Quantum computing has the potential to revolutionize technologies such as artificial intelligence (AI). It can process complex data in minutes that would take hundreds of years for a standard computer.
The sector aroused strong investor interest in 2025, but the “big money” of 2026 changed the situation. Wall Street has moved away from high-value technology stocks this year, including the nascent quantum computing industry.
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This provides an opportunity to buy stocks that have been hot D-Wave Quantum(NYSE: QBTS) and Abandon Computing(NASDAQ: RGTI). The share price is down 47% this year through the week ending March 27. Rigetti is down 40% in that time.
But if you had to choose just one, which is the better investment in the field of quantum computing? Here is the second test to reach the answer.
Image source: Getty Images.
Rigetti uses gate model technology for its quantum computers, a technique popular in the field as it allows precise control over quantum machines. The company wants to solve some of the industry’s most pressing problems, such as enabling bad systems.
Rigetti’s competitive advantage is the integrated vertical technology machine, which enables the end-to-end construction process. Its in-house Fab-1 process allows rapid iteration in the design and construction of quantum computer chips.
The company’s vertical integration strategy seems to make sense, however it has not yet led to significant revenue. It ended 2025 with sales of $7.1 million, down 34% from last year’s $10.8 million. This resulted in a 2025 operating loss of $84.7 million while research costs rose 23% year over year to $61.3 million.
With low sales compared to high costs, the company is in a precarious position. Its saving grace is its large cash flow and short-term investments totaling $443.5 million by the end of 2025. This provides a cushion as it builds sales.
In this regard, the company recently announced purchase orders from India and Japan. The former has $8.4 million, which is more than Rigetti’s $7.1 million in 2025 taxes.
D-Wave is off to a good start in 2026. It closed the acquisition of Quantum Circuits in January, which is significant because Quantum Circuits specializes in gate modeling, while D-Wave focuses on annealing quantum computers.
Annealing quantum technology is good for solving scaling problems, such as those commonly found in systems and machine learning, but it is not suitable for general computing needs, limiting its usefulness. Therefore, the acquisition of Quantum Circuits fills a gap in D-Wave’s offerings.
The company also announced a customer distribution of more than $30 million in January. This amount represents a dramatic increase from the fourth quarter’s collection of $13.4 million and $2.4 million achieved in the third quarter.
Additionally, D-Wave is enjoying 179% year-over-year sales growth to reach $24.6 million by 2025. Its January forecasts suggest that 2026 revenue could rise even further.
However, like Rigetti, D-Wave is not profitable. In 2025, its operating loss was $100.4 million, up 30% year over year. That said, at the end of 2025, it held a record amount and marketable securities of 884.5 billion on its balance sheet.
When choosing to invest in D-Wave or Rigetti for exposure to the quantum computing sector, the former looks like a superior investment. There are several factors that stand out to make the D-Wave a better buy.
Its revenue is larger and growing compared to Rigetti’s, suggesting that its approach continues to grow in the market. It has a high level of capital to support its business as it builds sales, and its 2026 targets show that it continues to acquire more customers.
In addition, D-Wave’s stock has a higher value compared to Rigetti, as indicated by the price-to-sales (P/S) ratio, which shows how much investors are paying for each dollar of revenue generated over the past 12 months.
Details on YCharts.
The chart shows that D-Wave and Rigetti experienced a decline in their sales this year, but D-Wave is much lower than its competitor, which shows that it is cheap.
The company’s many advantages over Rigetti make it a good choice, however, because quantum computing is an emerging technology, and identifying long-term winners is far from over, investing in this sector requires a high risk tolerance.
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Robert Izquierdo has no position in any of the products mentioned. The Motley Fool has no position in any of the products mentioned. The Motley Fool has a publicity strategy.
Better Quantum Computing Stock: D-Wave Quantum vs. Rigetti Computing was originally published by The Motley Fool
