IonQ (NYSE: IONQ) and Rigetti Computing (NASDAQ:RGTI) are two of the most prominent publicly traded stocks in the field of quantum computing.
Without getting too deep into the weeds of quantum computing, the main difference between the two companies is that IonQ uses a trapped ion system, while Rigetti uses superconducting qubits. What is important is the real applications of these technologies and their commercial viability. Both companies target similar industries, ranging from artificial intelligence to finance, defense, cybersecurity and manufacturing.
IonQ’s latest quarterly report was largely positive. The company beat revenue expectations and raised its full-year revenue guidance to $110 million. However, IonQ’s operating costs still dwarf its revenue. Operating costs and expenses during the first nine months of the year were $473 million.
IonQ also completed a $2 billion capital raise by selling new shares, diluting existing shareholders. While this program was necessary to raise funds to keep IonQ moving forward, dilution is always concerning for long-term investors.
Rigetti Computing is a much smaller company than IonQ with a market cap of around $8.4 billion. The company reported revenue of just $5.2 million for the first nine months of 2025. Like IonQ, its operating losses significantly exceeded revenue, reaching $63.4 million for the first nine months of the year.
Rigetti’s technology is promising and its semiconductor business has real scalability potential. The company’s price-to-sales ratio reflects that future hope. Right now, IonQ’s valuation is more attractive than Rigetti’s.
It is still too early to predict who will be the “winner” or if there will be only one. At this point, IonQ is more established and has important partnerships to leverage. However, if you’re looking for an investment with even higher risk and higher reward, Rigetti could be the stock of the future.
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