a limited number of government customers for the vast majority of its revenue. Technical hurdles remain a primary concern, specifically the difficulty of achieving large-scale fault-tolerant quantum computing on its projected timelines. Furthermore, the company must compete with established technology giants while navigating the inherent volatility of its own market price.
Valuation comparison
Rigetti Computing currently trades at a lower P/S ratio, which measures market capitalization relative to sales over the past twelve months.
| Metric | D-Wave Quantum | Rigetti Computing |
|---|---|---|
| Forward P/E | n/a | n/a |
| P/S ratio | 307.2x | 278.9x |
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy for 2027?
Success in the quantum computing sector depends on possessing the superior technology, given the industry is still in its early days of technological maturity. That’s why I would invest in D-Wave Quantum over Rigetti Computing.
D-Wave’s annealing quantum computers are well-suited to address optimization problems for organizations, such as improving logistics operations. To expand its addressable market, the company acquired Quantum Circuits, which adds superconducting quantum devices to its offerings. Superconducting-based machines broaden D-Wave’s capabilities to address a broad range of computational challenges beyond optimizations.
While D-Wave’s sales grew in FY 2025, they are down in 2026, a sign of the volatility inherent in building up a business in the nascent quantum computing industry. Through the first half of this year, revenue was $5.9 million compared to $18.1 million last year. That said, it booked $35.5 million in customer orders in that time, an increase of more than 1,000% year over year in a sign sales look to pick up substantially in the quarters ahead.
Rigetti’s revenue was down in 2025 but rebounded in 2026. Sales reached $9.5 million through the first six months of the year, up from $3.3 million. However, its focus on superconducting quantum computers means it faces stiff competition, not only from D-Wave but deep-pocketed tech giants as well, while D-Wave’s dual technology approach could help it capture a larger share of the market, as evidenced by its growing bookings.
