The quantum computing race is accelerating as firms move from theoretical models to functional hardware. Is IonQ (NYSE:IONQ) or Rigetti Computing (NASDAQ:RGTI) the better buy for your portfolio in 2026?
Both companies represent a high-stakes bet on the future of high-performance computing. IonQ focuses on trapped-ion technology to build its systems, while Rigetti specializes in superconducting processors. This comparison evaluates their financial health, strategic growth, and unique risks to help you decide which stock is a more compelling opportunity today.
The case for IonQ
IonQ develops trapped-ion quantum computers and offers cloud access to government, enterprise, and research customers. The company recently completed the acquisition of SkyWater Technology, establishing a domestic semiconductor foundry to bolster its infrastructure. Customer concentration like this adds a layer of risk to the business, as revenue heavily depends on a few government entities and cloud partnerships.
In FY 2025, revenue reached nearly $130.0 million, which was a 201.9% increase from the roughly $43.1 million reported in FY 2024. Despite this top-line surge, the company reported a net loss of approximately $510.4 million. The net margin was roughly -392.6%, which measures what percentage of each dollar earned as revenue remains after accounting for all expenses.
As of its December 2025 balance sheet, the debt-to-equity ratio was 0.0x, meaning total debt is zero relative to shareholder equity. The current ratio, which measures the ability to cover short-term liabilities with short-term assets, was roughly 15.5x. Free cash flow was negative $299.6 million, representing cash from operations minus capital expenditures for the fiscal year.
The case for Rigetti Computing
Rigetti Computing builds superconducting quantum processors and provides cloud access through its proprietary platform. It operates among tech stocks and serves commercial clients like Amazon and Hewlett Packard Enterprise. In July 2026, it expanded its collaboration to build TangleLab, a hybrid quantum-classical testbed for specialized research.
In FY 2025, revenue reached nearly $7.1 million, which was a 34.3% decrease from the approximately $10.8 million generated in FY 2024. The company recorded a net loss of roughly $216.2 million for the period. This resulted in a net margin of approximately -3,050.4%, illustrating that operating expenses currently far exceed its revenue base.
As of its December 2025 balance sheet, the current ratio was roughly 37.4x, indicating the company has approximately $37.40 in current assets for every dollar of current liabilities. The debt-to-equity ratio was 0.0x, meaning the company carries no debt relative to its equity. Free cash flow was negative $77.2 million, which is calculated by subtracting capital expenditures from operating cash flow.
Risk profile comparison
IonQ faces significant barriers to achieving scalable computing and expects to continue its history of operating losses. The $1.8 billion acquisition of SkyWater Technology introduces integration complexities that could harm the business if strategic benefits are not realized. It also faces intense competition from established giants and sovereign-backed programs, including Microsoft and Alphabet.
Rigetti faces technical risks in scaling its modular architecture and improving gate fidelities to reach quantum advantage. The business is capital-intensive and may require additional funding to avoid downsizing or the risk of bankruptcy. It relies on third-party cloud infrastructure from Amazon and must navigate evolving international export controls and scrutiny over internal financial controls.
Valuation comparison
IonQ appears cheaper on a relative sales basis, though both companies lack a Forward P/E because they lack positive earnings estimates. The P/S ratio, which compares market value to annual revenue, reflects high valuations for both firms.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I’d go with IonQ. Both companies are working on genuine breakthroughs in quantum computing, and both are still early enough that picking a winner feels like educated speculation. But the gap between them in terms of commercial traction is wide enough to make this a reasonably clear call.
Rigetti is certainly making good progress, with revenue nearly tripling in the most recent quarter. The company has a CHIPS Act funding letter of intent in hand, and its 108-qubit system is an important hardware milestone. But Rigetti’s revenue is still tiny, and significant insider selling in recent months is not exactly a good sign.
IonQ is outpacing Rigetti on nearly every commercial metric right now. Revenue surged dramatically in the most recent quarter, far exceeding its own guidance, and the company raised its full-year outlook substantially. Its backlog grew more than 500%year over year, reflecting strong commercial demand across government, enterprise, and international customers. And the SkyWater acquisition adds semiconductor manufacturing capabilities that could accelerate its hardware roadmap.
If you’re going to bet on quantum computing in 2026, IonQ gives you more evidence that the commercial moment is actually arriving.
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Sara Appino has positions in Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Hewlett Packard Enterprise, IonQ, and Microsoft. The Motley Fool has a disclosure policy.
IonQ vs. Rigetti: Which Quantum Computing Stock Is a Better Buy in 2026? was originally published by The Motley Fool
