Rigetti vs. IonQ vs. D-Wave: Ranking the Quantum Computing Trade Heading Into H2 2026. - The Motley Fool

By Alex Carchidi – Jul 30, 2026 at 6:29AM EST + Fool.com on Share Summarize with AI KEY POINTS Quantum computing businesses have a long way to go before they're reliably profitable. Commercial and technical milestones will be driving their stock prices in the meantime. Having plenty of cash and a backlog of orders to fill are good signs, but they aren't enough to guarantee success. In early August, three of the biggest pure-play quantum computing stocks will report their Q2 results within a day of one another. IonQ ( IONQ -5.58% ) reports its earnings on Aug. 5, and Rigetti Computing ( RGTI -8.95% ) and D-Wave Quantum ( QBTS -8.25% ) report on the next day. So which of these companies will perform best over the rest of this year? Image source: Getty Images. Rigetti has a strong balance sheet Rigetti Computing has the strongest balance sheet of the group, with $569 million in cash, equivalents, and saleable investments and no debt, though its operations still ran an operating loss of about $26 million in the first quarter. Its balance sheet is thus much healthier than what is standard for quantum computing stocks, where the norm is to survive by selling stock when market conditions are permissive. Rigetti's top line isn't about to win any awards, though. Its first-quarter revenue was just $4.4 million, mostly from one-off sales of Novera hardware for universities and government labs. The company is a very long way from generating recurring revenue and even further from generating real profits. Neither of those two things may ever happen. Expand NASDAQ: RGTI Rigetti Computing Today's Change (-8.95%) $-1.30 Current Price $13.22 KEY DATA POINTS Market Cap $4.4B Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary. Day's Range $13.13 - $14.43 52wk Range $12.53 - $58.15 Volume 312K Avg Vol 38.9M Gross Margin -5945.49% But it has a decent catalyst that could make its stock a winner in the long run: It's planning to launch a 1,000-plus-qubit machine within the next three or four years. IonQ is bringing in plenty of revenue Unlike Rigetti and D-Wave, IonQ is already raking in revenue. Its quarterly revenue jumped 755% year over year to $64.7 million in Q1, and its remaining performance obligations, which account for contracted revenue not yet booked, reached $470 million. With $3.1 billion in cash, equivalents, and short-term investments, IonQ's funding is no worry for the moment. Expand NYSE: IONQ IonQ Today's Change (-5.58%) $-1.89 Current Price $31.99 KEY DATA POINTS Market Cap $12B Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary. Day's Range $31.81 - $34.32 52wk Range $25.89 - $84.64 Volume 468.4K Avg Vol 27.4M Gross Margin -2879.52% It's also pursuing a run of acquisitions, including a pending $1.8 billion deal for a chip foundry called SkyWater, which will significantly draw down its capital while potentially delivering the capabilities needed to fill the reservoir back up again down the line. Its commercial revenue, which management indicates is approximately 60% of its total revenue, is quite formidable and may continue to grow. The main catalyst to watch is that $470 million backlog: If it keeps growing, that means new bookings are outpacing the revenue IonQ can recognize. That's a sign demand is running ahead of what the company can deliver, which is bullish. D-Wave is differentiated, but tiny D-Wave is the smallest of these three businesses by revenue but the only company selling two kinds of quantum computers. It sells annealers as well as newer general-purpose gate-model systems. Furthermore, it holds $588 million in cash and marketable securities, which should give it a multiyear runway. Expand NASDAQ: QBTS D-Wave Quantum Today's Change (-8.25%) $-1.46 Current Price $16.18 KEY DATA POINTS Market Cap $6.0B Market cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary. Day's Range $16.07 - $17.40 52wk Range $12.75 - $46.75 Volume 323.3K Avg Vol 31M Gross Margin 32.92% Its Leap cloud service, which is essentially quantum computing-as-a-service, could drive recurring revenue growth. In the first quarter, it booked a $10 million, two-year Leap agreement with a Fortune 100 company, and more than half of its 100-plus customers were commercial enterprises rather than governments or research labs. D-Wave's total revenue was $2.9 million in Q1. If its Leap service scales and leads to a growing base of real recurring revenue, it'll be a very bullish factor for the stock. How these names rank So how do these quantum computing stocks stack up going into 2027? IonQ is the first choice, with the most revenue, deepest cash hoard, and fullest slate of catalysts. Second place goes to D-Wave, as it's the only one already earning (some) recurring, nongovernment income, and it's held back only by how little of that recurring revenue exists at the moment. In third place is Rigetti, as it has the safest balance sheet but the most government-dependent core business. Still, ranking the sturdiest of these risky plays does not make the winner a good bet for everyone. None of these companies will be able to fund themselves from revenue for years, so there is no sense owning any of their shares unless you can hold for five-plus years and stomach some volatility along the way. Read Next Jul 29, 2026 By Robert Izquierdo Astera Labs vs. IonQ: Is the Artificial Intelligence Giant or the Quantum Computing Chipmaker the Better Stock to Buy in 2026? Jul 27, 2026 By Rich Smith Why IonQ Stock Just Jumped Jul 26, 2026 By Johnny Rice IonQ vs. Rigetti: Who's Winning the $2.7 Trillion Quantum Computing Race? Jul 25, 2026 By Robert Izquierdo Intel vs. IonQ: Comparing Revenue Trends Between Artificial Intelligence and Quantum Computing Chipmakers Jul 24, 2026 By Keithen Drury Got $1,000? This Under-the-Radar Quantum Computing Pioneer Could Be a Brilliant Buy Jul 23, 2026 By Will Healy Is IonQ Stock a No-Brainer Buy? Here's What History Says. ABOUT THE AUTHOR Alex Carchidi is a contributing Motley Fool healthcare and cryptocurrency analyst covering biotech, pharma, cannabis, and digital asset companies. Previously, Alex was a bench scientist and science writer at several biopharma companies and began his career as a researcher at the Ragon Institute of MGH, MIT, and Harvard. He holds a bachelor’s degree in biology from Boston University and a master’s degree in business administration with a concentration in finance from the University of Massachusetts Amherst. TMFacarchidi @alexcarchidi STOCKS MENTIONED IonQ NYSE: IONQ $31.99 (-5.58%) -$1.89 Motley Fool Stock Advisor’s Latest Pick Get Access ---% Avg Return D-Wave Quantum NASDAQ: QBTS $16.18 (-8.25%) -$1.46 Rigetti Computing NASDAQ: RGTI $13.22 (-8.95%) -$1.30 *Average returns of all recommendations since inception. Cost basis and return based on previous market day close.