IONQ vs. RGTI vs. QBTS: Quantum Computing Stock Comparison Post Q4 Results

Quantum computing companies have released their results, with each still making a bottom-line loss as they invest heavily in developing and advancing their quantum technology. The three large pure-play quantum stocks in this sector are IonQ Inc. IONQ +0.22% ▲ , Rigetti Computing RGTI +4.72% ▲ , and D-Wave Quantum QBTS +3.67% ▲ . Each company uses a distinctive strategy and presents a different risk profile within the rapidly advancing quantum computing industry.

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Unfortunately, shares of many tech companies, including quantum computing firms, have declined sharply in 2026 due to growing AI fears. Year-to-date, IONQ stock has declined over 17%, RGTI stock has lost nearly 19%, and QBTS stock has fallen by 27.7%.

IonQ Drives Commercial Momentum with Strong Growth Ahead

IonQ uses a trapped-ion approach, which is more economical than the popular superconducting approach because it can be conducted at room temperature. IonQ’s Q4 revenue skyrocketed 429% year-over-year to $61.9 million, crushing estimates of $40.38 million. The company also narrowed its adjusted loss to $0.20 per share, beating expectations of $0.51.

Moreover, IonQ crossed the key $100 million revenue mark for the full year, generating $130 million in fiscal 2025 revenues. IonQ is also buying SkyWater Technology SKYT -1.81% ▼ for $1.8 billion, combining quantum systems with domestic chip manufacturing.

Following the results, Rosenblatt Securities analyst John McPeake reiterated his Buy rating and $100 Street-high price target, implying 169% upside potential. He noted that IonQ crushed expectations with robust growth post-acquisitions and lifted full-year guidance. Its 256-qubit machine remains on track, and the SkyWater deal will accelerate quantum silicon advancements.

Overall, IONQ stock has a Moderate Buy consensus rating based on eight Buys and three Hold ratings. The average IonQ price target of $64.40 implies 73.4% upside potential from current levels.

Rigetti Delivers Tech-Powered Earnings Win

Rigetti builds superconducting quantum chips and full hardware/software stacks, aligning closely with IBM IBM +1.95% ▲ and Alphabet GOOGL -0.15% ▼ . The Rigetti Quantum Cloud Services (QCS) platform enables remote quantum algorithm design, testing, and execution via hybrid cloud access to QPUs and simulators.

In Q4FY25, Rigetti posted a loss of $0.03 per share, in line with consensus estimates. However, revenue fell 17.6% year-over-year to $1.87 million, missing Wall Street’s $2.33 million forecast. The company is on pace to deliver over 150 physical qubits by December 2026 and more than 1,000 by the end of 2027.

Mizuho Securities’ top analyst Vijay Rakesh kept his Buy rating but lowered his price target on Rigetti from $50 to $43, implying 142% upside potential. He cited the weak December quarter results, but forecasts Q1 sales of $3 million, a 62% sequential increase and 106% year-over-year gain. This growth comes from a $5.7 million Novera quantum processor contract and an $8.4 million deal to deliver its first Cepheus-1 108-qubit system to India’s C-DAC in second half.

On TipRanks, RGTI stock has a Moderate Buy consensus rating based on five Buys and two Hold ratings. The average Rigetti Computing price target of $37.60 implies 111.7% upside potential from current levels.

D-Wave Champions Quantum Annealing Expertise

D-Wave specializes in quantum annealing, focused on solving complex problems by finding the “lowest point” in a landscape that represents all possible answers. This lowest point represents the best or optimal solution to the problem.

The company posted Q4 revenue of $2.75 million, below estimates of $3.75 million, and a larger-than-expected loss of $0.09 per share against consensus of $0.06 per share.

Despite the poor performance D-Wave remains confident of its 2026 roadmap. It has recorded over $30 million in Bookings in January alone, acquired a leading gate-model quantum computing company called Quantum Circuits, Inc., and locked in a big eight-figure deal for its quantum cloud service.

TD Cowen analyst Krish Sankar maintained his Buy rating. He stated that D-Wave’s bookings suggest growth in the second half of 2026, alongside strong interest in new gate systems. Sankar highlighted the acquisition of Quantum Circuits, which brings in advanced “DRQ gate” quantum tech and boosts long-term growth potential.

Overall, D-Wave commands a Strong Buy consensus rating based on 14 unanimous Buy ratings on TipRanks. The average D-Wave Quantum price target of $39.08 implies 106.7% upside potential from current levels.

Which Quantum Computing Stock Looks Stronger?

Analysts remain more optimistic about D-Wave Quantum’s long-term prospects than they are about Rigetti and IonQ. However, each company is in a growth stage of its cycle and has tremendous upside potential over the long term as quantum technology penetrates more market sectors.

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