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 (NASDAQ:QBTS) or Rigetti Computing (NASDAQ:RGTI)?
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 (NYSE:MA), BASF (OTC:BFFAF), and Unisys (NYSE:UIS). 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 (NYSE:MCO) and Standard Chartered (OTC:SCBFF). 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.
