Rigetti Computing, Inc.

NVIDIA’s NVDA latest move into quantum computing through a landmark investment in Honeywell HON-backed Quantinuum has jolted the sector, instantly lifting its profile among investors. Following the Sept. 4 announcement, the Defiance Quantum ETF (QTUM) rallied 2.3% as of yesterday.
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For public pure-plays like IonQ IONQ, Rigetti Computing RGTI and D-Wave Quantum QBTS, this development brings both opportunity and pressure. On the one hand, it sparks renewed investor attention and potential capital flows into the space. On the other hand, it raises the bar for technological execution and commercial traction. Let’s delve deeper.
NVIDIA, Honeywell Pact: Funding Surge Accelerates Fault-Tolerant Quantum Push
On Sept. 4, 2025, Honeywell announced that its quantum computing arm, Quantinuum, completed an approximately $600 million equity capital raise at a $10 billion pre-money valuation. Key new investors include Quanta Computer, NVentures (NVIDIA’s venture capital arm) and QED Investors, alongside follow-on investments from existing backers such as JPMorgan Chase, Mitsui, Amgen, Cambridge Quantum Holdings, Serendipity Capital and Honeywell itself.
The new funding will help Quantinuum speed up its work in quantum computing, including the launch of its next-generation system, Helios, expected later this year. The company is also working toward building universal, fault-tolerant quantum systems. In addition, Quantinuum has strengthened its role as a founding partner in NVIDIA’s Accelerated Quantum Research Center and is expanding global partnerships in places such as New Mexico, Qatar and Singapore.
NVIDIA's $600 Million Bet Sparks Momentum or Pressure for Pure Plays?
Stock Comparison Since NVDA-HON Deal
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IonQ: It recently announced a major strategic milestone through the acquisition of U.K. quantum startup Oxford Ionics in a deal valued at approximately $1.075 billion. This move bolsters IonQ’s trapped-ion technology roadmap by integrating chip-scale ion-trap expertise. NVIDIA’s backing of Quantinuum, also a trapped-ion player, intensifies the race, raising competitive pressure. For IonQ, this could attract more investor attention but also forces the company to deliver commercial results at a pace that keeps it in step with this well-funded rival.
IONQ, a Zacks Rank #3 (Hold) stock, dipped 2.6% since the April 4 announcement. However, full-year 2025 earnings are projected to grow 37.8% on 115.1% revenue growth over 2024.
IonQ, Inc. Price and Consensus
Rigetti: In the second quarter of 2025, Rigetti announced the general availability of its 36-qubit multi-chip quantum computer Cepheus-1-36Q, marking a key advancement toward scalable quantum systems. This underscores the company’s progress in superconducting architectures. NVIDIA’s investment in a trapped-ion leader doesn’t directly overlap with Rigetti’s technology but does shift capital and talent competition toward better-funded rivals.
RGTI, carrying a Zacks Rank #3, has edged up 0.2% since the NVDA-HON announcement. Meanwhile, full-year 2025 earnings are projected to grow 86.1% on a 19.7% revenue dip.
Rigetti Computing, Inc. Price and Consensus
D-Wave: Its second-quarter 2025 results highlight a 42% year-over-year increase in revenues with a 92% jump in bookings. This increase in bookings validates that annealing and hybrid quantum solutions already have customers ready to pay for the solutions. NVIDIA’s move to fund Quantinuum’s gate-model roadmap underscores long-term competition, but it also lifts the quantum sector’s profile, potentially drawing more enterprises to explore D-Wave’s optimization-focused offerings.
QBTS, also carrying a Zacks Rank #3, has gained 0.9% since April 4. Meanwhile, full-year 2025 earnings are projected to grow 68% on a 181.5% revenue increase over 2024. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D-Wave Quantum Inc. Price and Consensus
Quantum Computing Stocks Set To Soar
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IonQ, Inc. (IONQ) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Quantum Pact: NVIDIA, Honeywell Raise Stakes for IonQ, Rigetti, D-Wave

Below is Validea's guru fundamental report for RIGETTI COMPUTING INC (RGTI). Of the 22 guru strategies we follow, RGTI rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit characteristics associated with sustained future growth.
RIGETTI COMPUTING INC (RGTI) is a mid-cap value stock in the Semiconductors industry. The rating using this strategy is 55% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of RIGETTI COMPUTING INC
More Information on Partha Mohanram
About Partha Mohanram: Sometimes the best investing strategies don't come from the world of investing. Sometimes research that changes the investing world can come from the halls of academia. Partha Mohanram is a great example of this. While academic research has shown that value investing works over time, it has found the opposite for growth investing. Mohanram turned that research on its head by developing a growth model that produced significant market outperformance. His research paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" looked at the criteria that can be used to separate growth stocks that continue their upward trajectory from those that don't. Mohanram is currently the John H. Watson Chair in Value Investing at the University of Toronto and was previously an Associate Professor at the Columbia Business School.
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About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea Detailed Fundamental Analysis - RGTI

Below is Validea's guru fundamental report for RIGETTI COMPUTING INC (RGTI). Of the 22 guru strategies we follow, RGTI rates highest using our P/B Growth Investor model based on the published strategy of Partha Mohanram. This growth model looks for low book-to-market stocks that exhibit characteristics associated with sustained future growth.
RIGETTI COMPUTING INC (RGTI) is a mid-cap value stock in the Semiconductors industry. The rating using this strategy is 55% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of RIGETTI COMPUTING INC
More Information on Partha Mohanram
About Partha Mohanram: Sometimes the best investing strategies don't come from the world of investing. Sometimes research that changes the investing world can come from the halls of academia. Partha Mohanram is a great example of this. While academic research has shown that value investing works over time, it has found the opposite for growth investing. Mohanram turned that research on its head by developing a growth model that produced significant market outperformance. His research paper "Separating Winners from Losers among Low Book-to-Market Stocks using Financial Statement Analysis" looked at the criteria that can be used to separate growth stocks that continue their upward trajectory from those that don't. Mohanram is currently the John H. Watson Chair in Value Investing at the University of Toronto and was previously an Associate Professor at the Columbia Business School.
Additional Research Links
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RGTI Factor-Based Stock Analysis

Key Points
Rigetti's 36-qubit multichip quantum computer achieves 99.5% state-of-the-art gate fidelity, validating its chiplet scaling approach.
A strong balance sheet with $571.6 million in cash provides a runway through 2026, despite minimal revenues.
Extreme valuation at 495 times sales highlights the speculative nature of quantum computing investments.
Rigetti Computing (NASDAQ: RGTI) has surged 1,820% over the past 12 months -- topping D-Wave Quantum's (NYSE: QBTS) 1,550% gain and IonQ's 505% (NYSE: IONQ). Yet, today's $5.3 billion market cap looks disconnected from a company posting just $1.8 million in quarterly revenue while losing nearly $40 million in the most recent quarter.
Investors are paying venture-style multiples for technology that still lacks commercial traction. Yet, the massive opportunity inherent in quantum computing could make this tech stock a steal -- even at these elevated levels. Let's dig deeper to find out whether this premium-laden growth stock is worth the price of admission.
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Technical breakthroughs mask commercial struggles
In August 2025, Rigetti's modular 36-qubit system -- four 9-qubit chiplets linked together -- achieved 99.5% median two-qubit gate fidelity, halving errors from its Ankaa-3 machine. A 100-plus qubit chiplet system is targeted by year-end. Think of it like building a supercomputer from many processors instead of one impossible monolith.
Rigetti's superconducting qubits operate at fractions of a degree above absolute zero. The company's two-qubit gates run in tens of nanoseconds, versus tens of microseconds for trapped-ion or neutral-atom systems -- roughly 100 to 1,000 times faster. Faster gates allow more operations within limited coherence times, though rival platforms often deliver higher fidelities and longer lifetimes.
On the financial front, second-quarter 2025 revenue fell to $1.8 million from $3.1 million a year ago, reflecting contract timing. Income comes from cloud access, custom algorithm work, and government research and development (R&D). Operating losses of $19.9 million in the most recent quarter underscore the capital-intensive nature of this nascent field.
In short, technical progress is ramping while revenues remain minimal.
Government validation provides crucial backing
DARPA tapped Rigetti as a performer in its Quantum Benchmarking Initiative -- a program seeking "utility-scale" quantum computers by 2033 -- alongside IBM and IonQ. The Defense Advanced Research Projects Agency's (DARPA) track record includes the internet, GPS, and stealth aircraft, making its backing a meaningful vote of confidence.
Meanwhile, Washington is advancing the National Quantum Initiative (NQI) Reauthorization Act (approximately $2.7 billion) and the Department of Energy Quantum Leadership Act (approximately $2.5 billion). Europe has pledged about 2 billion euros at the European Union (E.U.) level and another 9 billion euros from member states.
China's widely cited $10 billion for quantum computing projects represents a one-time Hefei National Lab project, not recurring spend. The bottom line is that global governments are racing to fund credible players in this emerging space.
How does Rigetti fit into this government-backed innovation bonanza? Rigetti manufactures at its Fab-1 facility using semiconductor-style modular methods. By wiring smaller chips into larger systems, it sidesteps yield issues that plagued single-chip designs. IBM's 1,121-qubit Condor processor (2023) underscored the limits of monolithic scaling and pushed IBM itself toward modular architectures.
Put simply, Rigetti was ahead of the curve in employing modular designs -- a critical decision that could translate into a key competitive advantage.
Extreme valuation demands caution
Rigetti raised $350 million in Q2 via an at-the-market program, ending the quarter with $571.6 million in cash and no debt. That buys time through 2026, but the opportunistic raise at lofty prices signals management's awareness that current valuations may not last.
At a $5.3 billion market cap on approximately $11 million-ish in trailing revenue, Rigetti stock trades at around 495 times sales. By comparison, traditional semiconductor giant Nvidia trades at approximately 40 times forward earnings -- with profits, proven demand, and a rock-solid moat. While rich, Nvidia's premium pales in comparison to those of Rigetti and other pure-play quantum stocks, all of which are cash-flow negative at the moment.
A speculative bet on computing's future
Quantum computing could be the next revolution -- or an expensive science experiment. Rigetti's 36-qubit milestone and DARPA backing validate its chiplet strategy, and $571.6 million in cash provides breathing room.
Still, at 495 times trailing sales, the stock's valuation prices in perfection. Thus, risk-tolerant investors might cap exposure at no more than 2% of a well-diversified portfolio. For most, though, it makes sense to wait for proof of real commercial traction before betting on Rigetti as a breakthrough play in quantum's uncertain future.
Should you invest $1,000 in Rigetti Computing right now?
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George Budwell has positions in D-Wave Quantum, IonQ, Nvidia, and Rigetti Computing. The Motley Fool has positions in and recommends International Business Machines and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Rigetti Computing: Time to Buy?

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Affirm Holdings Inc (Symbol: AFRM), where a total of 83,526 contracts have traded so far, representing approximately 8.4 million underlying shares. That amounts to about 129.5% of AFRM's average daily trading volume over the past month of 6.4 million shares. Especially high volume was seen for the $65 strike put option expiring August 29, 2025, with 3,361 contracts trading so far today, representing approximately 336,100 underlying shares of AFRM. Below is a chart showing AFRM's trailing twelve month trading history, with the $65 strike highlighted in orange:
Evercore Inc Class A (Symbol: EVR) options are showing a volume of 4,990 contracts thus far today. That number of contracts represents approximately 499,000 underlying shares, working out to a sizeable 114.6% of EVR's average daily trading volume over the past month, of 435,395 shares. Particularly high volume was seen for the $200 strike call option expiring September 19, 2025, with 2,460 contracts trading so far today, representing approximately 246,000 underlying shares of EVR. Below is a chart showing EVR's trailing twelve month trading history, with the $200 strike highlighted in orange:
And Rigetti Computing Inc (Symbol: RGTI) saw options trading volume of 437,048 contracts, representing approximately 43.7 million underlying shares or approximately 113.7% of RGTI's average daily trading volume over the past month, of 38.5 million shares. Particularly high volume was seen for the $15.50 strike call option expiring August 29, 2025, with 72,244 contracts trading so far today, representing approximately 7.2 million underlying shares of RGTI. Below is a chart showing RGTI's trailing twelve month trading history, with the $15.50 strike highlighted in orange:
For the various different available expirations for AFRM options, EVR options, or RGTI options, visit StockOptionsChannel.com.
Also see:
F Insider Buying
Top Ten Hedge Funds Holding FOR
WFC RSI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Thursday Option Activity: AFRM, EVR, RGTI

Key Points
CNBC's Jim Cramer recently suggested that Rigetti Computing stock could have big upside.
Cramer had previously indicated Rigetti looked like a poor play in the quantum space, so the change in commentary is notable.
Rigetti recently released its most powerful quantum computing platform, and it potentially has some big catalysts on deck later in the year.
Rigetti Computing (NASDAQ: RGTI) stock is soaring higher in Thursday's daily trading session. The quantum computing specialist's share price was up 9.6% as of 3:15 p.m. ET. Meanwhile, the S&P 500 had risen 0.3%, and the Nasdaq Composite was up 0.6%. The quantum stock had been up as much as 12.2% earlier today.
Rigetti's valuation is surging thanks to recent comments from Jim Cramer, the host of CNBC's Mad Money television show. With today's pop, the stock is now up roughly 19% over the last three months despite some big volatility across the stretch.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
Rigetti stock soars as Cramer shifts his stance
In yesterday's episode of Mad Money, host Jim Cramer had some encouraging things to say about Rigetti:
Rigetti could have something that could be a home run. RGTI is one that could have a headline tomorrow. I don't want to keep you out of it.
The host's comments look particularly notable given that he had indicated earlier this year that Rigetti could be the worst play among the basket of high-flying quantum computing stocks.
What's next for Rigetti?
With the second-quarter report it published earlier this month, Rigetti announced that its Cepheus-1-36Q had become commercially available. The company says that its 36-qubit multichip quantum computer is offering industry-leading performance, and it will pave the way for the launch of the Rigetti Quantum Cloud Services Platform on Microsoft's Azure cloud infrastructure service in the near future.
Rigetti also said that it's on track to launch its 100+ qubit system by the end of the year. While the stock remains a high-risk, speculative play, the quantum computing player appears to be making meaningful progress with its tech platform.
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Before you buy stock in Rigetti Computing, consider this:
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Rigetti Computing Stock Is Skyrocketing Today

D-Wave Quantum QBTS and Rigetti Computing RGTI are stepping into the spotlight as speculative pure plays in the emerging quantum economy, buoyed by the growing interest of big technology players in the quantum landscape.
International Business Machines IBM recently partnered with Advanced Micro Devices or AMD to build quantum-centric supercomputers, a major step toward merging quantum and classical computing at scale. Microsoft MSFT is also advancing its “Quantum Safe” roadmap, aiming to embed post-quantum cryptography across its platforms by 2029-2033. Meanwhile, NVIDIA NVDA is expanding its hybrid-computing push by launching a large Quantum-AI research center to advance quantum-classical integration. This surge of attention by the bigwigs is drawing fresh investor focus toward the smaller players.
Against this big-tech momentum, QBTS and RGTI stand as potential market movers, though their future remains uncertain in a market defined by both exponential opportunity and existential risk.
Let's delve deeper.
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Meanwhile, over the past six months, shares of QBTS have skyrocketed 210.8%, strongly outperforming RGTI’s 99.9% gain. Both the stocks marched well ahead of the S&P 500 index’s 11.6% rise.
How D-Wave is Placed in the Evolving Landscape
D-Wave is a leading commercial provider of annealing quantum systems, different from rivals pursuing gate-model architectures. The May 2025 launch of its Advantage2 quantum computer was a major milestone, showcasing real-world quantum supremacy in materials simulation and delivering significant performance gains in coherence, energy scaling and qubit connectivity. D-Wave argues that annealing is not a niche technology but a scalable solution for optimization, simulation and AI workloads — a view supported by growing partnerships with firms like Japan Tobacco, Triumph and global institutions such as Yonsei University and the Julich Supercomputing Center.
On the financial side, the last-reported second-quarter 2025 revenues rose 42% year over year to $3.1 million, with bookings nearly doubling and margins above 70%. Crucially, a record $819 million cash balance gives the company resources to advance its roadmap toward 100,000 qubits and expand hybrid quantum-AI applications. With customers spanning GE Vernova, Nikon, NTT, Sharp and Oxford University, D-Wave is proving annealing’s versatility.
Rigetti's Current Stance on Path to Quantum Edge
Rigetti is gaining market share based on its chiplet-based architecture as the foundation for scaling superconducting qubits. Cepheus-1-36Q, launched earlier this month, has been recognized as the industry’s largest multi-chip quantum computer. It is claimed to reduce error rates at a rapid pace, achieving a two times improvement in 2-qubit gate fidelity over its prior Ankaa-3 system in just six months. By leveraging chiplet technology from the semiconductor industry, Rigetti is moving beyond monolithic designs and gaining better manufacturing yields and consistency while proving that multi-chip scaling is both feasible and advantageous. The company is confident that this approach will enable the release of a 100+ qubit system with 99.5% median 2-qubit gate fidelity by year-end 2025, a milestone that would significantly advance the roadmap toward error correction and fault tolerance.
On the financial side, Rigetti strengthened its position with $350 million in at-the-market equity financing, ending the last-reported second quarter with $571.6 million in cash and no debt, providing the resources to support commercial scale-up. However, revenues were down year over year due to delays in U.S. government funding programs like the National Quantum Initiative. While gross margins fell to 31% and losses widened, management highlighted that technical milestones, not current revenues, are the core metric of long-term success.
Big Tech Momentum: Boon or Bane for QBTS and RGTI?
The growth of Big Tech in quantum computing is both good and bad for smaller companies like D-Wave and Rigetti. On the one hand, companies such as IBM, Microsoft and NVIDIA are investing billions into quantum hardware, software and security, raising the visibility of the whole sector and attracting fresh capital. This helps smaller companies because customers, investors and governments are more willing to take quantum seriously when big names are involved. For both D-Wave and Rigetti, this momentum provides credibility and a stronger market context.
On the other hand, Big Tech’s size and resources make the competitive environment tough. D-Wave and Rigetti both face the risk of being overshadowed by larger players who can afford longer R&D timelines and broader market reach.
Average Target Price for D-Wave Suggests a Better Upside
Based on short-term price targets offered by 10 analysts, QBTS’ average price target represents an increase of 37.22% from the last closing price of $15.45.
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Based on short-term price targets offered by six analysts, RGTI’s average price target represents an increase of 16.54% from the last closing price of $15.3.
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D-Wave Pulls Ahead as Big Tech Fuels Quantum Momentum
While D-Wave and Rigetti currently have a Zacks Rank #3 (Hold) each, the evidence points to QBTS being better positioned in the near term. Its strong revenue growth, robust cash reserves, expanding commercial partnerships and higher analyst upside potential give it an edge over Rigetti, which is still contending with government funding delays and widening losses despite impressive technical milestones. This advantage is especially important as big tech giants like IBM, Microsoft and NVIDIA accelerate quantum adoption and validation, further raising the stakes for all players in the space. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Quantum Computing Stocks Set To Soar
Artificial intelligence has already reshaped the investment landscape, and its convergence with quantum computing could lead to the most significant wealth-building opportunities of our time.
Today, you have a chance to position your portfolio at the forefront of this technological revolution. In our urgent special report, Beyond AI: The Quantum Leap in Computing Power, you'll discover the little-known stocks we believe will win the quantum computing race and deliver massive gains to early investors.
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D-Wave Quantum Inc. (QBTS) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

QBTS or RGTI: Which Stock Will Win As IBM, MSFT, NVIDIA Back Quantum?

Quantum computing just got a major vote of confidence from one of the world’s most influential tech leaders. On Microsoft’s MSFT fourth-quarter fiscal 2025earnings call CEO Satya Nadella declared quantum to be “the next big accelerator in the cloud,” highlighting the company’s first operational deployment of a Level 2 quantum computer with Atom Computing.
The statement fueled fresh enthusiasm around pure-play quantum firms like IonQ IONQ and Rigetti Computing RGTI. IonQ, with its trapped-ion approach strengthened by acquisitions such as Oxford Ionics and Rigetti, with its superconducting modular design, both stand at the center of the race to scale quantum for the cloud. With Microsoft projecting quantum as integral to the next decade of hyperscaler growth, the question for investors is clear: which of these hardware innovators is better positioned to capture that momentum?
Let's find out.
Over the past six months, shares of Rigetti have gained 80.2% compared to IonQ’s 55.2% growth. Both stocks have strongly outperformed the S&P 500’s 11.3% growth during this period.
Image Source: Zacks Investment Research
Key Growth Drivers of IONQ
Strong Capital Position: IonQ secured the largest single institutional investment in the quantum industry’s history, a $1 billion equity raise at a premium from an affiliate of Susquehanna. This brought its cash balance to $1.6 billion as of July 2025, making IonQ the most well-capitalized pure-play quantum company. When scaling hardware requires multi-year R&D funding, this fund creation seems to be a vital approach.
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Expanding Global Ecosystem and Commercial Adoption: IonQ is securing both national and enterprise ecosystems through strategic deal wins such as partnerships with South Korea’s KISTI, Japan’s AIST G-QuAT and a $22 million U.S. contract with EPB to build the first commercial quantum hub. On the enterprise side, its collaboration with AstraZeneca, AWS and NVIDIA NVDA delivered a 20x speedup in drug discovery workflows, underscoring real-world quantum advantage. Together, these government alliances and commercial breakthroughs strengthen IonQ’s position in the global quantum space.
Technology Roadmap and Vertical Integration: Through acquisitions like Oxford Ionics, Lightsynq, Capella and ID Quantique, IonQ is building a vertically integrated platform spanning computing, networking and security. The roadmap targets 800 logical qubits by 2027 and 80,000 by 2030, enabled by photonic interconnects for modular scaling.
Key Growth Drivers of RGTI
Strengthened Balance Sheet for R&D Acceleration: Rigetti raised $350 million in the second quarter of 2025, boosting its cash position to $571.6 million with no debt. This provides ample runway to fund its 3-4 year roadmap toward 1,000+ qubits and 99.9% fidelity that are essential for quantum advantage. The company remains focused on channeling capital into R&D while keeping options for M&A if opportunities arise.
Image Source: Zacks Investment Research
Rigetti Chiplet on Microsoft Azure: Rigetti is progressing with its proprietary chiplet approach, validated by the launch of Cepheus-1-36Q, the industry’s largest multichip quantum computer, deployed on Rigetti QCS and soon on Microsoft Azure. Cepheus-1 has achieved 99.5% median two-qubit fidelity and a 2x error-rate reduction versus its predecessor. With a clear roadmap to deliver a 100+ qubit chiplet-based system by year-end 2025, Rigetti is positioning superconducting qubits as the fastest to quantum advantage.
Strategic Partnerships and Government Contracts: Rigetti continues to engage in government and defense-backed quantum programs, including collaborations with the U.K.’s National Quantum Computing Centre and the U.S. DARPA QBI initiative, where it hopes to advance to Phase 2 later this year. Its hardware partnership with Quanta and continued support from DOE, DoD and allied agencies provide both near-term revenue and validation of its chiplet-based modular design as a viable path to fault-tolerant quantum computing.
2025 Earnings Estimates More Favorable for RGTI
Earnings estimates for IONQ have declined from a loss of 47 cents per share to a loss of 66 cents per share for 2025 over the past 30 days. This, however, signifies growth of 57.7% over the 2024 comparable figure.
Image Source: Zacks Investment Research
On the other hand, earnings estimates for RGTI remained unchanged at a loss of 5 cents per share for 2025 over the past 90 days. This implies an improvement of 86.1% over the 2024 comparable figure.
Image Source: Zacks Investment Research
RGTI: A Sure Shot Pick at This Moment
Given the current situation, RGTI, a Zacks Rank #2 (Buy) stock, emerges as the stronger bet compared to IONQ. Backed by a fortified balance sheet, a chiplet-based architecture gaining traction through Microsoft Azure integration and steady government contracts, Rigetti is better positioned to convert R&D into near-term milestones. While IonQ, a Zacks Rank #3 (Hold) stock, has partnerships with hyperscalers like NVIDIA and government ecosystems that remain impressive, Rigetti’s strong strategic execution and earnings trajectory, along with alignment with Microsoft’s cloud-first quantum vision, make it the better pick for investors right now. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
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IonQ, Inc. (IONQ) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

IonQ or Rigetti: Who Wins From Microsoft's Cloud Quantum Push?

The second quarter of 2025 revealed a common pattern across the four U.S.-listed pure-play quantum companies, IonQ IONQ, D-Wave Quantum QBTS, Rigetti Computing RGTI and Quantum Computing Inc. QUBT. Each stock reported continued net losses as they scaled R&D and commercialization efforts, but simultaneously strengthened their balance sheets through significant fundraising to sustain ambitious technology roadmaps.
IonQ highlighted progress in advancing its Forte-class quantum computers,including the latest deals in Japan and South Korea, while reiterating its sizable cash runway. D-Wave posted a steep quarterly loss inflated by non-cash warrant charges but completed a successful $400 million At-the-Market (ATM) equity offering. Rigetti launched its Cepheus-1-36Q quantum computer with error-rate reductions and also made a $350 million equity raise that lifted its cash reserve. Last but not least, QUBT recorded only modest revenues but secured new academic, commercial, and government contracts while fortifying its position with a $188 million financing that boosted cash to $349 million.
Collectively, these companies remain far from profitability right now. However, these are leveraging investor capital and government partnerships to turn today’s financial losses into future quantum breakthroughs. For investors, this is the right time to dig deeper to assess whether backing these loss-making stocks now could, despite the risks, translate into meaningful long-term gains. Let's find out.
Year-to-Date Stock Comparison
Image Source: Zacks Investment Research
IonQ
In the second quarter, the company posted a net loss of $177.5 million, but simultaneously secured the largest-ever single institutional equity raise in the quantum industry, lifting its pro forma cash position to $1.6 billion. Management emphasized that this capital will underpin the expansion of its quantum computing and networking roadmap, including the acquisitions of Lightsynq and Capella and the proposed $1.075 billion purchase of Oxford Ionics, aimed at scaling to 800 logical qubits by 2027. IonQ’s commercial highlights included a $22 million EPB deal to build America’s first commercial quantum hub and new partnerships across Japan, South Korea, Sweden, and Australia.
Technically, this Zacks Rank #3 (Hold) stock showcased 20x speed-up in quantum-accelerated drug development with AstraZeneca, AWS and NVIDIA NVDA and advanced work with Oak Ridge National Laboratory on power grid optimization.
Image Source: IONQ Press Release
D-Wave
D-Wave also reported steep second-quarter losses, with a net loss of $167 million, heavily influenced by non-cash warrant revaluation charges. Yet its financial story was dominated by a successful fundraising round that added more than $500 million in equity, including $400 million gross proceeds from the fourth At-the-Market (ATM) equity program, boosting its cash balance to $819 million. These funds are intended to be used for acquisitions, accelerating R&D toward its 100,000-qubit roadmap and enhancing cryogenic packaging and error suppression.
Alongside the financing, D-Wave highlighted continued traction in annealing-based quantum solutions and recurring government contracts, highlighting its positioning as the only provider with a “production-ready” quantum system today. QBTS carries a Zacks Rank #3 now. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Rigetti
Rigetti’s second-quarter performance also revealed the contrast between technological progress and deepening losses. The company introduced Cepheus-1-36Q, the industry’s largest multi-chip quantum computer, achieving record improvements in error rates. Yet, revenues fell to just $1.8 million, weighed down by the expiration of U.S. National Quantum Initiative funding and weaker gross margins. The company incurred $39.7 million in net loss, including significant non-cash charges from warrant and earn-out liabilities. Despite these setbacks, Rigetti bolstered its balance sheet with a $350 million equity raise, closing the quarter with $571.6 million in cash and no debt.
RGTI management emphasized that this liquidity provides critical runway for continued R&D, strategic partnerships and scaling toward its 100+ qubit roadmap, even as profitability remains distant. The stock also carries a Zacks Rank #3.
Image Source: Zacks Investment Research
Quantum Computing
QUBT’s second-quarter results highlighted the company’s early-stage nature, with revenues of just $61,000 against a steep net loss of $36.5 million, largely due to a non-cash warrant liability adjustment. Despite this widening loss profile, QUBT bolstered its balance sheet through a $200 million financing round, lifting its cash reserves to $349 million by quarter-end. This underscores the company’s reliance on external capital to sustain operations and fund growth initiatives.
Quantum Computing management is channeling these resources into advancing its quantum-photonic machines, scaling its newly operational Arizona chip foundry and expanding commercial adoption across research, enterprise and government sectors. The company, with a Zacks Rank #3, is projected to report a loss of 17 cents per share in 2025, 77% narrower than the year-ago period’s net loss per share.
Image Source: Zacks Investment Research
Our Take
Despite ongoing losses, IonQ, D-Wave, Rigetti and QUBT are steadily raising capital, forging partnerships, and advancing quantum roadmaps, moving the sector from hype to real infrastructure. Fresh funding fuels acquisitions and supports global expansion. For long-term investors, today’s volatility may be the entry point to tomorrow’s industry leaders, as quantum evolves from experimental science into a core pillar of the digital economy.
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IonQ, Inc. (IONQ) : Free Stock Analysis Report
D-Wave Quantum Inc. (QBTS) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Short-Term Pain, Long-Term Gain? 4 Quantum Stocks to Watch

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the YieldMax Ultra Option Income Strategy ETF (Symbol: ULTY), we found that the implied analyst target price for the ETF based upon its underlying holdings is $6.66 per unit.
With ULTY trading at a recent price near $5.73 per unit, that means that analysts see 16.30% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of ULTY's underlying holdings with notable upside to their analyst target prices are Bitmine Immersion Technologies Inc (Symbol: BMNR), Rigetti Computing Inc (Symbol: RGTI), and NuScale Power Corp (Symbol: SMR). Although BMNR has traded at a recent price of $49.78/share, the average analyst target is 20.53% higher at $60.00/share. Similarly, RGTI has 17.63% upside from the recent share price of $15.16 if the average analyst target price of $17.83/share is reached, and analysts on average are expecting SMR to reach a target price of $38.00/share, which is 16.39% above the recent price of $32.65. Below is a twelve month price history chart comparing the stock performance of BMNR, RGTI, and SMR:
Combined, BMNR, RGTI, and SMR represent 14.35% of the YieldMax Ultra Option Income Strategy ETF. Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Bitmine Immersion Technologies Inc
BMNR
$49.78
$60.00
20.53%
Rigetti Computing Inc
RGTI
$15.16
$17.83
17.63%
NuScale Power Corp
SMR
$32.65
$38.00
16.39%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	0.00 28.98
Price/Sales	9.85 2.58
P/B	1.32 2.76
P/FCF	0.00 24.31

Indicator	TTM Median
ROE	-51.80 15.33
ROA	-41.91 6.66
Net Worth	0.00 0.98
Quick Ratio	0.00 1.53
Current Ratio	4.29 1.84

Indicator	TTM Median
Net Profit Margin	-566.67 9.71
Operating Margin	-609.09 11.07
Gross Margin	75.00 50.00
Return on tangible equity	-59.00 27.59

Indicator	TTM Median
EPS	0.08 0.24
EPS Forecast	0.08 0.19
Revenue	2.00M 73.00M
Gross Profit	2.00M —
EBITDA	-15.00M —

Rigetti Computing, Inc.

TTM metrics for the latest quarter under IFRS and their historical dynamics

Valuation

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Efficiency

Other ratios

Revenue